Bahrain Mirror: Bahrain's cabinet approved plans to offer permanent residence to some foreigners and their families as part of the Gulf nation's plans to bolster its economy, Bloomberg website stated.
The visa "will help enhance the competitiveness of the Kingdom of Bahrain and support the development of various sectors, such as economic, investment and services," Bahrain News Agency reported.
According to BNA, residency can be granted to employees who have lived more than five years in the Kingdom and earned an average monthly salary of at least 2,000 dinars ($5,300). Applicants must own property valued at no less than 200,000 dinars and retirees should have an average monthly salary of 4,000 dinars or above. Recipients of permanent residency must spend at least 90 days in Bahrain annually.
Bahrain is under fiscal strain despite a $10 billion bailout package pledged by its wealthier neighbors in 2018.
Late last year, the country set out plans to double its value-added tax to 10%, the Gulf's highest rate after Saudi Arabia, in a bid to boost state revenue and curb one of the region's widest budget deficits.
But last year, the United Arab Emirates launched "golden visas" and "green visas," with the aim of attracting and retaining talent. Both Saudi Arabia and Qatar have taken steps toward allowing some expatriates permanent residency.