Perhaps you have arrived at the Embassy of Kuwait because you are eager to learn more about buying property in Kuwait. Maybe you heard that there are strict laws about these kinds of purchases. Especially when they apply to expatriates. Therefore, we would like to offer you some needed insight into the possibility of making a residential purchase within Kuwaiti borders.
If you are lucky enough to find the home of your dreams, you will probably want to investigate property insurance companies and premiums. We recommend Alliance and Associates. They can provide you with affordable and online quotes for you home insurance needs. And, they can offer you quotes from multiple carriers all in the comfort of your own home. This can save you money and time as you seek to get a policy started on your new residence.
The Legalities of Owning Property in Kuwait
Expatriates were not allowed to buy property in Kuwait until relatively recently. Kuwait’s leadership was concerned about the potential for immigrants to come into the country, buy property, and then fail to acquire or seek gainful employment. Apparently, they had a lot of the same concerns that those in the US have about immigrants taking advantage of certain amenities while failing to be contributing members of society.
Now, they have created a set of new laws with a number of applicable restrictions. The new laws allow expats to purchase property so long as they adhere to the restrictions in place. But, if you are hoping to buy property in Kuwait, and then be deemed a resident therein, don’t get too excited. Those laws have not been altered.
And, if you don’t get a job, you won’t be able to remain within the confines of the country’s borders. So, you could be forced to move if you lose your job even though you own a home in Kuwait. In fact, the new rules and regulations require you to find work or be forced to sell your property and leave the country within thirty days. Read more.
Kuwait Times Article
Published on April 22, 2017, an article titled Expat Ownership, gives some serious insight into the dilemma for those who wish to own property in Kuwait. Of course, you can read the whole article right here, but we will do our best to sum it up for you on our site. It would appear that another source we were using did not include proper information. So, make sure you verify everything you read.
That all said, the Kuwait Times states that the cabinet approved the ownership of property for expatriates. Specifically, they have approved the purchase of land, houses, and even apartments within the country’s border. Of course, the article insinuates that the qualification to be labeled an expatriate, who is allowed to purchase property, was not specified. That leaves one wondering who the new laws apply to.
If they deem you an expatriate by whatever credentials they decide are pertinent, there will be documents necessary for approval before the property can be registered. One of those requirements will be the proof of a clean criminal record. Plus, source of income documentation must be presented. If that’s all they desire, it would appear property purchases will be quite accessible. Keep in mind that KD300,000 is the minimum amount for a home purchase.
In concluding, the writers suggest that you’d enjoy a safer investment in the US or southern France. So, choose wisely where you invest your money on property. And, you can learn more about buying property in southern France when you click this.