Wednesday, April 16, 2014
Kuwait Government Approves Expat Property Ownership
This just in from today's Kuwait Times:
KUWAIT: The Cabinet has granted expatriates permission to own property in Kuwait, including apartments, houses and lands, during its weekly meeting Monday. Foreigners are still required to meet several conditions in order to register property under their ownership, including a clean criminal record and a history of good behavior, source of income certificates as well as a minimum salary cap that was not specified in an Anbaa newspaper report yesterday.
The Interior Ministry’s approval is also required to purchase properties, the report reads. It does not explain however whether the decision has gone into effect immediately or still requires the parliament’s approval. “The decision would boost activity in the economic, investment and real estate fields in the country,” the report reads. No other details are mentioned.
It is believed that the decision targets foreign investors by attracting them to build projects in Kuwait and bypass the Kuwaiti partnership condition that was seen as a main obstacle in the past years.
- - -
Mabrook, Kuwait! Game changer.