By Uglobal Staff
Jordan is now offering passports and citizenships to foreign investors who put in at least $1 million for a minimum period of three years as the country looks to generate employment and boost businesses in its fragile economy.
The Jordanian government announced the new amendments to the country's citizenship laws following a Cabinet meeting over the weekend, according to the country’s official news agency.
CITIZENSHIP OPTIONS FOR FOREIGN INVESTORS
Foreign investors can now choose between the following options to get Jordanian citizenship:
1. Deposit and maintain at least $1 million in Jordan's Central Bank, interest free, for a minimum period of three years.
2. Put $1 million in treasury bonds for a minimum period of six years.
3. Buy shares worth at least $1.5 million in Jordanian companies and hold them for a minimum period of three years.
4. Establish an investment project worth at least $1 million in the capital, Amman, which must generate at least 20 jobs for Jordanians; the investment requirement drops to $750,000 while the job creation condition goes down to 10 spots if the project is made outside the capital. Investors utilizing this option would have four months to meet the employment generation requirement. In this particular case, applicants would be granted a temporary Jordanian passport for three years and once authorities are satisfied that all conditions have been met, citizenship would be granted.
FIVE-YEAR RESIDENCY OPTION
Foreign investors also have the option to go for a five-year residency option by investing in property worth at least 200,000 Jordanian dinars (around $288,000).
The property’s worth would have to be assessed by Jordan's Department of Lands and Survey while investors would not be allowed to sell or mortgage this property for the five-year period.
DEPENDENTS CAN ALSO GET CITIZENSHIP IN JORDAN
According to the new amendments, dependents such as the wife, children under 18 years of age and parents will also be able to get citizenships along with the main applicant.
In fact, the law states that even the applicant's adult daughters, who are still under the applicant’s care because they are single, or divorced or widowed, would also be granted citizenship.
Moreover, if an applicant's total investment is more than $3 million, all male children of the main applicants who are under 30 years of age as well those children's wives and their children too would be eligible for Jordanian citizenships.
CAPS ON FOREIGN CITIZENSHIPS
The government has capped this investment immigration stream to just 500 places per year.
The amendments to the law also states that the citizenship would be withdrawn and residencies revoked if the foreign investor violates any of the imposed conditions.
While Jordan's passport and citizenship scheme is expected to be attractive to those investors keen on putting their money into the country, the truth is there are several other competitive options available to them in the Middle East. For example, Turkey’s CBI route is available to any investor who buy property there for as low as $250,000.
Also, earlier this month, the UAE announced a new visa stream,Green Visa, which allows foreign investors to live and work in the country self-sponsored. Earlier this year, UAE also announced amendments to its citizenship laws, granting nominated foreign investors a path towards Emirati passport.
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