Home World Kuwait plans to issue 15-year residency to foreign investors

Kuwait plans to issue 15-year residency to foreign investors

by news dir

Kuwait City | The government plans to allow expatriates investing in Kuwait to stay for five to 15 years. A local Arab newspaper quoted government sources as saying that the plan was similar to one recently implemented by some Gulf states. The facility is open to expatriate investors, business plan owners and owners of certain companies. This is part of nurturing the national economy. The government is moving to amend the residency, employment and permit procedures to diversify the forms of residency in the country so that expatriate entrepreneurs who support the national economy do not need a sponsorship system.

The scheme is aimed at expatriate investors or existing project owners who want to implement projects within the country. They will be granted residence permit under the existing Article 18. It has a tenure of up to 15 years. The move would completely abolish the current sponsorship system. It is estimated that the project will be able to attract foreign investment to the country and give freedom of movement to company owners.

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