'Invest BD100,000 for residence permit'
By SOMAN BABY
FOREIGN investors seeking a residence permit in Bahrain must invest a minimum of BD100,000 in business projects in the country, it has been revealed. Foreign investors and property owners must also have a bank deposit of not less than BD15,000 at any given time, said General Directorate of Nationality, Passports and Residence (GDNPR) human and financial resources director Nayef Al Sherooqi.
Retired foreigners who want a residence permit in Bahrain should have a constant bank deposit of BD5,000, he told the GDN.
The applications of 11 foreigners have been approved for residence after their retirement this year, said Mr Al Sherooqi.
The number of foreign investors who were granted residence under the new rules this year was also 11, he revealed.
Six other foreigners, who bought homes worth not less than BD50,000, were also granted residence permits this year.
"Those who want to stay in Bahrain after retirement should have worked for not less than 15 years in the public or private sector," said Mr Al Sherooqi.
"Along with the service certificate, they should present a health insurance certificate.
"After retirement, they must not work in Bahrain, but should have a regular income to cover their living expenses."
Those who want to enjoy the residence facility after purchasing a home worth not less than BD50,000, and those who invest in business projects worth not less than BD100,000, should also have a regular income of not less than BD500 a month.
They are also not supposed to work for the public or private sectors in Bahrain.
Mr Al Sherooqi said the applicant must present to the GDNPR documentary proof of the continuation of the bank deposit for not less than BD5,000 for retired foreigners and BD15,000 for property owners and investors, every six months.
Foreign investors may invest in projects related to industry, trading, tourism, medicine, education or training.
"In the case of cancellation of the self-sponsorship residence permit, the applicant will be given an extension period of not exceeding three months," he added.
"All applications for self-sponsorship have to be personally approved by Interior Minister Shaikh Rashid bin Abdulla Al Khalifa ."