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Procedure for Buying Land and Property in Bhutan
Buying land and property in Bhutan involves a specific set of procedures and regulations due to the country’s unique approach to real estate. Bhutan has stringent laws to preserve its culture, environment, and promote sustainable development. Here is a general procedure for buying land and property in Bhutan
1. Eligibility and Approval:
Foreigners are generally not allowed to buy land in Bhutan, except in specific cases where they make substantial investments in the country. Approval from relevant authorities is crucial.
2. Identify Property:
Identify the land or property you wish to purchase. It’s advisable to work with a local real estate agent familiar with the Bhutanese market.
3. Engage a Bhutanese Citizen
Foreigners must collaborate with a Bhutanese citizen or a Bhutanese-registered firm to facilitate the transaction. This person or entity will act as a nominee to hold the property on behalf of the foreign buyer
5. Valuation:
Get the property valued by a licensed valuer recognized by the Royal Government of Bhutan. This valuation will be essential for determining the transaction value and fulfilling regulatory requirements.
6.Negotiation and Agreement:
Negotiate the terms of the sale, including the price and conditions. Once both parties agree, draft a sale agreement. It’s advisable to seek legal advice during this stage.
7. Obtain Approval:
Foreign buyers need to obtain approval from the relevant authorities, such as the Ministry of Economic Affairs and the National Land Commission. The approval process may involve scrutiny of the buyer’s financial capacity and the intended use of the property.
8. Payment:
Complete the payment as per the terms specified in the sale agreement. Payment may include the purchase price, taxes, and any other agreed-upon costs.
9. Transfer of Ownership:
Once payment is complete, the transfer of ownership can take place. The buyer, along with the Bhutanese nominee, must sign the necessary documents to transfer the property title.
10. Registration:
Register the property with the relevant land authorities. This involves submitting the necessary documents and paying the required fees.