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Monday , December 16 2019

Moving out of country without paying bank loan

I am requesting an expert opinion on the following matter. I am working in a private company and this is my second company where I had completed almost six years.

Currently my residence is on my company visa while I came to Kuwait on project visa 9 years ago. I have a bank loan from NBK and I am remitting the EMI for last one year without any dues. Now my company terminated me due to client contract issue. But fortunately I got another job and the new company doesn’t have any project visa quota, only company visa quota available. The new company agreed that they would provide me visa from India.

My question is that:

1. Can I move out of the country without paying the whole loan amount? (There is no EOS because it was paid to me by the current company a few months ago). Can I show that bank the offer letter and agreement from my new company?

2. Is it possible to transfer my current visa (company visa) to new company visa. (Initially I came to Kuwait on project visa 9 years ago) Expecting your immediate reply on the above matter with high priority as my last working day is Nov. 30.

Name withheld

Answer: Before cancelling your residence and leaving Kuwait, you are supposed to settle all your contractual obligations with other parties and you will face a problem at the point of exit if you don’t do that. To forestall this, you need to meet your bankers to explain your particular situation to them and we believe a solution could be found to the mutual benefit of the two parties. As to whether you can transfer your current visa (company) to another company visa we believe that is possible since your current company visa was acquired as a result of transfer from a project visa. Having said the proceeding, we will advise that you brace yourself for any possibility since sometimes different officers give conflicting interpretation to the same law. In this perspective, one officer could say that since you initially entered Kuwait on project visa you can only transfer your current visa back to a project visa and not to another company visa as might be interpreted by a different officer.

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