MoI mulls incentives, facilities for foreign investors
The Ministry of the Interior intends to grant foreign investors, regardless of their nationalities, as well as investment entities, privileges regarding their residency, workers and family members in Kuwait, reports Al-Anba daily. According to a decision that is being studied in preparation to be issued, the investor will be granted a multiple entry visa for a period of 6 months to finalize the procedures for licensing his investment entity.
The investor and employees of investment entities are also granted regular residence for a period of 5 years, renewable from the date of issuance of the license, with the possibility of staying outside Kuwait for managers of investment entities for a period exceeding 6 months without obtaining permission for absence.
The decision, which is to be issued soon, includes allowing an entry visa for a commercial visit for those who are used by investment entities from specialized technical workers, and excluding them from the condition of obtaining a university degree, unless he is permitted temporary residence in accordance with Article 11 of Amiri Decree 17/1959 or converting the visit into a family residence.
According to the decision, investors and workers in investment entities who have regular residency will be allowed to obtain an entry visa to join a family, as well as allowing investment entities to apply for an entry visa for several trips not exceeding one year and allowing its bearer to repeatedly enter the country through that visa without being restricted to a period of stay inside the country from the date of entry.
Moreover, investment entities will also be allowed to apply for entry visas for nationalities that are prohibited from entering, after conducting an audit and obtaining security permission from the competent authority in accordance with the established rules and principles.
Source- Arab Times.