Golden visas propel Kuwait into global investment race

KUWAIT CITY, July 19: Economic expert and former advisor to the Ministry of Finance, Mohammed Ramadan, affirmed that the decision to grant golden visas to foreign investors offers a range of economic and social benefits. He explained that the first and most direct benefit of this system is stimulating and attracting investment by enhancing the business environment and encouraging foreign capital to flow into the Kuwaiti market more quickly and flexibly, while benefiting from the legal and economic stability that long-term residency provides for investors and their families. The second benefit is solving the unemployment issue and restructuring the employment sector, especially since one of the main conditions and regulations for granting this residency requires foreign investors to employ a specific percentage and an appropriate number of Kuwaiti nationals. Ramadan stressed the need to activate the role of Kuwaiti embassies and diplomatic missions abroad in actively promoting the Golden Residency program through extensive marketing campaigns.

He indicated that these campaigns should include organizing regular investment forums and business gatherings in major global economic capitals, as well as distributing digital and printed brochures explaining the program’s advantages and facilities while clarifying its terms and conditions. Ramadan also called for removing obstacles, in accordance with applicable regulations and requirements, to attract more foreign investment, especially as foreign direct investment remains very limited, still below KD 2 billion. He pointed out that a large segment of investors and international companies are constantly seeking to expand their investments outside their home countries, which has made Dubai a major destination for foreign investment.

Meanwhile, a government advisor confirmed that the initiative sends a highly significant message of confidence to the business community and international companies, as it aims to firmly position Kuwait on the regional and global investment map. He noted that the Golden Residency system was designed to open broader horizons for successful investment partnerships and provide a stable and sustainable legislative and living environment for foreign investors and their families. He explained that Kuwait’s Golden Residency system has established financial criteria reflecting the country’s desire to attract financially strong entities. The executive regulations stipulate that the investment value of the licensed entity must not be less than KD 5 million, and that a minimum paid-up capital of KD 1 million must be deposited in a bank account within the State of Kuwait.

By Najeh Bilal Al-Seyassah/Arab Times Staff