The Nationality, Passports, and Residence Affairs (NPRA) of Bahrain has successfully issued over 10,000 Golden Residency permits to individuals from 99 different countries. This strategic move forms part of Bahrain’s concerted efforts to enhance its residency system, fuel economic growth, and attract a diverse range of skilled talent. The initiative aligns with directives from His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, with close oversight by General Shaikh Rashid bin Abdullah Al Khalifa, the Minister of Interior.

This landmark achievement was unveiled at the Gateway Gulf 2024 forum, an event that has gathered international policymakers, top-tier business leaders, and key executives under the theme ‘Investing in a Rapidly Transforming Region.’ This year’s forum has been especially significant as it underscored Bahrain’s resilience and strategic ambition amid a competitive global landscape.

Driving Economic Resilience Through Policy

Bahrain’s Golden Residency program is a reflection of the country’s broader push to solidify its position as a hub for global business and innovation. By granting these permits, Bahrain aims to incentivize long-term investment and foster a stable community of high-value individuals, such as property investors, professionals in the arts and sports sectors, and long-serving expatriate employees.

Shaikh Hisham bin Abdulrahman Al Khalifa, Undersecretary of NPRA, highlighted that the program supports Bahrain’s ambitious Economic Vision 2030, which aims to diversify the economy and reduce dependency on oil revenues. “The directives of the Minister of Interior have greatly strengthened the investment climate across multiple sectors, supporting our economy and advancing digital transformation within residency services,” he noted.

The Golden Residency permit ensures that Bahrain remains attractive to expatriates, which is vital for sustaining the nation’s momentum in economic development. It builds on existing reforms that make the country a desirable destination for global talent, matching its Middle Eastern neighbors who have rolled out similar residency incentives to entice skilled workers and affluent investors.

Who is Eligible for Bahrain’s Golden Residency?

The Golden Residency permits are available to various groups that meet specified criteria, ensuring that the initiative aligns with Bahrain’s goals of attracting quality talent and capital. Eligible categories include:

1. Property Owners: Individuals who own property or properties in Bahrain with a minimum value of BHD 200,000.
2. Skilled Professionals: This group encompasses artists, athletes, and other professionals who bring unique skills to Bahrain’s diverse economy.
3. Long-serving Employees and Retirees: Those who have lived in Bahrain for at least five consecutive years and earn a minimum monthly salary of BHD 2,000.

Notably, the initiative’s structure allows qualifying individuals to extend their residency benefits to immediate family members, reinforcing the program’s appeal to those considering long-term relocation.

Economic Vision 2030 and Broader Implications

Bahrain’s Economic Vision 2030, which serves as a roadmap for the nation’s long-term development, emphasizes the pillars of sustainability, fairness, and competitiveness. The Golden Residency initiative is part of this vision, contributing not just to population growth but to the attraction of human capital that supports sectors such as technology, healthcare, and financial services. These sectors have seen increasing contributions to GDP amid a diversification push.

The program’s success is a testament to Bahrain’s adaptive policy-making in response to regional trends. Neighboring countries such as the United Arab Emirates (UAE) and Saudi Arabia have also introduced similar residency schemes, such as the UAE’s Golden Visa and Saudi Arabia’s Premium Residency Program, each designed to bolster foreign investment and create an ecosystem of innovation.

In implementing its Golden Residency, Bahrain positions itself to compete effectively in this landscape, particularly given the Kingdom’s commitment to maintaining a liberal economic environment. This is underscored by Bahrain’s longstanding role as a financial center in the Gulf, hosting a multitude of banks, financial institutions, and regional headquarters for multinational corporations.

Impact on Real Estate and Business Environment

The issuance of over 10,000 Golden Residency permits also has notable implications for Bahrain’s real estate sector. With property ownership being a key eligibility criterion, this program is expected to stimulate the property market. The policy encourages both investment in residential properties and potential new construction projects to cater to increased demand.

Business leaders at Gateway Gulf 2024 echoed the sentiment that residency initiatives like this provide a stable investment climate. Industry experts predict that property values could appreciate as foreign investors look for secure real estate opportunities, further bolstering Bahrain’s economy.

Additionally, professionals moving to Bahrain for extended periods are expected to contribute significantly to the service sector and other knowledge-based industries, spurring a cycle of economic growth that aligns with the Kingdom’s forward-thinking strategies.

A Modernized Approach to Residency Services

The move also highlights Bahrain’s adoption of digital transformation in handling residency services. The NPRA has made considerable strides in streamlining application processes, making it easier and quicker for eligible individuals to apply for and obtain the Golden Residency. This approach reflects a broader trend in the Gulf region, where digital governance is becoming an integral part of public administration.

Shaikh Hisham emphasized that these advancements in digital services not only improve efficiency but also align with global standards of residency management. Such improvements are a draw for tech-savvy investors and skilled professionals who prioritize seamless administrative processes.

Regional Context and Future Outlook

In a rapidly transforming Middle Eastern landscape, programs like Bahrain’s Golden Residency are essential tools for economic competition. As the region diversifies beyond oil revenues, initiatives that encourage the migration of skilled talent and financial resources are pivotal. The Kingdom’s success in issuing over 10,000 permits is an indicator of its growing appeal and adaptability in regional economics.

Moving forward, analysts anticipate further refinements to the program, potentially expanding eligibility criteria or introducing additional benefits to keep pace with similar programs offered by other nations. As more countries vie for global talent, the race is on for innovation in residency offerings that provide long-term security, business incentives, and lifestyle benefits.

Bahrain’s commitment to strategic policies and investment in its human capital positions it well for sustained growth. This not only fortifies its status in the Gulf Cooperation Council (GCC) but ensures its continued relevance on the global economic stage.

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Photo source: Google

By: Montel Kamau

Serrari Financial Analyst

4th November, 2024