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Leases

A lease allows the use of the land and buildings for a maximum term of 30 years. In order to be enforceable, any lease for period longer than three (3) years must be registered.  This involves payment of a registration fee and stamp duty based on a percentage of the rental fee for the whole lease term. The original registered lease remains in full force and effect with respect to the property even if there is a change in ownership of the land. The parties can contractually agree to renewals, but this right cannot be registered and is not effective against a purchaser of the property.

The lessee can only use the property for the purposes stated in the lease and cannot sublease, sell, transfer interest, modify, or improve the property without the lessor’s permission.

 Leasing Immovable Property for Industrial and Commercial Purposes

The nature and the needs of a given business determine which of the various tenures is most appropriate for a foreign enterprise. In addition, the Act on the Leasing of Immovable Property for Industrial and Commercial Purpose allows the leasing of immovable property for a period of more than 30 years, but not more than 50 years, provided the lease is for industrial or commercial purposes. Such a lease is also subject to certain conditions, which are prescribed in ministerial regulations.

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