For Free Headlines Submit Your Email
Thursday, November 21, 2024 9:4 GMT
Kuwait has established a set of specific regulations and controls governing real estate ownership by noncitizens, with differentiated rules depending on the nationality of the individual. These rules are designed to balance the interests of the state while maintaining economic and legal stability in the real estate market, reports Al- Seyassah daily. Regulations for GCC Citizens -- GCC nationals, including citizens from Saudi Arabia, the UAE, Bahrain, Qatar, Oman are treated the same as Kuwaiti citizens in terms of property ownership. This means they are allowed to own real estate in Kuwait without any additional conditions or requirements, reflecting the close economic and political ties between GCC countries.Regulations for other Arab nationals: For non-GCC Arab citizens wishing to own property in Kuwait, several conditions must be met such as there must be a reciprocal agreement between Kuwait and the applicant’s home country regarding property ownership; the applicant must obtain approval from the Kuwaiti Council of Ministers; the property must be in a residential area designated for private housing.This is in addition to the applicant must have lived in Kuwait for at least ten years; submitting a clean legal and criminal record is required; the applicant must demonstrate the financial capacity to own the property; the property should not exceed 1,000 square meters and the applicant must not own another property in Kuwait. If non-GCC and non-Kuwaiti heirs inherit property in Kuwait, they must sell the property within one year unless they obtain exceptional permission to retain it. This law ensures that property ownership remains in line with the regulatory framework and prevents non-citizens from holding real estate in the long term without legal exceptions.