Bahrain to offer 10-year residency visa to foreign investors

King of Bahrain, Hamad bin Isa Al Khalifa attends the closing session of the 37th Leaders Summit by Gulf Cooperation Council member states in Manama, Bahrain on 7 December 2016 [Stringer/Anadolu Agency]

Bahrain is to issue renewable ten-year residency permits to foreign investors in an effort to attract business and encourage economic growth.

“Bahrain’s Crown Prince Salman Bin Hamad Al Khalifa has instructed the Minister of Interior to prepare a draft edict to create a new self-sponsorship residency permit for foreign investors,” Bahrain News Agency (BNA) reported yesterday.

The move is intended to boost the Gulf state’s “position as an investment destination” and to achieve economic growth in the country’s various sectors.

Last year, the Bahraini Prime Minister Prince Khalifa Bin Salman Al Khalifa issued a decree allowing foreign investors to own a 100 per cent stake in a number of businesses.

The move comes after fellow Gulf state, the UAE announced similar measures.

Gulf states, which have traditionally relied on petrodollars are reeling as a result of the decline in oil prices in recent years. They are now seeking to expand their economy to include investments in a number of sectors and encouraging international investment and business growth.

They have also begun collecting taxes with Value Added Tax (VAT) introduced earlier this year.

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