Foreigners Given Permission to Purchase Real Estate in Issyk-Kul Region
The Parliament of Kyrgyzstan Approves Sale of Real Estate in Issyk-Kul Region to Foreigners
The Parliament of Kyrgyzstan has approved a bill that will allow foreigners to purchase real estate in the Issyk-Kul region. This includes guest houses, resorts, holiday hotels, cottage villages, and other facilities located within the biosphere territory of Issyk-Kul lake. The decision was made regardless of the form of ownership and legal form of business activity, with the aim of providing recreational, guest, health services, accommodation, recreation, and tourism.
The bill, which was met with controversy in Parliament, was ultimately adopted in the third reading. Deputy Balbak Tulobaev, the author of the document, emphasized the need for foreign investment in the region. He argued that the current legislation made it difficult for recreational facilities, which are attractive for investment, to be owned by foreign individuals.
The development of innovative resort and recreational facilities, along with creating a new infrastructure to meet the demands of modern times, is crucial for the tourism industry in Issyk-Kul. By attracting foreign investments, the goal is to generate income, create new jobs, and enhance the competitiveness of the tourism sector.
Some deputies raised concerns about the sale of land plots to foreigners, which is currently prohibited in Kyrgyzstan. They requested a linguistic examination to clearly define what constitutes “recreational facilities.” Amendments were made to the Law on the sustainable development of Issyk-Kul’s ecological and economic system to accommodate these changes.
Overall, the decision to allow foreigners to invest in real estate in the Issyk-Kul region is seen as a way to boost economic growth, promote tourism, and create new opportunities for development in the area.
