• Bahrain is seen as a hub for skilled expatriates.
• Those that personal properties value a minimum of 200,000 dinars are additionally eligible to obtain the golden residence.
• The visa presents 10 years of residency within the kingdom, which will be renewed indefinitely.

Manama: Bahrain introduced Monday the creation of long-term visas for foreigners in an effort to “boost the economy”, following within the footsteps of a few of its Gulf neighbours.

With simply over half of its 1.7 million inhabitants made up of foreigners, Bahrain is seen as a hub for skilled expatriates, like a lot of the Gulf area.

Amid volatility in oil costs, most of the area’s nations have been searching for to diversify their economies away from dependence on fossil fuels, and have in flip relaxed immigration procedures in a bid to entice expertise.

Dubbed the “golden residence”, the brand new Bahraini visa will be allotted to those that obtain a wage of a minimum of 2,000 dinars (about $5,300) or pensioners with an earnings of 4,000 dinars, the inside ministry mentioned.

Those that personal properties value a minimum of 200,000 dinars are additionally eligible to obtain the golden residence, as nicely “talented” people, the ministry added.

The visa presents 10 years of residency within the kingdom, which will be renewed “indefinitely”, offered sure standards are met.

“The golden residency, which comes within the economic recovery plan… will contribute to enhancing the competitiveness of the Kingdom of Bahrain and supporting development paths,” the ministry mentioned, including that it could “attract talent”.

The transfer echoes an identical one taken by the United Arab Emirates, which in late 2020 additionally introduced the creation of a “golden residence” of 10 years for medical doctors, PhD holders and engineers.

This was adopted by the “green visa” in September 2021, which permits UAE residents to work with out direct visa sponsorship by their employers, in what is called the “kafala” system that’s widespread all through the area.

Equally, gas-rich Qatar introduced in late 2020 that property or enterprise house owners can be granted the suitable to residence permits.

Oman additionally introduced in the summertime of 2021 a long-term residence allow for buyers in a bid to enhance its financial system