Cabinet approves amendments to citizenship granting basis for investors

2. Investor Amendment
An undated photo of the Prime Ministry. (Photo: Petra)
AMMAN  — During a meeting on Sunday, the Cabinet amended the criteria under which foreign investors are eligible for Jordanian residency and citizenship, according to the Jordan News Agency, Petra.اضافة اعلان

The new amendments grants investors citizenship after they deposit $1 million without interest to the Central Bank of Jordan (CBJ) without making any withdrawals over the period of three years. Investors must also purchase $1 million Treasury bonds with interest rates determined by the CBJ over a period of six years.

The amendments also stipulate investors must be residing in the Kingdom for a duration of no less than a month before being granted the final recommendation for Jordanian citizenship, Petra reported.

If investing in a project in Amman, the project is required to provide 20 new job opportunities for Jordanians with a total paid-up capital of $75,000. If investing in other governorates, 10 new jobs for Jordanians are required.

After the start of project, in accordance with the Social Security Corporation statements, investors will have an additional four months from the beginning of the project’s operation to hire the required amount of employees. After three years of the start of operations, the investor will be granted citizenship after three years, if they abide by all the set rules.

Citizenship will be given to investors following the purchase of stocks or shares in Jordanian companies for no less than $1.5 million, provided that investors do not sell the stocks for a period of no less than three years and on the condition that the Jordan Securities Commission or the Companies Control Department place a seizure sign on them.

For a three-year period following the purchase, the investor will be granted a temporary Jordanian passport, according to Petra.

The amendments also state that investors and non-investors alike will be granted a five-year residency after the purchase of properties valued at JD200,000 or more, with stipulations set by the Department of Lands and Surveys.

Certain family members and partners will also be granted citizenship under this amendment.

The new changes implemented by the Cabinet include denying citizenship to investors who newly acquired the shares from someone who was granted citizenship for their purchase.

The amendments limit the number of investors who can apply for citizenship and residency to 500 per year. Citizenship will not be granted retroactively, and will be subject to evaluation and review every six months, according to Petra.

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