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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