A ministerial committee in Kuwait has recently forwarded a proposal to the Cabinet, suggesting the possibility of granting non-Kuwaitis the right to own investment residential properties within the country. This move aims to revitalize the economy and attract investments, preventing capital outflow from Kuwait.

Key Points of the Proposal:
The proposal outlines specific conditions for non-Kuwaitis to become eligible for property ownership. According to the proposal, a non-Kuwaiti individual, who is a permanent and legal resident of Kuwait, may be granted the right to own one residential apartment within an investment building. To qualify, the applicant must not have any judgments against them that violate honor or trust during their stay in Kuwait. Furthermore, the allocated apartment should be intended for the applicant or their family's residence, with a maximum area of 350 square meters. It is also required that the applicant does not already own another apartment in Kuwait.

Deliberations and Timing:
The proposal is currently awaiting discussion during the upcoming deliberations of the new government. These discussions are set to take place two weeks after the National Assembly elections scheduled for June 6. The aim is to thoroughly review and consider the potential implications and benefits of allowing non-Kuwaitis to own residential properties.

Economic Revitalization and Capital Attraction:
By permitting non-Kuwaitis to invest in residential properties, Kuwait seeks to boost its economy and retain capital within the country. The proposal's underlying idea is to attract external investments and prevent funds from leaving Kuwait. This move is expected to create opportunities for economic growth and stimulate various sectors, fostering a more vibrant investment landscape.

The proposal to allow non-Kuwaitis to own investment residential properties in Kuwait marks a potential shift in property ownership regulations. If approved, this measure could lead to increased economic activity, attract investments, and prevent capital outflow. The deliberations and discussions surrounding the proposal will play a crucial role in shaping Kuwait's property market and its overall economic landscape.