The That Luang Swamp Special Economic Zone Committee has disclaimed international news reports that foreigners who purchase a condominium in the new That Luang Swamp Special Economic Zone will automatically be granted Lao citizenship.
This was confirmed by Vice Minister of Planning and Investment, Mr Khamlien Pholsena, at a meeting on decree promotion and management of special economic zones, and draft agreement on implementation and management of special economic zones held in Vientiane Capital on April 6.
A foreigner (who) buys a condominium in the That Luang Swamp Special Economic Zone will be eligible to stay in the country for 10 years without a visa, Mr Khamlien explained.
The real estate, which was built by That Luang Swamp Special Economic Zone, was officially opened for booking in June 2015.
The That Luang Swamp Special Economic Zone was established in 2011 and the project was built on an area of 365 hectares under a 99-year concession. This was a sole investment of Chinese investors.
The That Luang Swamp Special Economic Zone built 12 18-storey condominium blocks, each block costing US$14.5 million.
Twelve special and specific economic zones countrywide have so far created an income of 128 billion kip (about US$16 million) to the Lao Government, from more than 300 companies having invested in the zones. These zones have also created 15,000 jobs for Lao people.
The total investment in these zones is over US$1.6 billion, of which US$24 million was from the government, US$1.2 billion from Chinese investors, and US$349 million from sub-investors.
Source: Lao News Agency