Regulation Of Expats For Real Estate Ownership

A government team has begun an executive study to create a plan that will allow foreigners residing in the nation to buy real estate, which is likely to be presented to the next administration established after the National Assembly elections. Non-Kuwaitis may be granted the right to buy a residential property in an investment building if they have a permanent residency permit and have not been convicted of any honour or trust offence throughout their whole stay in Kuwait, according to the research. The apartment must be utilised for the applicant's or their family's private dwelling and cannot be larger than 350 square metres. The individual cannot possess another residence in Kuwait.

Following Cabinet approval and a directive in this respect, current legislation enables an Arab expat to possess just one property in Kuwait. The current plan intends to broaden the scope of this problem to encompass all foreigners, Arab or otherwise. Title deeds will be issued by a decision of the justice minister rather than a Cabinet resolution. According to the report, enabling expatriates to own property may lead to investment in Kuwait rather than remittances to their home countries, especially because remittances surpass $20 billion yearly, depriving Kuwait of this money.

According to the report, by allowing foreigners to purchase properties in Kuwait, the government can build the mortgage market in the same way that other GCC countries have. The analysis sees little danger in ownership because it is predicted that just 1,000 apartments will be sold to foreigners each year, representing a small fraction of the 400,000 flats in investment regions. According to the report, Kuwait established an investment body to attract and encourage direct foreign investments in Kuwait, and one of the benefits for these investments is the opportunity to buy flats. This will have a societal impact since expats will find a sense of security in Kuwait and will boost their investments in the nation.

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