By Uglobal Staff
Jordan has decided to open its lucrative commercial sector to foreigners who want to gain the country's citizenship in exchange for investment as the country looks to compete with other Middle Eastern countries that offer similar RCBI programs.
The Jordanian prime minister and his Cabinet announced that foreigners would now have several investment immigration opportunities in the pharmaceutical, automobiles, food logistics, maritime transport, housing and tourist restaurant sectors. The main aim of the latest government measure is to spur post pandemic economic growth and create more local jobs in the country.
Various CBI investment sectors in Jordan
Foreign investors would need at least 1.5 million Jordanian dinars (around $2.1 million) if they want to put their money in the pharma sector, which could include medical warehouses as well as the medical tools sectors, according to media. They would also need to employ at least 20 Jordanians if the investment is made in capital Amman, or 10 locals, if it is made in other parts of the country.
If the investment is made in the automobiles sector, which could include heavy trucks and car showrooms, the minimum investment required would also be 1.5 million Jordanian dinars (around $2.1 million); the company that is set up for this purpose would also have to employ between 10 and 20 Jordanians.
For investment in the food logistics sector, which could include storage warehouses, at least 1 million Jordanian dinars (around $1.4 million) is required; foreign investors would also have to employ at least 40 people if they chose this option in Amman; outside the capital, they would be required to employ 20 people at least.
Those interested in the maritime transport sector would have to invest at least 3 million Jordanian dinars (around $4.2 million), and also employ between 10 and 20 Jordanians.
The minimum required investment in the housing sector is also at least 3 million Jordanian dinars (around $4.2 million), along with the requirement to employ between 10 and 20 Jordanians.
The tourist restaurant sector requires at least 750,000 Jordanian dinars in investment and would also need to comply with the condition of employing between 20 and 30 people.
Regional RCBI changes in the Middle East
Jordan announced its citizenship by investment program for foreigners for the first time in September 2021, offering passports to those who invest at least a million dollars in the country for a period of three years.
In recent months and years, several countries in the Middle East have begun offering long term residency and citizenship options to foreigners. In February, Bahrain announced its golden residency program for foreigners, allowing those who earn at least $10,600 per month to live in the country indefinitely.
The UAE, Qatar, Saudi Arabia and Oman too have announced several long-term residency programs aimed at attracting wealthy and talented foreigners from around the world.
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