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 granting residency permits to foreigners on a self-sponsorship basis.
The new system is designed to reinforce Bahrain’s position as an investment destination.
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.
Source Credit: Gulf News