By Nayla Barakat
Manama, Feb. 7 (BNA): The Kingdom of Bahrain today announced the launch of the ‘Golden Residency Visa’ for residents and non-residents with immediate processing of the applications electronically upon meeting the prescribed criteria.
The move is a part of the Kingdom’s strategy that will serve as a catalyst for attracting foreign investments.
A Press Conference held at the Officers’ Club in Al-Qudhaibiya and jointly addressed by Shaikh Hisham bin Abdulrahman bin Mohammed Al Khalifa, Undersecretary for Nationality, Passports and Residency Affairs at the Interior Ministry and Shaikh Ahmed bin Abdulla Al Khalifa, Assistant Undersecretary at Nationality, Passports and Residency Affairs at the Interior Ministry.
“The introduction of the Golden Residency Visa is designed to attract investors, benefit our businesses, 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,” Shaikh Hisham told the Press conference.
The announcement was part of a series of economic reforms and initiatives that the Government of Bahrain has launched within the Economic Recovery Plan, to enhance the economy’s long-term competitiveness.
“By retaining and attracting those with talent, experience, and internationally renowned knowledge, the Government of Bahrain has adopted a dynamic approach as we emerge from the pandemic with reasons to be highly optimistic about the strength and growth of our economy,” Shaikh Hisham added.
“This Golden Residency Visa will enhance and promote the continued development of the business and investment-friendly environment that the Kingdom of Bahrain is already known for.”
“Bahrain’s ‘Golden Residency Visa’ will be available for qualifying residents, allowing them to take advantage of the benefits of being permanent residents of Bahrain
“The ‘Golden Residency Visa’ will be open to residents and non-residents alike, and is aimed at attracting investors, entrepreneurs, and highly- talented individuals who can contribute to Bahrain’s ongoing success.”
Golden Residency Visa holders will see their visas renewed indefinitely, provided they continue to meet the eligibility criteria. They will enjoy benefits, including multiple entry and exit from the Kingdom of Bahrain without restriction, residency for close family members, and the right to work in Bahrain.
To qualify for the Golden Residency Visa, existing residents must have resided in Bahrain continuously for at least five years and earned an average basic salary of no less than BHD 2,000 ($5,305) per month throughout the five-year period. The long-term residence permit shall be renewed indefinitely provided the candidate continues to meet the eligibility criteria.
“In addition, the Golden Residency Visa will be issued on an immediate basis to applicants (whether resident or non-resident) who meet the following criteria:
- Own one or more properties in Bahrain, valued no less than BD200,000 ($530,000), or retirees with an income of BD 4,000 per month or more.
- Be ‘highly- talented' individuals who meet the relevant requirements.
- Must reside in the Kingdom of Bahrain for 90 days a year, to ensure their visa continues to be valid.”