Crucial Details for Foreigners Owning Property in Saudi Arabia
Crucial Details for Foreigners Owning Property in Saudi Arabia
Saudi Arabia is currently working towards a new rule of allowing foreigners to own property in the Kingdom. CEO of the Real Estate General Authority, Abdullah Alhammad, stated that that this new law is under development and will allow foreign nationals to own property in all different cities of the Kingdom. However, before you start gathering your savings, make sure to take a look below at some important rules you should keep note of.
You can buy all different kinds of properties all around the Kingdom
Crucial Details for Foreigners Owning Property in Saudi Arabia
Saudi is actually broadening the spectrum of which foreigners can choose from. What was before just limited to outside of Makkah and Medina and a single property, is now open to multiple investments all over the Kingdom. Foreigners can now purchase commercial, residential, and agricultural property in the Kingdom and two holy cities.
Undeveloped plots get a 2.5 percent tax
Since 2016, the Kingdom decided to capitalize on property development and therefore set a rule to tax undeveloped plots. If one was to buy a plot in the Kingdom, they are subject to pay a 2.5 per cent tax if left untouched.
Make sure to consult professional lawyers before your investment
To request legal advice, judicial, legal representation, and to the rest of the legal services, please contact us via the WhatsApp link to the office’s number: https://t.co/5tVkkMgh7n
— الرميح محامون ومستشارون قانونيون (@Alromaihlawfirm) March 30, 2023
Alromaih Law Firm is actually your best bet when it comes to obtaining all the authentic and informative tips before investing in a property in the Kingdom. They will provide you with top notch services in all legal matters, and make sure every riyal is worth it.
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Don’t splurge on a single investment
When it comes to purchasing property, one may forget the other expenses that come along with it. You will find yourself spending quite a big number on other things like water, electricity, painting, plumbing, maintenance, and furniture. If you’re unable to find a furnished abode, then make sure you set aside at least quarter of what you invested, to make sure the budget doesn’t fall short before you get your dream home.
