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‘Ease procedures for Expats to own properties in Kuwait’ – Need to keep abreast of legislative changes, says commerce minister

KUWAIT CITY, Feb 15, (Agencies): It is imperative that accountants and auditors remain aware of legislative developments in Kuwait, given the rapid change in that sector, Minister of Commerce and Industry Khaled Al-Roudhan said on Wednesday. In a speech to open the fifth conference on Accounting and Auditing, Al-Roudhan, who is also Minister of State for Youth Affairs, said that the global financial crisis has led to the re-evaluation of plans dealing with credit ratings.

Moreover, he spoke of the need to establish solid inspection apparatuses that would help increase transparency in financial transactions, adding that His Highness the Amir’s vision of transforming Kuwait into a financial and commercial hub should come to fruition. He also highlighted the significance of a wide range of services to cope with constant change in the legislative sector, noting that Kuwait should curb its reliance on oil revenues, which in turn, will help create a more vibrant economic environment.

Meanwhile, Board Chairman of Al-Shabib Real Estate Group Bader Al-Shabib disclosed the company sent 21 new files of expatriates who applied for ownership of investment apartments to the Council of Ministers, reports Al-Rai daily.

Al-Shabib confirmed the applicants met the prerequisites and conditions governing ownership of property by non-Kuwaitis. He said applicants included citizens of Egypt, Syria, Iran, Iraq and Palestine. He reiterated they submitted the files only after completing the necessary procedures. He urged the concerned authorities to ease procedures of owning property in Kuwait for expatriates, while ownership application files should be submitted to the Ministry of Justice instead of the Council of Ministers. He said the system will boost the real estate market and local economy in general. He stressed the idea helps keep money inside the country rather than encourage expatriates to transfer funds to their countries. He indicated this service should be the least that Kuwait could offer to expatriates who spent over 15 years in the country.



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