‘Golden Visa Scheme will further boost investments in Bahrain'

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Staff Reporter

The Golden Visa Scheme initiated by the Kingdom’s government will further boost investments into the Kingdom, observed Juzer T Rupawala, Director of LuLu Group International, yesterday.

Mr Juzer was speaking at a roundtable discussion on ‘Golden Visa and Its Impact on the National Economy’ organised by the Bahrain Property Development Association and Bahrain Businessmen’s Association.

“The Kingdom is the best destination for investments and its business-friendly nature is unparalleled,” he said, highlighting the fact that it takes only eight working days for setting up a company in the Kingdom.

“The Golden Visa Scheme will attract more people to the Kingdom, which has many advantages in terms of socio-economic growth. Bahrainis are wonderful people and we expatriates consider them as our family.

“Most importantly, the Kingdom offers a cultural space, which we share. The nation offers equal space for everyone, be it a Hindu, Muslim or Christian.”

Mr Juzer said the “Golden Visa Scheme takes the load off you when someone plans to stay in the country for a longer period.”

“Bahrain is 40pc less in terms of cost of living and cost of salaries when compared to the neighbouring cities.

The scheme is an invitation to invest in the country and grow with its economy. The decision will offer a lot of opportunities for expatriate professionals to come and live in this country, boosting the economy in the long run.”

Another panellist Feryal Abdullah Nass, who is the Founder and Chairwoman of Bahrain Entrepreneurship Organisation, said the initiative will positively affect the property development market and tourism.

“The decision will serve as an impetus in post-pandemic recovery.” Echoing a similar view, another panellist Aaref Hejres, Bahrain Property Development Association Chairman said the decision will help the Kingdom to overcome competition from the neighbours including Saudi Arabia and the UAE over receiving investments and retaining talents.

Bahrain last week introduced a new permanent residency visa to attract talent and investment.

The Golden Residency Visa, announced by the Interior Ministry, will be renewed indefinitely, including the right to work in Bahrain, unlimited entry and exit and residency for close family members.

The visa can be obtained by an expatriate based on certain criteria.