Business leaders welcomes 10-year residency for investors

Leading business personalities have welcomed the directive which allows foreign investors to obtain a 10-year residency permit in the Kingdom. Announced on Tuesday, the directive was issued by the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister His Royal Highness Prince Salman bin Hamad Al Khalifa, granting the residency on a self-sponsorship basis, with the aim of pushing the economy forward and reinforcing the Kingdom’s position as an investment destination by attracting more foreign investors. This comes as HRH the Crown Prince instructed Interior Minister Lieutenant General Shaikh Rashid bin Abdulla Al Khalifa to prepare a draft edict to create the new residency permit system.

Stressing on the need to support local investors, Mr. Miknas added, “Local investors are more stable and loyal. They’re linked to the country by social and family bonds. They’re not only concerned about making profit. I believe that further simplification of procedures for the local investor and removal of obstacles will inevitably lead to greater investment momentum and economic growth.”