The Iraqi National Investment Law which offers investors generous benefits, guarantees and exemptions for qualifying investments, including.

• Ten-year exemption from taxes from the date of commercial operations and for each stage of the project.

• Right to repatriate investments and revenues.

• Right to employ necessary foreign labour.

• Exemption from import duties for necessary equipment and materials throughout the period of project implementation, and before the start of commercial operations.

• Exemption from taxes and fees for primary materials imported for commercial operations based on the percentage of locally produced materials being used in the project.

• Protection from nationalisation or expropriation.

• The National Investment Law mandates that Iraqi and foreign investors can own publicly owned land for housing and industrial projects.

• An investor has the right to own the land required to implement multi- purpose urban residential projects, provided the price of the land is not calculated into the price of the residential units sold.

• The Iraqi or foreign investor is obligated to build residential units throughout the time period specified in the agreement, and to sell or lease such residential units to citizens for so long as the investment license is valid.

• To establish an investment project, the investor may lease land and real estate from the government, private owners, or mixed sectors for a term of not more than 50 years, which is renewable after consideration of the nature of the project and its economic viability.

• The Iraqi government Leases the land requirement for foreign investors for commercial, industrial, agricultural, service, recreational and other investment projects.

Agricultural

• For agricultural land with water share, at a return of 20% of the estimated annual lease return, non-reclaimed agricultural land with water share, at a return of 10% of the estimated annual lease return. Non-agricultural land with no water, at a return of 1% of the estimated annual lease return.

Industrial Projects

• For industrial projects built in areas allocated for industrial investment project, at a return of 2% of the estimated annual lease return.

Electric power & Oil Projects

• For Electric power and oil projects located beyond municipal borders and implemented to build, operate and either own or transfer to the authority at a return of 2% of the estimated.

Service Project

• For Service projects (hospitals, educational centres, Universities, etc). at a return of 5% of the estimated annual lease return.

Tourism project

• For Tourism projects (Sporting and entertainment complexes), in exchange for a state share of 10% of the estimated annual lease rate.

Commercial Projects

• Commercial Projects (shopping centre and hotels), in exchange for a state share of 10% of the estimated annual lease rate for the first three years of the start of commercial operations date. By the end of the first three years the rate become 5% of the value of the land.

If the investment license was granted, all government sectors shall commit to cooperate with the awarding body to complete the direct requirements of the investment project within 30 days of the date of issuance of the license.

By Ali Alqwaizi

what are the benefits the Iraqi government is offering for the foreign investors to invest in Iraq?