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10-year renewable residency permit in Bahrain to cost BD600

Manama has announced a 10-year renewable residency permit on a self-sponsorship basis for foreign investors with a fee of BD600.

The fee for two year residency permit will be BD200 and fee for five year permit is BD400, the cabinet announced at its weekly session on Monday, as it endorsed the draft-law on amending certain provisions of Edict 74/2007 on granting residency permits to foreigners on self-sponsorship basis.

The Crown Prince and First Deputy Prime Minister Salman bin Hamad Al Khalifa had instructed the Interior Minister on 29th May to prepare a draft to create the self-sponsorship residency permit for foreign investors.

The new system aims to strengthen Bahrain’s position as an investment destination. According to Prince Salman, Bahrain continues to prioritize initiatives that improve efficiency and highlights the importance of simplifying procedures within the logistics sector, which act as a catalyst for growth, given, the industry’s ability to increase the competitive power of national corporations in today’s interconnected global economy.
Advancing the tourism, logistics, manufacturing, ICT, Financial Services and Oil and gas sectors was very significant and played a vital role in drawing international investment and providing employment opportunities for nationals.

The Prime Minister, Prince Khalifa bin Salman Al Khalifa last month mentioned that zero-tolerance policy has been adopted towards delaying the issuance of licenses required for businessmen and investors.

The government is eager to improve the business environment by offering more facilities to grant commercial and investment licenses and warned that postponing investment projects would not be tolerated.

The decision to grant the 10-year renewable residency permit was welcomed by members of business community as a positive measure that would contribute towards drawing more investors to Bahrain and would unlock more investment potential in the Kingdom.

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