REAL ESTATE

ACQUISITION OF REAL ESTATE BY FOREIGNERS

Q- CAN FOREIGNERS ACQUIRE REAL ESTATE ?

A- Lebanese Law prohibits any non-lebanese natural or juristic person as well as any juristic Lebanese person considered by law as a foreign person, to acquire, by contract or legal act made between two or more living persons, any real right in the Lebanese territory without prior authorization granted by decree issued by the Council of Ministers upon recommendation of the Minister of Finance.

Q- ARE THERE EXEMPTIONS TO PRIOR AUTHORITY ?

A- The exemptions authorized by Law are:

a- Persons of Lebanese origin and Arab nationals may acquire buildings or land for building, provided the total surface does not exceed 5000 square meters outside Beirut and 3000 square meters in Beirut.

b- Lebanese Companies considered by Law as a foreign company, may acquire, for the purpose of conducting their activities, real property, the surface of which does not exceed 10,000 square meters.

c- The acquisition of real rights required as collateral.

d- The acquisition of the following real rights:

1- Inheritance .

2- The right resulting from a donation .

3- Rights of usufract, mortgage etc .

Q- WHAT IS THE AUTHORIZATION PROCEDURE ?

A- The procedure for securing an authorization is :

a- An application for an authirization is submitted to the Ministry of Finance.

b- The Ministry of Finance refers the application to the Council of Ministers together with a recommendation of approval or rejection.