Bahrain is planning to issue a ten-year renewable residency permit on a self-sponsorship basis to foreign investors.
The visa is intended to boost Bahrain’s “position as an investment destination”. It will allow foreign investors to obtain a “10-year renewable residency permit on a self-sponsorship basis”, BNA said.
The announcement follows similar plans by the UAE, which last week said it would introduce a 10-year visa for investors, innovators and talented specialists in the medical, scientific, research and technical fields.
The country also said it would approve a new investment law allowing 100 per cent foreign ownership of companies by year-end.
The government is preparing to implement a regional 5 per cent value added tax introduced by Saudi Arabia and the UAE’s on January 1 and is also eyeing reforms to subsidies for citizens.
Source Credit: Gulf news