Taxes, expats real estate in new vision – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

real, estate, policies, plan,
Middle East

Taxes, expats real estate in new vision – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Funds added to clear expat indemnities

KUWAIT CITY, Oct 13: The governmental draft plan, which has been placed on the Cabinet’s table, calls for the adoption of attractive housing policies for real-estate development, and stresses the importance of enabling foreigners to fully own real-estate assets but with the imposition of necessary taxes, reports Al-Qabas daily. The draft plan demanded the adoption of mortgage law and real estate developers as a step towards overcoming the challenges of real-estate financing and participating in the development of housing projects. It also highlights the need to develop a new mechanism for distributing land, and replace the value-added distribution systems with the lottery system for effective utilization. The plan suggested setting a minimum for the cost of overseas treatments in case of emergency, as decided by the concerned authorities, and reconsidering the scholarship policies to be limited to scientific and technical disciplines related to labor market policies (based on the project to harmonize education with the labor market).

It stressed the importance of merging and reducing government agencies with similar specializations, in addition to adopting contemporary models for shifting from the scope of ministries to committees (based on the project to restructure the government system).

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