Page 9 - Microsoft Word - The Investment Law No amended.docx

Chapter Three

Privileges and Guarantees

Article 10
First: The Iraqi or Foreign investor enjoy the same privileges, facilities, and guarantees. They must
adhere to the obligations stated in this law.
Second A-
1:The Iraqi or Foreign investor may own lands allocated for housing projects that belongs to the
State and Public Sector. The Iraqi investor may buy lands which belong to Private or Mixed Sector
to set up exclusively housing projects provided they do not conflict with the uses of the Basic
Design.
2- The Iraqi investor may own lands allocated for industrial projects and belongs to the State and
the Public Sector, he may contract a partnership with the Foreign Investor in funding or
administration, the Iraqi or Foreign investor can buy the land belongs to the Private and Mixed
Sector according to a regulation issued by the Commission.
B- The investment project contract shall be concluded with the sectored authority that organizing
the activity or with the Commission granted the license, but the real estate contract shall be
concluded with the owner authority.
C- A mark to prevent discretion is to be placed on the property deed until the Iraqi or Foreign
investor completes the execution of his obligations, with a confirmation from the investment
commission that issued the license.
D- The developer or the Iraqi or the Foreign investor commits to abide by the purpose for which the
land or property ownership was given, and not to trade in it, otherwise, bears comparable wage for
the period of exploitation.
E- If the Developer, or the Iraqi or Foreign Investor who was given ownership of a property as per
this law, failed to fulfill their obligations within the period specified in the agreement, the Real
Estate Registration Administration, based on a request from the said Commission, would revoke
the registration and return the property to its former owner in return for paying back the sale price
after collecting comparable wage for that period.
F- The Iraqi or Foreign investor commits to make residential units within a period specified in the
agreement, and to sell or lease them to citizens as per the directives issued for that purpose, the
Iraqi or Foreign investor can handle the rest of the non-residential project for the long as the license
is valid as per the agreement terms made with the investor.
G- The developer may transfer part of the investment project after completion percentage of 40%
of the project to the secondary developer, with consent from the Commission who granted the
license, the secondary developer may not transfer the ownership of the investment project only
after full completion of the project.
H- Secondary Developer enjoy the benefits of this law, and subject to its obligations from the date
of obtaining the investment license of the transferee of the project.
Third- A : The Iraqi or Foreign investor has the right to rent and hire properties or long lease from
the State or from the Private and Mixed Sectors for the purpose of establishing investment projects

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