Iraqi Dinar Discussion Board

[Zoinkers]

Chapter Three
Privileges and guarantees
Article 10:
The Investor irrespective of his /her nationality shall enjoy all privileges, facilitations and guarantees and shall be subject to the obligations stated in this law. The Iraqi and foreign investor shall have the right for the purposes of housing projects, the use of the land for a sum to be determined between him and the land owner without land speculation according to conditions set forth by the National Commission of investment and the approval of the Council of Ministers. The Commission shall facilitate the allocation of the required lands for the housing projects. The housing units shall be allocated for ownership by the Iraqis after the completion of the project.
Article 11:
The investor shall enjoy the following benefits:-
First: the investor shall have the right to take out the capital he brought into Iraq and its proceeds in accordance with the provision of this law and pursuant to the instructions of the Central Bank of Iraq in an exchangeable currency after paying all his taxes and debts to the Iraqi Government and all other authorities.
Second: The foreign investor shall have the right to :
A. Exchange shares and bonds listed in the Iraqi Stock Exchange
B. Form investment portfolios in shares and bonds
Third: Renting or leasing land needed for the project for the term of the investment project, provided that it dose not exceed 50 years renewable with the agreement of the Commission, and provided that the nature of the project and its benefit for the national economy is taken into consideration when determining the period.
Fourth: Insuring the investment project with any foreign or national insurance company it deems suitable.
Fifth: Opening accounts in Iraqi or foreign currency or both at a bank inside or outside Iraq for the licensed project.
Article 12:
This law shall guarantee the following for the investor:-
First: The right to employ and use non- Iraqi workers in case it is not possible to
employ an Iraqi with the required qualifications and capable of performing the same task in accordance with guidelines issued by the Commission.
Second: Granting the foreign investor and non –Iraqis working in the investment projects the right for residence in Iraq and facilitate inter and departure from Iraq.
Third: Non- seizure or nationalization of the investment project covered by the provisions of this law in whole or in part, except for projects on which a final judicial judgment was issued.
Fourth: Non Iraq technicians and administration employees working in any project shall have the right to transfer their salaries and compensations outside Iraq in accordance with the law after paying their dues and debts to the Iraqi government and all other entities.
Article 13:
Any amendment to this Law shall not have any retroactive affect regarding the guarantees, exemptions, and rights recognized by this Law.

http://www.industry.gov.iq/uploads/The_Investment_Law[1].pdf