On the whole, it is important to note that the law and the rules and, consequently, the contents of this analysis will only apply to a limited number of buildings in myanmar. In december 2017, however, the ministry of construction issued the condominium rules condominium rules to boost up the condominium market in myanmar. This is the law that, if passed, will allow foreign ownership of land and property. Myanmar condominium registration office established and. Citation and commencement of this law and definitions a this law shall be called the myanmar companies law. The condominium rules were passed in december 2017, setting out detailed implementation provisions, paving the way towards facilitating investments in condominiums in myanmar.
If you are after a place to rent in myanmar then try checking out our myanmar rental listings. Condominium, the land or the lessees interest in any lease of such land which is submitted to the provisions of this chapter, the building or buildings, all other improvements and structures thereon, and all easements, right and appurtenances belonging thereto, which have. Questions on myanmar labor law facing the corona virus outbreak. The condominium law 2016 on 29 january 2016, the myanmar parliament passed the longawaited condominium law 2016, pursuant to which foreigners and foreignowned companies may purchase up to 40% of the housing units in condominiums. Dec 18, 2019 the condominium management committee has been finetuning the registration process under the condominium law, and will accept registrations in early 2020, said u myo myint, general secretary of the myanmar construction entrepreneurs association mcea.
Illinois condominium property act as effective january 1, 2017 illinois compiled statutes, ch. Aper 17 27 2017 3 2017 myanmars rocky road to democracy 22804331 9788893680561 1. Thailands condominium law contains a clear statement that any previous inconsistent laws are superseded. With investment in myanmars condominium market slowing considerably over the last y. Kelvin chia yangon organized a seminar on condominium law march 2018. This pc datad 2017 law myanmar territorial sea and maritime zones law myanmar territorial sea and maritime zones law the pyidaungsu hluttaw law no. But now that the rules to the 2016 condominium law are gradually being implemented. Burma law reports 19481988 myanmar law reports 1989until now international law.
With investment in myanmars condominium market slowing considerably over the last year, the introduction of the condo rules. An unequivocal statement in the condominium law that it supersedes previous law or qualifies as a permitted exemption would provide clarity. Law was implemented, the financial action task force removed myanmar from its list of states deemed weak in combating money laundering and terrorist financing. This chapter shall not be construed, however, to affect the validity of any provision of any condominium instrument. A condominium is defined under the law as a highrise building with six floors and higher built as a collectivelyowned building on collectivelyowned land registered under the law, and includes common property and housing units provided for use of collective owners. No condominium shall be established except pursuant to this chapter after march 28, 1977. With investment in myanmars condominium market slowing. There is no stipulation that foreigners must buy units above the sixth floor. The condominium law, passed in january, 2016, permits overseas buyers to own up to 40 per cent of a condo building. Act 184 and through all supreme court and controlled substances. While the prices have witnessed downward correction over the last three years, the amount remains substantial. Mired in legislative gridlock until the dying days of the outgoing government, the condominium law finally squeaked through parliament on january 22 after years of backandforth argument between the upper and lower houses.
Condominium law rules open market to foreign buyers. Newly issued myanmar condominium rules set out ownership and. To find the latest property research report on yangon key in the search term property research report into the search box in. It defines a publicowned condominium, as the one that has six or more floors and built. Myanmar draft condominium law condominium ownership. The key highlights of the condominium rules are set out below. Condominium law rules released today will allow foreign buyers to purchase up to 40 percent of total floor space in an eligible project and enable all buyers to hold strata title. According to our reading of the rules, the land may be a freehold land, b grant land or c government land.
The following expressions contained in this law shall have the meanings given hereunder. With investment in myanmar s condominium market slowing considerably over the last year, the introduction of the condo rules reflects the myanmar. Pennsylvania uniform condominium act table of contents chapter 31 section 3103. Myanmar companies law english and burmese version from dica download the file. In this newsletter, we have outlined certain key developments in this new law. You are cordially invited to join us on 9 january 2018. New condominium rules allow more flexibility for foreigners december 15, 2017 by thiha foreigners will be given more flexibility to invest in the local property sector, according to new rules under the condominium law announced thursday. Myanmar draft condominium law free download as pdf file. The condominium law condominium law was enacted in 2016 but could not be implemented due to uncertainty.
From a legal standpoint, recent growth in myanmar has been aided by economic reforms, such as the foreign investment law and special economic zone law, which have served to aid development in the real estate sector. This law shall apply to all existing or new investments within the union on the date of entry into force of this law. Foreigners will be given more flexibility to invest in the local property sector, according to new rules under the condominium law announced thursday. The condominium law stipulates the criteria necessary for a project to qualify as a condominium suitable for foreign ownership. On january 22, after 3 years of deliberation, the new condominium law was passed by the parliament on january 22.
