What are the Advantages of a Golden Visa in Bahrain?
You will probably have a vague knowledge of Bahrain but would struggle to pin its location.
Bahrain is a Middle East micro-state basking in a bay on the southwestern coast of the Persian Gulf.
On February 7, 2022, the Kingdom of Bahrain launched its Golden Residency Visa programme to attract foreign investors. As well as the push by the Interior Ministry to attract investors, the country wants to attract talent in order to ensure Bahrain’s ongoing success.
One plus of these Golden Permanent Residency Visas is that they are for all close family members, including your spouse, children, and parents.
A further advantage of this long-term residence permit is that it can be used to hire domestic labor.
Although not renewed indefinitely, this new permanent residency visa only needs to be renewed once every 10 years. This is provided the holders continue to meet the qualifying criteria, one of which is remaining in the Kingdom for 90 days in any 12-month period.
How to Obtain a Bahrain Golden Residency Visa
There are four eligible categories who can take advantage of this new visa. They are as follows:
Category 1: real estate owners
This category comprises property owners. These are foreigners who own one or more properties in Bahrain.
Category 2: foreign residents
The next category is made up of resident foreigners. These existing residents in Bahrain can be employees or retired.
Category 3: retired foreigners
This category includes those people who have retired but not yet relocated to Bahrain. They are currently non-resident foreigners.
Category 4: talented foreigners
Bahrain realizes that the world has got talent. So this category targets highly talented individuals who have contributed significantly to their present location.
There are both general and specific conditions to be met by Golden Residency Visa applicants. Let us start with the general ones before moving on to the residency affairs relating to the various categories:
- Provide copy of the relevant pages of a passport valid for more than 6 months.
- Supply copy of Central Population Registry (CPR) card if resident in Bahrain or other ID card if based elsewhere.
- Present address of previous residence.
- Photocopy latest bank statements going back six months.
- Share certificate proving good conduct (if available).
- Hand over copy of a valid health insurance certificate in Bahrain.
Category 1 Applications
- Attach a copy of the title deed that proves that the value of the properties owned by are worth a minimum of 200,000 Bahraini dinar (approximately 530,000$).
- Produce a medical report indicating the applicant is free from contagious diseases (less than 3 months from the application date).
Category 2 Applications
- Supply a copy of a proof of retirement certificate.
- Present details of the average basic salary of the applicant to show it exceeds 2,000 Bahraini dinar (around 5,300$) per month. This monthly income has to have been earned over a minimum five year period.
Category 3 Applications
- Provide a copy of a certificate demonstrating proof of retirement.
- Share evidence of the monthly average salary of the applicant to illustrate that it is more than 4,000 Bahraini dinar (roughly 10,600$).
Category 4 Applications
- Produce a certificate revealing that the applicant is gifted as an academic, artist, athlete, author, entrepreneur, or inventor.
- Supply documented approval from an accredited business incubator in Bahrain for start-ups only.
- Present a PhD certificate for academics only.
- Attach a copy of a higher education degree in a priority subject determined by the Higher Education Council for academics only.
- Share a copy of the patent document.
Bahrain Golden Residency Visa FAQ
There is a non-refundable application fee of 4 Bahraini dinar (10.60$) per person.
Successful applicants will then pay an issuance fee of 300 Bahraini dinar (795$).
Both residents and foreign citizens will receive their gold visa within 10 working days.
All in all, a Bahrain gold visa appeals as although it is not renewed indefinitely, it lasts for 10 years. It guarantees unlimited entry and exit to Bahrain. This program was also set up to provide deserved reward to long term residents who have contributed to Bahrain’s economy.
But maybe you don’t want to live in Bahrain. There are golden visa opportunities elsewhere, including in Europe. One last thing to bear in mind is that a golden visa won’t lower your tax bill.