Foreign nationals to be allowed to buy apartments in Nepal

Kathmandu: Soon foreign nationals will be able to purchase apartments in Nepal.

Announcing the budget for the next fiscal year, Finance Minister Janardan Sharma said that the government has decided to allow foreign nationals to purchase apartments in Nepal.

According to Sharma, if an apartment has 100 units, it can sell a maximum of 20 units to foreign nationals.

According to Civil Code 2021, foreign nationals cannot buy a property or accept a property as a gift in Nepal. The government has full rights to seize the property if found to be in the name of foreign nationals.

The announcement by the Finance Minister is expected to boost the slowing housing sector business.