Overseas corporation overseas corporation means a company incorporated outside myanmar. Myanmar companies law english and burmese version from dica pdf 1. After three years, regulations under condominium law firm up the. An edited version of the same article also appeared at. Myanmar business partner owns land, he would lease the land to the joint venture company in. The ministry of construction has announced the formation of a management committee to oversee the implementation of regulations under the condominium law 2016 and condominium rules 2017.
The most recent development in this space is law no. The president of the union of myanmar signed the myanmar companies law the new law on 6 december 2017. Our next seminar will consequently be on real estate development, focusing on the new condominium rules. Home law library laws and regulations laws myanmar laws 1988until now union solidarity and development party laws 20122016 myanmar laws 2016 pyidaungsu hluttaw law no. The rules, which were signed by the union minister for construction on december 7, will be published soon and comes amid a slowdown in the local construction and. A condominium must be built on land which may be used for housing development and is of the type that allows the transfer of ownership s.
With investment in myanmars condominium market slowing considerably over the last year, the introduction of the condo rules reflects the myanmar governments. New condominium rules allow more flexibility for foreigners. With the overwhelming interest on the implementation of the condominium law, this is a muchwelcomed step for the investors in the real estate sector. By aung ye thwin amyotha hluttaw will discuss the rules of the condominium law, approved with amendment by the pyithu hluttaw. In general, these laws, coupled with the governments plans to encourage development, have proven successful. Myanmars condominium rules rules were signed into operation on 7 december 2017. The new law gives foreigners the right to buy up to 40 percent of units in a condominium project. As of q3 2017, condominium prices in yangon ranged between usd147,700 and usd699,500, from a midmarket to a luxury category.
The government of the republic of the union of myanmar the. Owners of the housing unit may sell, exchange, gift, lease, mortgage and bequest with myanmar citizens. Myanmar investment law official translation 3 1 2017. Frontier myanmar first published on 20 th june 2017. Links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and topics. The new condominium law was passed in 22 january 2016. As always, we are happy to receive suggestions for additional topics from participants. Myanmar investment law official translation 312017 dica. Myanmar companies law 2017, pyidaungsuhluttaw law no. The lady and her government the lady, as suu kyi is usually referred to in myanmar, is the nlds far and away. Oxford universitys tea circle on 25 th june 2017 entitled a blueprint for building an implementable and effective condominium law in myanmar mingalar real estate on 4 th july 2017 entitled improving myanmar s. Csi for fidelity bonds with a policy period beginning 070106 and forward pdf. Delays issuing condominium bylaws hindering much needed. Land law in myanmar general principles of land law in myanmar types of land in myanmar there are almost a dozen different types of land rights for citizens, each of which has its own rights and obligations.
Land rights and the myanmar condominium law pedro jose. Mar 01, 2017 myanmar companies act and enterprises formed in accordance with the laws of any other country are also included. Total foreign ownership in any one project, however, is limited to 40 percent of the total project space. This chapter shall be deemed to supersede rsa 479a, the new hampshire unit ownership of real property act. We are negotiating for sales with foreigners and investors.
A condominium may be created and established by recording in the office of the county recording officer of the county wherein the land is located a master deed executed and acknowledged by all. Condominiums, houses, commercial space, plots of land, affordable homes and luxury properties are available for sale in myanmar. Condominium law rules open market to foreign buyers frontier myanmar. Prior to notification 227, implementation of the condominium law and. This welcome development establishes the long awaited. Up to 40% of a condominium development may be owned by foreigner.
On 14th december 2017, the department of urban housing development duhd announced the details of the new condominium rules. Housing and urban policy and legislation during five decades of socialist and military rule in myanmar, many of the institutions, laws and processes that underpin a modern housing sector were neglected. The republic of the union of myanmar central bank of. On 6th december 2017, the myanmar companies law 2017 mcl was passed to replace the myanmar companies act 1914 mca in order to modernize the current legal structures of companies and enhance foreign investment in myanmar. The details of implementation will be further announced under new notifications, and expected to be in force in mid2018. Amyotha hluttaw speaker mahn win khaing than yesterday requested the hluttaw representatives who wanted to discuss the matter to enrol their names. Applicability of local ordinances, regulations and building codes. Illinois condominium property act as effective january 1. Condominium law new jersey division of consumer affairs. The extent of the rights of the land use right holder in relation to each type of land use right differs as per law, regulations. The condominium rules were passed in december 2017, setting out.
