Article 8

(1) A QFC Company:
(a) that is wholly owned, directly or indirectly, by one or more Qatari Persons; and
(b) that wishes to own or have a usufruct in Real Estate that is located outside the Designated Areas, must apply to the CRO to do so in such form as may be prescribed by the QFC Authority from time to time.
(2) The CRO will approve the application after confirming that such QFC Company is wholly owned, directly or indirectly, by one or more Qatari Persons.
(3) Before issuing the approval, the QFC Authority will impose a restriction on the QFC Company’s licence such that a transfer of ownership of any shares in the QFC Company to third parties may not be registered without the written consent of the CRO, along with any other conditions that the QFC Authority considers appropriate. Any registration of a transfer of ownership of any shares in a QFC Company that owns Real Estate located outside the Designated Areas made without the written consent of the CRO is null and void.
(4) All legal Persons who own, directly or indirectly, a QFC Company that owns or has a usufruct in Real Estate located outside the Designated Areas must be wholly owned by one or more Qatari Persons during the period of such ownership or usufruct . Where such legal Persons are:
(a) one or more QFC Companies, the QFC Authority will extend any restriction imposed in acordance with Article 8(3) of these Regulations to such QFC Company or QFC Companies;
(b) not a QFC Company, the QFC Authority will obtain an undertaking from that Person or those Persons that any change in the ownership of the shares of such non-QFC Company shall be made only in accordance with Article 8. The form and content of such undertakings will be determined by the QFC Authority.
Inserted (as from 6th July 2021).