KRG to grant 5-year residency to foreign nationals purchasing property in the Kurdistan Region

ERBIL — The Kurdistan Regional Government is set to introduce a new policy granting residency rights to foreigners who purchase property worth $50,000 or more in the region. The initiative aims to attract foreign investors and encourage expatriates to settle.

Bargasht Akreyi, spokesperson for the KRG’s Investment Department, told 964media, “This new facilitation aligns with global practices, particularly those in developed countries, where foreigners can acquire residency by purchasing property. It is part of a broader strategy to revitalize the residency sector and enhance foreign investment in the Kurdistan Region.”

He added, “The policy, developed in coordination with the Ministry of Interior, is seen as a significant step forward. While the guidelines are still being finalized, the program is expected to be operational by next year.”

Previously, some expatriates and investors informally acquired residency in the Kurdistan Region through property purchases. However, Akreyi clarified, “This is the first time the Kurdistan Regional Government is formalizing such a program under an official framework. If a foreigner purchases property worth $50,000 or more, they will receive a five-year residency permit, which can be extended or renewed. They will then enjoy full rights and benefits similar to any local or domestic investor.”

In the past, some foreign investors have utilized this pathway to secure residency, but the process lacked an official structure. The KRG now seeks to regulate and standardize it to encourage more foreign investments.

According to Akreyi, the Kurdistan Region has seen a significant influx of expatriates and investors in recent years. “Many foreigners and investors have expressed interest in securing residency, and this new measure will assist them greatly. It reflects the KRG’s commitment to facilitating investment and welcoming global contributors to the region’s growth,” he said.

The new policy also builds on previous efforts to ease entry for foreign professionals. Akreyi explained, “For example, foreign investors who stayed in Kurdistan for five years could already import equipment into the region without taxes or fees. This new residency program complements these efforts and provides additional incentives for foreigners to invest in Kurdistan.”

According to 2022 statistics, over 150,000 foreigners officially obtained visas issued by the Kurdistan Regional Government’s Ministry of Interior, requesting one-year stays within the region.