Lebanon
View LEBANON on Wikipedia
Capital: Beirut
Official Language: Arabic
Recognized Languages: French
Contact the Republican Palace
http://www.presidency.gov.lb/Arabic/ContactPresidentOffice/Pages/ContactPresidentialPalace.aspx Email address: president_office@presidency.gov.lb Telephone number of the President's office 00961- (5) -900900 Fax number of the office of the President 00961- (5) -900919
Ministry of Culture
Mr. Omar Halablab General Director E-mail address: omarhala48@hotmail.com Telephone: (961 1) 756 314 (961) 381 06 65 Web site: http://www.economy.gov.lb Address: Beirut Lebanon
Foreigners are allowed to buy property in Lebanon but are limited to 3,000 square metres of land including the building, without prior permit or authorisation. For larger plots for a commercial development, a Decree from the Council of Ministers would be required. Foreigners are given one year to purchase and register the property, after which the license is cancelled, and any new construction must be completed within a 5-year period.
HSBC offers loans to individuals who:
Are salaried, self-employed, professionals and traders residing and working in Lebanon.
- For salaried:
- Minimum 21 years at loan application, maximum 65 years at loan maturity
- Minimum income $1,500 with no salary transfer required
- Minimum employment period: 6 months
- For Self-employed professionals and traders:
- Minimum 21 years at loan application Maximum 65 years at loan maturity
- Minimum income: $3,000
- Minimum employment period: 1 year in business
The repayment period has a minimum of 5 years and a maximum of 25 years, with payments being made monthly.
A sale agreement is drawn up by a notary public or a qualified facilitator, in place of a lawyer, as they are only required on complicated transactions.
Once an agreement has been made between the buyer and seller, the seller acquires a Real Estate Certificate from the Land Registry.
Key stages in the conveyancing process:
- For an apartment:
- Obtain a rental value from the Ministry of Finance.
- Obtain a sale contract from a Notary Public.
- Obtain a title deed.
- Pay the property registration fee.
- For land:
- Instead of obtaining a rental value, one must obtain a statement of contents from the municipality where the land is located.
- Obtain a sale contract from the notary public.
- Obtain a title deed.
- Obtain a map location of the property.
- Pay the property registration fee.
- These fees are all paid by the buyer:
- Transfer fee 5%
- Stamp Duty 0.3%
- Bar Association Fee 0.1%
- Municipal Fee 0.25%
- Notary Tax 0.1%
- Registration Fee 0.15%
LEGAL FRAMEWORK FOR OWNERSHIP OF LAND IN LEBANON
Source: http://www.executive-magazine.com/hospitality-tourism/lebanon-is-getting-its-tourism-groove-back