GCC nation Bahrain has announced the introduction of a new permanent residency visa to attract investments as a part of its long-term vision to offer more flexible and longer-duration visas amid regional economic competition.
The move is also expected to help the Gulf monarchy to fix its troubled finances, Reuters said in a report on Monday.
“Foreigners in Gulf states have traditionally had renewable visas valid for just a few years tied to employment, limiting their stay,” the report said.
The Golden Residency Visa, announced by the Interior Ministry, will be renewed indefinitely, including the right to work in Bahrain, unlimited entry and exit, and residency for close family members.
According to a report by Arabia Business, the Golden Residency Visa will provide incentives and streamlined services to foreign and local businesses with large-scale investment projects in Bahrain.
It is the latest step in the country’s pursuit to incentivise investments and boost job creation under its fiscal and economic reforms.
Companies with major investment and strategic projects that will create more than 500 jobs in the country, or those with investment value exceeding $50 million, will be eligible for the Golden Residency Visa.
With the licence, companies will enjoy a wide range of privileges and benefits, including prioritised allocation of land for investments, infrastructure services and utilities.
They will also have streamlined access to government services, including business licencing and building permit approval, as well as support from Bahrain’s Labour Fund, Tamkeen, and Bahrain Development Bank.
Introduced by the Cabinet, which was chaired by Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, the licence aims to attract investments from local and international companies and create jobs locally.