The Bahraini government announced the launch of the Golden Residency Visa, part of a series of economic initiatives within the Economic Recovery Plan.
The visa will contribute to enhancing the competitiveness of Bahrain, supporting development paths across various economic, investment, and service sectors.
It will also attract talent and open the opportunity to obtain and benefit from permanent residency in the Kingdom.
The weekly meeting was chaired by Crown Prince and Prime Minister Salman bin Hamad Al Khalifa at Gudaibiya Palace.
The Bahraini measure aligns with other Gulf countries' initiatives to provide more flexible and longer-term visas amid regional economic competition.
Foreigners in the Gulf countries usually had renewable work visas valid for only a few years, restricting their residency.
The golden residence visa will be renewed indefinitely and grants the right to work in Bahrain and unrestricted entry and exit in addition to the right of residence for family members.
Nationality, Passports and Residence Affairs Undersecretary Hisham bin Abdulrahman Al Khalifa stressed that this announcement would enhance the competitiveness of Bahrain and support development in various economic, investment, and service sectors.
The Undersecretary announced the new measure at a press conference held at the Officers' Club in al-Qudhaibiya.
"The new Golden Residency Visa will help foreign investors and long-term residents and further contribute to the national economy," said the official.
Sheikh Hisham explained that by retaining and attracting those with talent, experience, and internationally renowned knowledge, "Bahrain has adopted a dynamic approach as we emerge from the pandemic with reasons to be highly optimistic about the strength and growth of our economy."
He explained that it would impact enhancing the Kingdom's level in international classifications, whether at the economic or other levels.
The Undersecretary noted that those who receive the golden visa would be able to issue a residency for their spouse, children, and parents.
They will also have the right to work in Bahrain, and the visa can be renewed for an indefinite period, provided that the person continues to qualify for the golden residency according to the conditions and standards, and it is not limited to a certain age.
The move comes within the framework of measures taken by Bahrain to settle its debt-burdened financial situation.
In October, Bahrain announced a new economic growth and fiscal balance plan, including major infrastructure projects.
Qualified applicants must have resided in Bahrain continuously for at least five years with a basic average salary of no fewer than $5,000 per month throughout the five years.
Other criteria include: owning one or more properties in Bahrain above a certain value or being certified as "highly-talented."
The applicants must be present in Bahrain for 90 days per year to ensure the validity of their visas.
UAE, Bahrain's neighbor and regional tourism and business hub, has introduced longer-duration and more varied visas over the past couple of years. It also granted professionals and their families the chance to be granted Emirati citizenship.
