• Is there a VAT?                  
  Yes. There is a 10% VAT on all incomes made by foreign and domestic investors.
• Is there a capital gains tax?                  
  No. There is no tax on capital gains in Mongolia.
• Can foreigners own land in Mongolia?                  
  No. In Mongolia, all land (except for small parcels owned by Mongolian citizens only) are leased by the local government to the user (this includes all commercial use land being used by 100% Mongolian owned companies). For foreigners, the lease can be between 15 to 40 years. The lease can be extended to up to 60 years. Even if someone else owns the land on which your immovable property sits, the owner of the land does not have ownership rights over your immovable property and cannot demolish or damage it.
• Can foreigners own property in Mongolia?                  
  Yes. Foreign ownership of “Immovable Property” is allowed in Mongolia although ownership of land by foreigners is not. The owner of an apartment is issued an apartment ownership certificate which is the same as the local resident’s certificates. This certificate can be sold or even used as collateral at the banks. This ownership certificate is protected by Mongolian law.