Kyrgyzstan's parliament has approved a bill allowing foreigners to purchase real estate in the picturesque Issyk-Kul region. The legislation, which was passed amidst heated debate, opens up opportunities for international investors to acquire various properties including guest houses, resorts, holiday hotels, cottage villages, and other tourism-related facilities within the biosphere territory of Issyk-Kul lake.
The bill, championed by MP Balbak Tulobaev and adopted in its third reading, marks a shift in Kyrgyzstan's real estate regulations. Previously, foreign ownership of such recreational facilities was restricted, hindering potential investment in the region's tourism sector.
"This legislative amendment aims to foster the development of innovative resort and recreational infrastructure," MP Balbak Tulobaev stated. "It will support the growth of a competitive tourism industry, generate revenue, and stimulate job creation."
However, the bill has not been without controversy. Some members of Parliament raised concerns about the inclusion of land plots in the sale permissions, which traditionally are off-limits to foreign ownership in Kyrgyzstan. This sparked calls for a linguistic examination to precisely define "recreational facilities" and ensure clarity in the scope of the new law.
The amendments to the law on the sustainable development of the Issyk-Kul ecological and economic system reflect efforts to modernize the region's tourism offerings and attract foreign investment. Proponents argue that these changes are crucial for revitalizing Issyk-Kul as a premier destination for both local and international tourists.
The decision is expected to have far-reaching implications, potentially transforming Issyk-Kul into a hub for sustainable tourism development while raising questions about the broader implications for Kyrgyzstan's real estate and foreign investment policies.
The move comes amid ongoing efforts by the Kyrgyz government to diversify its economy and enhance its attractiveness to global investors, positioning Issyk-Kul as a key player in Central Asia's tourism landscape.
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