Arab Times
KUWAIT CITY, April 6: Secretary of the
National Assembly MP Kamel Al-Awadhi proposed a bill on Saturday to allow
foreigners to own property in Kuwait. He said the bill aims to provide
foreigners with a stable means to carry on their business and will be
beneficial to the real estate market.
In light of the high population of expatriates, Al-Awadhi added, his proposed bill will allow new investment opportunities as foreigners will be attracted to invest their savings in the local economy instead of outside Kuwait.
Al-Awadhi proposed the amendment of law number 8/2001 concerning the regulation of direct investment of foreign capital in the State of Kuwait to allow foreign residents and investors to acquire residential and business properties.
In light of the high population of expatriates, Al-Awadhi added, his proposed bill will allow new investment opportunities as foreigners will be attracted to invest their savings in the local economy instead of outside Kuwait.
Al-Awadhi proposed the amendment of law number 8/2001 concerning the regulation of direct investment of foreign capital in the State of Kuwait to allow foreign residents and investors to acquire residential and business properties.
4 comments:
This is futile, but a broad round about face from a week of being slammed in the UAE press for proposing a whole host of laws that were stacked against expats living in Kuwait. In an unregulated over-inflated real estate market, I doubt many expats would want to invest in real estate in Kuwait. This is putting the cart before the horse. Kuwait should address visa restructuring before they propose such an initiative, for example, an investor visa with self-sponsorship and addressing the foreign business laws and restructuring ministries. With the present condition of this country I doubt any wise investor would put any money into Kuwait. However, what they should address is why their nationals are forever running to airport to spend money overseas when they get a few days off-some discontent in paradise? I would say they need to also address civil liberties and respecting other people's customs and cultures. Maybe not a pork room at Sultan Centre, but to legalize alcohol in hotels would be good for business, especially if they want tourism.
Don't forget to read the below news too, which was published in Jan 2013..
"Asked what will happen if an expatriate who purchased a property loses his job and has to leave the country, Dashti said “he would have to sell it.”
Dashti clarified the purpose of this bill is to “allow foreigners, who have been residing in Kuwait for at least 10 years, to purchase their own flats but it does not mean they can have permanent residence in Kuwait.
If ratified, the bill will allow expatriates of all nationalities to own one apartment not larger than 350 square meters."
http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/147721/reftab/36/t/No-residence-in-bill-to-grant-expats-right-to-buy-flats/Default.aspx
what's the use of buying property, no benefits
They should start first with giving people who were born and raised in Kuwait or have been living here for more than 10-20 years life long residency that does not expire, then maybe people will start thinking of investing in property.
They should also reconsider the price of real estate, its insane how expensive it is, how do they expect people to buy real estate when 90% of the population cannot afford it?
@ Chirp: Agree, I think Kuwait should give self-sponsorship visa's to people who have lived in Kuwait for over 20 years, because why should someone who has lived in Kuwait, and is a law abiding citizen have to get a kafeel to get a driver's license or have to leave because they lose their employment? So, why would they want expats to bail out the system, when the system works against them? It is an extremely unregulated, and over-inflated real estate market? I don't think even foreign speculators would invest in real estate here. There is no welcome wagon when you come to Kuwait, they always make you feel temporary even though you have lived here for decades. It is never home for an expat and that works against the State - they should appreciate expats more.
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