Bahrain announces ‘golden’ permanent residency visas to attract talent
On Monday, Bahrain introduced a golden permanent residency visa in a bid to attract investment and talent.
The step is a part of a trend in Gulf states to introduce more flexible and longer-duration visas. The trend is driven by intense regional economic competition, and Bahrain is working to fix its finances.
The Interior Ministry announced the Golden Residency Visa. According to media reports, the visa will be renewed indefinitely.
The visa includes unlimited entry and exit to and from Bahrain, the right to work, and residency for close family members.
Traditionally, foreigners in Gulf states have had renewable visas valid for a few years tied to employment, limiting their stay.
The move forms a part of the measures the Gulf state is taking to ease its financial woes.
Bahrain announced a new fiscal growth and economic balance plan in October, including significant infrastructure projects.
To qualify for the visa, one must have resided in Bahrain for a minimum span of five years, earning an average salary of BHD 2000 ($5,306) per month.
“The visa is aimed at attracting entrepreneurs, investors, and highly talented individuals to contribute to Bahrain’s ongoing success,” the interior ministry’s statement said.
The individuals who own properties above a set value, retirees, and “talented” individuals who meet specific criteria can also qualify.
Over the past couple of years, the regional business and tourism hub, the United Arab Emirates (UAE), has introduced more varied and longer-duration visas to retain professionals and their families.