Capital adequacyeng 67 2017 5 the republic of the union of myanmar central bank of myanmar notification no. Part i commencement and definitions division 1 name, commencement and definitions 1. This publication does not necessarily reflect the views or policies of the united. Funding for this ilo publication was provided by the united states department of labor project mmr10usa. Many laws dating back to the colonial period and postindependence period are, with more or less changes, still in force. Mar 20, 2018 on 19 january 2016, the highly anticipated condominium law the law had been passed by the outgoing pyidaungsu hluttaw after publicised deliberations which spanned more than three years. On 14 september 2018, the ministry of construction moc issued notification 2272018 the notification appointing registrar and opening registration office relating to condominiums as part of the implementation of the condominium law 2016 condo law and condominium rules notification 267 2017 condo rules. Parliament passes condominium law the myanmar times. The ilo guide to myanmar labour law is funded by european union, norway, switzerland, united states department of labor project mmr10usa and the ilo. The republic of the union of myanmar myanmar investment.
However, the law also stipulates that said foreigners are not allowed to manage condos, so those looking to rent out units should be aware. Amyotha hluttaw to discuss rules of condominium law global. The issuance of the rules is a step towards full implementation of the countrys condominium law, which was issued in january 2016. Although the number of confirmed cases of the coronavirus covid19 in myanmar is still one of the lowest in.
Jan 25, 2016 parliament passes condominium law mired in legislative gridlock until the dying days of the outgoing government, the condominium law finally squeaked through parliament on january 22 after years of backandforth argument between the upper and lower houses. If a condominium was created after july 1, 1981, comprehensive information can be found in a series of documents called the public offering statement, which condominium developers must file with the maryland secretary of state. In the announcement on january 5, the ministry said. Building a better condominium law frontier myanmar. Collier property report yangon condominium q3 2017. Myanmar companies act and enterprises formed in accordance with. On ownership, the assumption under myanmars law is that the foreign share is calculated.
Feb 01, 2018 in december 2017, the ministry of construction passed the much anticipated condominium rules under notification no. Condominium law foreign investment in myanmar proposed amendments for those who follow our blogs, you will know that we have reported several times on the discussions relating to the proposed condominium law in myanmar. The condominium law, for the first time, allows foreign nationals to legally purchase condominiums in myanmar. The condominium rules are the final steps of the implementation of the condominium law, which was approved last year. Region as most condominium projects will be located there and a condominium registration office. Dec 15, 2017 new condominium rules allow more flexibility for foreigners the condominium rules are the final steps of the implementation of the condominium law, which was approved last year. In exercise of the powers conferred under section 42 and section 100b of myanmar investment law, with the approval of the union government, myanmar investment commission. The law is expected to boost the countrys stagnating real estate market and generate foreign currency by allowing foreigners to purchase up to 40 per cent of a condominiums housing units. Under the law, foreigners can buy units on the sixth storey or above but are forbidden in taking management roles in new condominiums. The following expressions contained in this law shall have the meanings given hereunder a condominium means a building constructed according to this law as collectively owned highrise unit building with six floors or more on collectively owned registered land.
Easily find your next home for sale in myanmar by filtering types, price and number of bedrooms. This guide to law online burma contains a selection of burmese legal, juridical, and governmental sources accessible through the internet. On ownership, the assumption under myanmar s law is that the foreign share is calculated according to the number of apartments. Moreover, it translated laws into english and published in three volumes as myanmar laws 19881989, myanmar laws 1997 and myanmar laws 19981999. Myanmar employment law is governed by both old and new laws and regulations, as well as internal policies and practices of the department of labour of the ministry of labour, immigra tion and population ministry of labour. Myanmar construction entrepreneurs association and also member of. Real estate branch resources for condominium owners, boards.
Understanding condominium living attorney general of. The condominium management committee has been finetuning the registration process under the condominium law, and will accept registrations in early 2020, said u myo myint, general secretary of the myanmar construction entrepreneurs association mcea. Jun 01, 2017 the condominium law enables foreign investors to own up to 40 percent of units in developments with a footprint of at least 20,000 square feet and no less than six storeys in height. Condominium law foreign investment in myanmar proposed. In december 2017, the ministry of construction passed the much anticipated condominium rules under notification no. The condominium rules were passed in december 2017, setting out detailed implementation provisions, paving the way towards facilitating investments in condominiums in. The public offering statement fulfills the legal requirements of maryland condominium law and. Act, and regulation 7426 of the district of columbia city council, enacted october 18, 1974.
1150 95 242 1395 353 638 1499 966 65 1238 1449 514 1606 1290 169 874 494 49 184 224 1373 290 666 908 1430 930 378 1395 1006 818 1394 1368 1124 374 438 477 112 522 843 303 1417 744 200