Bahrain boosts investment through Golden Visa initiative
The Government of the Kingdom of Bahrain has recently announced a strategic projects plan and a regulatory reform package aimed at supporting direct investment into the Kingdom of Bahrain by 2023.
In line with its strategic policies, Bahrain has launched a new 10 year Golden Residency Visa (Golden Visa) which provides expatriates and foreign investors the opportunity to reside in the country on a permanent basis.
In order to qualify for the Golden Visa, current residents must have:
- Resided in Bahrain for not less than five years; and
- Earned a monthly basic salary of not less than BD2,000 (US$5,300) during the previous five years of their residency in Bahrain.
Other qualifying criteria for the Golden Visa include:
- The ownership of one or more properties valued at not less than BD200,000 (US$530,000); or
- Retiree with a monthly income of not less than BD4,000 (US$10,600); or
- Highly talented individuals such as artists, athletes and healthcare workers who meet the relevant criteria.
Once obtained, the Golden Visa will grant its holder many advantages including the right of residence in Bahrain, the ability to hire domestic assistance, the right to work upon obtaining the necessary work approvals and the right to obtain visas for dependents.
Holders of the Golden Visa will have their residency renewed indefinitely once every 10 years provided they continue to meet the qualifying criteria, one of which is remaining in the Kingdom for 90 days in any 12 month period.
The Golden Visa will be issued on an immediate basis for suitable applicants and will cost BD300 (US$795). It can be obtained through the e-Government Portal and we expect additional details for the Golden Visa to be published within the coming months.
The introduction of the Golden Visa is designed to attract investors and contribute to the provision of quality opportunities for Bahrainis.
"This programme will also provide deserved reward to those existing residents who have contributed significantly to Bahrain’s economy and society over many years," said Shaikh Hisham bin Abdulrahman bin Mohammed Al Khalifa, Undersecretary for Nationality, Passports and Residency Affairs at the Interior Ministry.