The Golden Residency Visa is a faction of Bahrain’s economic recuperation plan to entice talents and boost its economy. On Sunday, the Crown Prince and Prime Minister of Bahrain, Prince Salman bin Hamad Al Khalifa, received Yusuff Ali MA, Chairman of Lulu Group, to become the first recipient under the Golden Residency Visa scheme.
After a Bahrain Cabinet declaration last week to release long-term Golden Residency Visas to specific foreign investors, Yusuff Ali MA became the foremost recipient under the scheme on Sunday.
His Highness Prince Salman bin Hamad Al Khalifa welcomed the chairman of the Lulu Group and highlighted the retail sector’s influence on the Kingdom of Bahrain’s economic expansion. He recapped that augmenting the Kingdom of Bahrain’s economic competitiveness and sustainability will profit the Bahrain Economic Vision 2030 and subsidise the intentions of total development, led by King Hamad bin Isa Al Khalifa.
After receiving his golden visa number 001, Yusuff Ali stated that he was honoured by the proud and humbling moment in his life to receive the honour. He sincerely expressed his gratitude to His Majesty King Hamad bin Eisa Al Khalifa, His Highness Prince Salman bin Hamad Al-Khalifa, and the Government of Bahrain.
Mr Ali added that he was confident that this new permanent residency initiative would further augment Bahrain’s image as one of the territory’s principal investment and business centres. He stated that it would also endorse and sustain fresh investors in the region.
About Golden Residency Visa
The Golden Residency Visa provides holders with the right to work in Bahrain, permits them multiple entries and exits from the Kingdom of Bahrain, and even tolerates residency rights for close and immediate family members.
The visa holders can renew their visas indeterminately, as long as they linger to meet the eligibility criteria.
To be eligible for the Golden Residency Visa, residents must have been located in Bahrain constantly for a minimum of five years and received an average basic salary of at least BHD 2,000 (USD 5,290.34) per month during the five-year tenure. According to the Bahrain News Agency, the long-tenure residence license shall be renewed for the foreseeable future provided the candidate remains to meet the eligibility criteria.
Apart from this, residents and non-residents are eligible for the Golden Residency Visa if they achieve the following criteria:
- Possess one or more properties in Bahrain, which is no less than BHD 200,000 (USD 529,034.20) in value.
- Retirees with an income of no less than BHD 4,000 (USD 10,580.68) per month.
- Highly-talented individuals who accomplish the appropriate requirements.
- Must be located in the Kingdom of Bahrain for 90 days a year to guarantee that their visa continues to be valid.
Individuals who meet the eligibility criteria can submit their applications to be considered for the visa online with an instant effect.
The Crown Prince and the Prime Minister of Bahrain, His Highness Prince Salman bin Hamad Al Khalifa declared the new-fangled visa during the Cabinet session as a faction of the nation’s economic recuperation strategy.
Undersecretary for Nationality, Passports and Residency Affairs at the Interior Ministry, Shaikh Hisham bin Abdulrahman bin Mohammed Al Khalifa, stated that the outline of the Golden Residency Visa was fabricated to entice investors, to profit businesses, and underpin the provision of quality prospects for Bahrainis. In addition, the Golden Residency Visa program will also facilitate warranted reward to those prevailing residents who have subsidised Bahrain’s economy and society meaningfully for several years.
Shaikh Hisham bin Abdulrahman bin Mohammed Al Khalifa also stated that the new Golden Residency Visa would assist foreign investors and long-term residents and further enhance the national economy.
