Open residence, real estate for expats, companies urge

Open residence, real estate for expats, companies urge

By Chidi Emmanuel

KUWAIT:  In line with Kuwait’s 2035 vision, which is aimed at transforming Kuwait into a financial and trade hub regionally and internationally, and becoming more attractive to investors, a recent report revealed that companies are asking the Kuwait government to allow foreigners to own and invest in real estate and in turn offer them permanent residency permits. The proposal called for granting a long-term residency permits so as to lure rare talents and to prevent local businessmen from divesting or taking their businesses out of Kuwait.

Kuwait’s 2035 vision also envisions a key role for the private sector which will lead the economic growth, creating competition and promoting production efficiency as well as providing an essential structure to cultivate a business-friendly environment.

Reacting to the report, some expats and Kuwaitis called the proposal a welcome development. “The proposal is great. If approved, it will open doors for more businesses and pave the way for healthy competition. We don’t have many companies in Kuwait compared to other countries in the GCC. Kuwait really needs to open up a little. We need jobs and opportunities,” Fahad Yousef, a Kuwait University student told Kuwait Times.

Other proposals include abolishing the sponsorship system for the