Bahrain has introduced a new type of permanent residency visa to attract and retain residents, foreign investors and talented individuals, as part of a series of economic initiatives within the Economic Recovery Plan.
The Golden Residency Visa, approved following a memorandum submitted by the Minister of Interior, will be renewed indefinitely, including the right to work in Bahrain, unlimited entry and exit, and residency for close family members.
“The visa is aimed at attracting investors, entrepreneurs, and highly talented individuals who can contribute to Bahrain’s ongoing success,” reports stated.
The permanent residency visa will increase the competitiveness of Bahrain, supporting development paths across various economic, investment and service sectors, attracting talent and opening the opportunity to obtain and benefit from permanent residency in the Kingdom.
In order to qualify for the visa, a person must have resided in Bahrain for at least five years and earned an average salary of at least $5,306 per month. Those who own properties above a certain value, retirees and highly talented individuals who meet certain criteria will also qualify.
Last year, Bahrain unveiled details of an economic plan that aimed to invest nearly $30 billion in strategic projects to fuel post-pandemic growth, boost employment for citizens and attract foreign investment. The Kingdom aims to create more than 20,000 jobs for citizens annually until 2024 and plans to attract $2.5 billion in foreign direct investment by the end of next year.
The UAE unveiled its golden visa scheme in 2019 in a bid to attract skilled workers while enabling talented professionals to stay for the longer term within the country. It has since expanded to provide various options, including a green visa that would provide investors or businessmen with more benefits for sponsoring family members.
Saudi Arabia has also said that it would grant long-term residency visas to foreigners with outstanding capabilities and in rare specialties to bolster its economic growth.
