The newly-launched Golden Visa will further the standing of Bahrain as an attractive destination for leading investors, businessmen, and talented people, Labor Market Regulatory Authority (LMRA) Chief Executive Officer Jamal Abdulaziz Al Alawi has been quoted by official sources as saying.
The move was announced during a Cabinet meeting chaired by Crown Prince and Prime Minister Salman bin Hamad Al Khalifa as part of Bahrain’s economic recovery policy.
Al Alawi commended the initiative.
He said it would have a positive impact on the labor market and bolster Bahrain’s ability to attract economic, investment, and business competences.
“Bahrain leads in the region as a premium destination for living and residency for expatriates, according to international reports, in terms of quality of living, ease of stability, average cost of life, and other factors,” he said.
He underlined the authority’s support to the efforts undertaken by competent government agencies, particularly the Interior Ministry’s Nationality, Passports and Residence Affairs (NPRA).
The Golden Visa program “will also provide a deserved reward to those existing residents who have contributed significantly to Bahrain’s economy and society over many years,” Undersecretary for Nationality Shaikh Hisham bin Abdulrahman had said at the time of its launch.
To qualify for the Golden Residency Visa, existing residents must have stayed 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 long-term residence permit shall be renewed indefinitely provided the candidate continues to meet the eligibility criteria.