Manama: Bahrain's cabinet approved plans to offer permanent residence to some foreigners and their families as part of the Gulf nation's plans to bolster its economy.
The visa "will help enhance the competitiveness of the Kingdom of Bahrain and support the development of various sectors, such as economic, investment and services,” state-run Bahrain News Agency (BNA) reported.
The Golden Residency Visa, announced by the Interior Ministry, will be renewed indefinitely, include the right to work in Bahrain, unlimited entry and exit,and residency for close family members.
"(The visa) is aimed at attracting investors, entrepreneurs, and highly talented individuals who can contribute to Bahrain's ongoing success," the statement said.
Residency can be granted to employees who have lived more than five years in the Kingdom and earned an average monthly salary of at least 2,000 dinars ($5,300), BNA reported.
Applicants must own property valued at no less than 200,000 dinars and retirees should have an average monthly salary of 4,000 dinars or above. Recipients of permanent residency must spend at least 90 days in Bahrain annually.
