Kuwait has introduced significant changes to its property ownership rules. A new Amiri decree recently approved by the cabinet modernizes these regulations. This update specifically affects listed companies with non-Kuwaiti shareholders. Consequently, these firms can now own real estate within the country. However, the new property ownership rules maintain important restrictions. Companies cannot purchase land designated for private housing.
Furthermore, the decree amends a strict 1979 law. That original legislation banned such companies from owning any property. It also limited Arab individuals to owning just one house or land plot. The new property ownership rules represent a cautious liberalization. They apply to companies listed on Kuwaiti or other official bourses. These entities must have real estate trading as one of their core purposes. Real estate funds and investment portfolios also qualify under the new terms.
Moreover, other existing regulations remain in force. Foreigners who inherit property from Kuwaiti mothers must sell it within one year. Foreign embassies can own up to 4,000 square meters for their premises. This is based on reciprocal treatment with other nations. Nationals from GCC member states continue to receive equal treatment with Kuwaitis. This latest move aligns Kuwait closer with its Gulf neighbors. Many already allow direct foreign ownership of houses. Some even offer long-term residence permits for major investors.
In a separate development, the Interior Minister addressed another citizenship issue. Sheikh Fahad Al-Yousef chaired a meeting concerning revoked citizenships. Authorities have stripped around 50,000 people of their Kuwaiti nationality over 18 months. Most affected are foreign women who gained citizenship through marriage. Others include people recognized for great services to the country. The government promises to preserve most benefits for these groups. This includes their jobs, salaries, and pensions. However, they must reclaim citizenship from their original countries first.
Additionally, the cabinet approved another new decree. It requires Kuwaiti parents to add newborns to their citizenship files within 60 days. Failure to comply will result in a fine between KD 2,000 and KD 3,000. This replaces a previous rule that allowed registration before a child turned 18. The change aims to prevent administrative irregularities and ensure accurate citizenship records. These developments show Kuwait is modernizing some laws while tightening others. The updated property ownership rules aim to stimulate investment while protecting national interests.
