ID :
108313
Wed, 02/24/2010 - 11:15
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Shortlink :
https://oananews.org//node/108313
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Laos to allow expatriates to stay longer
VIENTIANE,FEB 23 (KPL) - Overseas Laotians are likely to enjoy a longer stay in Laos, according to a draft decree issued by the Lao Ministry of Foreign Affairs’ Foreign Relations Department.
According to the draft decree, overseas Laotians will be allowed to stay up to nine months in Laos instead of just 30 days, currently applying for a tourist visa.
The draft decree will be submitted to the government for approval. The move is aimed at encouraging overseas Laotians to contribute to the national construction and development.
The document also suggests granting overseas Laotians land ownership rights and streamlining procedures for them if they marry a Lao citizen.
Under the draft decree, Lao expatriates will enjoy corporate tax cuts when investing in their home country. It is estimated that at present, there are 60,000 Laotian expatriates living overseas.
The National Assembly’s Standing Committee had earlier approved an amended law which required Lao people overseas to invest at least 500,000 USD instead of 300,000 USD in Laos to be able to purchase land and property. The changes are part of amendments made to the Law on Investment Encouragement that was endorsed in July 2009.
The Lao Ministry of Planning and Investment said a complete revised law on investment encouragement will also be presented to the State President.
The law, after being approved, will have a strong impact on the local property market and promote Lao economy. The country is expected to be out of the list of underdeveloped nations by 2020.
According to the draft decree, overseas Laotians will be allowed to stay up to nine months in Laos instead of just 30 days, currently applying for a tourist visa.
The draft decree will be submitted to the government for approval. The move is aimed at encouraging overseas Laotians to contribute to the national construction and development.
The document also suggests granting overseas Laotians land ownership rights and streamlining procedures for them if they marry a Lao citizen.
Under the draft decree, Lao expatriates will enjoy corporate tax cuts when investing in their home country. It is estimated that at present, there are 60,000 Laotian expatriates living overseas.
The National Assembly’s Standing Committee had earlier approved an amended law which required Lao people overseas to invest at least 500,000 USD instead of 300,000 USD in Laos to be able to purchase land and property. The changes are part of amendments made to the Law on Investment Encouragement that was endorsed in July 2009.
The Lao Ministry of Planning and Investment said a complete revised law on investment encouragement will also be presented to the State President.
The law, after being approved, will have a strong impact on the local property market and promote Lao economy. The country is expected to be out of the list of underdeveloped nations by 2020.
