Bahrain is introducing a new program—a “platinum” residence permit. The document will expand foreigners access to the real estate market.

To obtain a “platinum” residence permit, foreigners must have lived in the country for 15 years with a valid “gold” residence permit and not violate the law. In addition, applicants must have an income of at least 4,000 Bahrain dinars ($10610) for the last 5 years before applying.

Among the advantages of the new scheme will be the following: 1) holders of the document will be free to own real estate and land in most regions of Bahrain, rather than being limited to certain properties; 2) it will be possible to sponsor dependents, including spouses, children, and parents (but relatives will not be able to obtain work permits).

Golden visas will be introduced in Indonesia, but not for investors

This new initiative will open up additional opportunities for long-term foreigners in Bahrain and allow them to participate more actively in the economic and social life of the country.

Additional details about the program and when applications can be submitted are expected to become available in the coming months.

Earlier this year, Bahrain launched the Golden License, which offers various incentives to foreign and local companies that undertake large-scale investment projects in the country. In addition, investors who are granted the license are automatically granted a Golden Residency Permit.

For reference. Bahrain is a small island country located in the Persian Gulf, off the eastern coast of Saudi Arabia. It is an archipelago of 33 islands, of which Bahrain Island is the largest and most densely populated. The capital of the country is Manama.

Bahrain's economy relies heavily on the oil and gas industry, as well as the financial sector and tourism. The country has one of the freest economies in the Middle East and is actively promoting itself as a regional financial center.