Foreigners may be allowed to buy real estate in Issyk-Kul region

Foreigners may be allowed to purchase recreation houses, resorts, holiday homes, cottage villages, guest houses and other facilities located within the biosphere territory of Issyk-Kul lake, used for recreation, health improvement, tourism, regardless of the form of ownership and legal form of business activity, providing recreational, guest, health improvement, accommodation, recreation, tourism services. The corresponding bill was adopted by the Committee on Agrarian Policy, Water Resources, Ecology and Regional Development of the Parliament of Kyrgyzstan in the second reading.

The author of the bill, deputy Balbak Tulobaev, wrote in a background statement that in the current version of the legislation, recreational facilities, which in their essence are primarily attractive for investment, cannot be owned by foreign persons.

At the same time, there is a need to build innovative resort and recreational facilities and create a fundamentally new infrastructure that keeps up with the times through the formation of a highly profitable and competitive tourism industry that can satisfy people’s needs for tourism services, generate income and create new jobs, which is directly related to attracting investments in the development of the resort and recreational area of ​​Issyk-Kul lake, including foreign ones.

The amendments were adopted to the Law «On the sustainable development of the ecological and economic system Issyk-Kul».