Jordanian Cabinet Approves Amendments To Requirements For Investors Wishing To Obtain Citizenship

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On Sunday, the Cabinet announced amendments to the requirements for granting Jordanian citizenship to investors. Such an initiative will help attract foreign direct investment in return for citizenship and a passport.

Under the new rules, Jordanian citizenship is granted if the investor:

  • provides a deposit of $1 million to the Central Bank of Jordan, interest-free, for a period of three years, and does not waive it until the end of this period;

  • purchases shares of Jordanian companies for at least $1.5 million (provided that the shares are not sold within three years).

“The investor is granted a temporary Jordanian passport for a period of three years, upon establishing and registering a project or investment in the economic sector, with a total capital of at least $1 million within the borders of Amman. The project or investment must provide 20 job opportunities to Jordanians and not less than $750,000 outside the borders of Amman, provided that 10 real job opportunities are provided to Jordanians.” - write jordantimes.

In order to fulfill the conditions for hiring, investors are given four months.

However, an investor can apply not only for citizenship but also for a five-year residence permit. To do this, s(he) need to buy real estate with a total value of at least 200,000 Jordanian dinars.

The property must be in possession for at least five years without alienation and pledge.

Every year 500 investors will receive Jordanian citizenship.

If Jordan has just begun to attract foreign investors, offering them passports and citizenship in exchange for investing in the country, then some countries have been using this scheme for a long time.

For example, Caribbean countries offer citizenship by investment at lower prices.

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Source: jordantimes

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