Allow foreign investors and family 5-year residency : Bahrain MP

Manama : A proposal that allows foreign investors and their family members to obtain a five-year residency in Bahrain will be submitted during the upcoming session of the current legislative term. 

MP Mohammed Al Maarifi, who put forward the proposal, informed yesterday that “people who invest at least BD500, 000 in the Kingdom should be allowed to stay five years, along with their close relatives, such as children, spouse and parents.” 

According to Al Maarifi, it would encourage venture capitalists to invest in Bahrain, as it provides them with more facilitation to do so. “The procedure should be done in coordination with the concerned security authorities.” The next session of the current legislative term is expected to commence in September.

Speaking to DT News, the MP said the law proposal would contribute to the efforts to strengthen the Bahraini economy and its foundation, by pumping more funds into it.

Noting the importance of the proposal, Al Maarifi commented: “We must have legislations that protect investors and ensure their rights. It comes within a set of legislative plans to protect and reassure foreign investors. They won’t invest in Bahrain in case there’s no law to protect their assets and funds.”

Elaborating the conditions included in the proposal, he said, “These funds should be deposited in banks as investment portfolios. The government should be allowed to invest these funds in riskless and profitable projects, such as housing, strategic and energy projects. The projects will be supervised by accredited and specialised banks.” “The profits of these investments would be handed over to holders of capitals in accordance with the principles of Islamic banking.”

The lawmaker exuded the confidence that the proposal would increase the ranking of the country in the International Credit Rating, as it’s currently at risk of being downgraded. 

“This will also diversify the revenues, instead of depending on the incomes of the oil industry,” Al Maarifi remarked, adding: “If applied, the proposal would have a positive impact on stock market, Bahrain Bourse, real estate sector and tourism projects. It would also contribute to the reduction of unemployment rates.”

The MP’s proposal comes within the efforts to grant more sops to foreign investors. 

As reported by DT News last month, foreign investors were enabled to own 100pc of more business categories in the country, following a resolution issued by Industry, Commerce and Tourism Ministry as per the Cabinet’s approval on July 18.