Long-term Residence Permits For Investors

Several countries among the Gulf Cooperation Council (GCC) states have in recent times been offering enticing residency permits to expatriates, in a bid to attract and retain them in the respective countries. Though a latecomer, Kuwait has also apparently decided to join this bandwagon to attract wealthy expatriates to its shores.

Reports indicate that the government is seriously considering plans to amend the residency system and grant long-term residency permits of 5 to 15 years to expatriate investors. This is said to be part of the government’s efforts to promote foreign investments in the country to support its economic diversification plans and offer job opportunities for the national youth workforce.

The plan calls for offering residence permits of between 5 to 15 years to certain categories of foreigners. Expatriate investors, owners of companies and commercial projects, and CEOs in some businesses, would be offered these residency permits, which would not require them to have a Kuwaiti sponsor. The self-sponsorship is for businesses and investments that serve the growth and development of the national economy, and provide employment opportunities to nationals.

The mechanism of self sponsorship by facilitating procedures for those who invest in the country, can be availed of those who have resided in the country for a long period, provided great services, or worked in the government apparatus, and also those who have the financial ability to manage their affairs without the need to work. The plan is said to be still under study by the relevant authorities, including the Ministry of Interior and the Public Authority of Manpower.

 

 

 

SOURCE  TIMESKUWAIT

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