In line with its strategic policies, Bahrain has launched a new Platinum Residency Visa (Platinum Visa) to compliment the 10 year Golden Residency Visa (Golden Visa) launched in 2022, which provides expatriates and foreign investors the opportunity to reside in the country on a permanent basis. There are some distinct differences between the Platinum Visa and Golden Visa, and this article will outline what these are, as well as the requirements for both.
In order to qualify for the Platinum Visa, current residents must have:
- Resided in Bahrain for not less than 15 years;
- Hold a Golden Visa;
- Earn a basic salary of not less than BHD4,000 (US$10,600) during the previous 5 years of their residency in Bahrain.
- Hold a 'Good Conduct Certificate'; and
- Never have been convicted of a felony or misdemeanour involving breach of honour.
In order to qualify for the Golden Visa, current residents must have:
- Resided in Bahrain for not less than five years; and
- Earned a monthly basic salary of not less than BHD2,000 (US$5,300) during the previous five years of their residency in Bahrain.
Other qualifying criteria for the Golden Visa include:
- The ownership of one or more properties valued at not less than BHD200,000 (US$530,000); or
- Retiree with a monthly income of not less than BHD4,000 (US$10,600); or
- Highly talented individuals such as artists, athletes and healthcare workers who meet the relevant criteria.
We understand that holding a Platinum Visa will allow foreign nationals to buy property anywhere in Bahrain, including in those areas which are traditionally designated for Bahraini or GCC nationals only. This is a significant step and will undoubtedly attract interest from a lot of eligible individuals. We are yet to receive any concrete evidence to support this, but it has been widely reported. Similarly to the Golden Visa, the Platinum Visa holder will be able to sponsor dependents, including spouses, children and parents, to come and live in Bahrain, but such sponsorship will not include the right to work, which will require separate work approvals.
For more information on the Golden Visa, read our previous article here.
