Kuwait is a tax-free country that can benefit seven and eight-figure traders, drop shippers, and digital entrepreneurs in general. It is a very small country, a very rich country. It has a 4.5 million population. 70 percent of them are expats. Here people are doing different businesses in restaurants, trading, the food industry, etc. So, living in Kuwait might help to get some opportunities for the interested people.
Pros and cons of living in Kuwait
Pros
The first good thing about the way that it has easy access for Western citizens, is it has a visa on arrival and e-visa system for most the Western countries, for U.S. citizens, European Union citizens, and some other citizens, the citizens of Georgia are one of them.
You can get an easy visa on arrival for three months or you can apply for an e-visa system online. So the citizens of 54 countries can travel to Kuwait easily.
The second good thing is that no tax at all, no tax required no income tax, no VAT, no corporate, no personal, no profit, nothing, no tax, no tax. So it’s a great opportunity for digital entrepreneurs.
The third criminality level is low. It is safe to live there and police are everywhere and definitely a stable economy. This country is one of the richest in the world.
One of the national Kuwaiti currencies, which is called dinar, equals approximately three point two dollars. It’s a very rich country, lot of oil. And in a very important location, the unemployment rate is two percent, which is very low.
Cons
If you are an entrepreneur who wants to start a company or a business in Kuwait, you will be required to find Kuwaiti citizens or a company, Kuwaiti company to be your partner.
You cannot own 100 percent of the shares of the company. So this is a bad thing. But there is a solution for this. A lot of companies in Kuwait now offer their services, making this process easy and writing agreements between the two parties that will best serve your interest.
The second bad thing is the weather in Kuwait. The air temperature in some places has reached 62 degrees Celsius in open areas where there is no shadow.
And also note that because of the heat, if you are in Kuwait, it’s very hot, it’s very hot. It’s always hot. It is never cold. So you can imagine how hot it is. The weather is very bad. So this is a very bad thing there.
Final Thoughts
The better option is to start a company in Kuwait. You should be a resident. So first you should become a resident in Kuwait and then you should find a Kuwaiti citizen or a Kuwaiti company to be your partner because you are, as a foreigner, not allowed to own 100 percent of the shareholders of the company.
So first, you need to be a residence and to be a residence permit holder. It’s not a problem but it’s going to cost you some money.
Or another option is to get a job there when you can get your work residence permit. you can start your own business, it’s not a problem, but definitely, it’s a bad thing. It’s not easy. It’s not simple to get this residence permit in Kuwait.
You should get a job or you should go to some company and offer them to do something. And in return, they will give you just a fake job identity.
And for sure, this is not legal, not legal. It’s a big problem now in Kuwait and the government is chasing every company for this fake identity employee. The other bad thing is if you are a resident of Kuwait, you cannot live outside the country for more than six months.
If you exceeded the six-month period outside of Kuwait, your residence permit will be terminated. And the last one high cost of living. Kuwait has a very high cost of living.
Conclusion
If you want to have a normal lifestyle in Kuwait, you will need at least 300 dinar Kuwaiti, which is approximately a thousand dollars. You can live a very good life here in Georgia was only half of this number.
To sum up, if you are a seven or eight-figure entrepreneur, you might try to explore this country. So if you are paying 40 percent tax, 30 percent of your income, you might consider this option and spend some money. In return, you will keep 100 percent of your income.
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