Manama: The 10-year renewable residency permit on a self-sponsorship basis for foreign investors will cost 600 Bahraini dinar (Dh5,835).
The fee for the two-year residency permit will be 200 dinar and 400 dinar for the five-year permit, the cabinet said at weekly session on Monday as it endorsed a draft-law on amending some provisions of Edict 74/2007 on granting residency permits to foreigners on a self-sponsorship basis.
On May 29, Crown Prince and First Deputy Prime Minister Salman Bin Hamad Al Khalifa instructed the Minister of Interior to prepare a draft to create the self-sponsorship residency permit for foreign investors.
The new system is designed to reinforce Bahrain’s position as an investment destination.
During one of the many visits he made to majlises since the start of Ramadan, Prince Salman said Bahrain continues to prioritise initiatives that improve efficiency and underline “the importance of simplifying procedures within the logistics sector as a catalyst for growth given the industry’s ability to increase the competitive power of national corporations in today’s interconnected global economy.”
He added advancing the tourism, logistics, manufacturing, ICT, financial services, and oil and gas sectors was highly significant, and played an important role in attracting international investment and providing employment opportunities for Bahrainis.
Prime Minister Prince Khalifa Bin Salman Al Khalifa last month said there was a zero-tolerance policy towards delaying the issuance of licenses required for businessmen and investors.
The government is keen on enhancing and improving the business environment through offering more facilities to grant commercial and investment licenses, he said and warned that postponing investment projects will not be tolerated.
The decision to grant the 10-year renewable residency permit was welcomed by members of the business community as a positive step that would contribute to attracting more investors to Bahrain and to unlocking more investment potential in the kingdom.
