Bahrain to issue 10-year self-sponsorship permit

Manama: Bahrain is to issue a ten-year renewable residency permit on a self-sponsorship basis to foreign investors.

Crown Prince Salman Bin Hamad Al Khalifa on Tuesday evening instructed the Minister of Interior to prepare a draft edict to create the self-sponsorship residency permit for foreign investors.

The new system is designed to reinforce Bahrain’s position as an investment destination.

In a statement carried by the official news agency, Interior Minister Shaikh Rashid Bin Abdullah Al Khalifa “affirmed the importance of instilling the principles of Bahrain’s Economic Vision 2030 - sustainability, competitiveness and justice – across all development areas”.

Government efforts to advance public services in line with international best practises are aimed at supporting an economic environment conducive to securing growth and investment in key sectors, he said.

During one of the many visits he made to majlises since the start of Ramadan, Prince Salman highlighted the significance of advancing the tourism, logistics, manufacturing, ICT, financial services, and oil and gas sectors, saying they played an important role in attracting international investment and providing employment opportunities for Bahrainis.

Bahrain continues to prioritise initiatives that improve efficiency he said on Tuesday evening, as he stressed “the importance of simplifying procedures within the logistics sector as a catalyst for growth given the industry’s ability to increase the competitive power of national corporations in today’s interconnected global economy.”