Rasheed Alkhanji QICMS
Published 12:46 PM 13 September 2021
Updated 01:16 PM 19 December 2021
The Cabinet, in a session held Sunday 12/09/2021 headed by Prime Minister and Minister of Defence Bisher Al Khasawneh , approved amendments to the basis of granting investors the Jordanian Citizenship and Second Passport as well as Permanent Residency program of Jordan to prop up an attractive environment for foreign investments.
Jordan first established naturalization by investment in 1999 with its investment promotion legislation. The Jordan citizenship by investment (CBI) program was never a well known path for foreign investors, but in the last few years it has resurfaced as many high-net-worth individuals (HNWI) from the Middle East are looking for security in another country. Jordan has been relatively stable in a tormented region. Many HNWI from Iraq , Lebanon , Pakistan , India , Syria and Palestine have applied to this program in the last few years.
As mentioned above, the Jordanian government changed the conditions for Jordanian citizenship and residency on its lands, in a step through which the kingdom aims to attract foreign investments.
According to the new amendments:
1. Bank deposit and treasury bonds: Invest in a zero-interest, (3) three-year USD $1,000,000 deposit at the Central Bank of Jordan (CBJ). And
Buying treasury bonds valued USD $1,000,000 at an interest rate to be decided by CBJ for a period of (6) six years. OR;
2. Purchase of shares and/or stocks in Jordanian companies for an amount of no less than USD $1,000,000, provided that the shares are not disposed of for a period of no less than (3) three years and that the Companies Control Department and /or the Jordan Securities Commission place a seizure sign on them. And
To invest USD $ 750,000 in Small- and Medium-Sized Enterprises. OR;
3. An investor will be granted a (3) three-year temporary Jordanian passport after the establishment and registration of an investment project in any productive economic sector, with a total paid-up capital of no less than USD $1,500,000 for Amman-based projects provided that 20 job opportunities for Jordanians are created, and a total paid-up capital of no less than USD $ 1,000,000 for projects based in other governorates provided that 15 job opportunities for Jordanians are created upon the operation of the projects and in accordance with the statements of the Social Security Corporation. In this case, the investor is given an additional period of four months to round up the required number of Jordanian employees after the project begins operations to be granted later on the Jordanian citizenship after ensuring that he/she abides by the above requirements for a period of (3) three years. OR;
4. If an investor is a partner or an owner of an existing project or projects, She or he will be granted Jordanian citizenship according to the following:
(a) For projects based in Amman, the average share of an investor in the total value of fixed assets, non-current and intangible assets must be no less than USD $1,000,000. This amount can be calculated for an existing project or projects according to certified annual budgets for the last (3) three years. An investor must also provide no less than 20 job opportunities for Jordanians within (3) three years, in accordance with the statements of the Social Security Corporation and taking into account the ramifications of the COVID-19 pandemic in 2020, so that half of the required number of employees is approved for said year, in addition to rounding up the number of employees for two separate projects in the capital and any other governorate for the purpose of calculating the numbers of workers on the basis of each governorate.
(b) As for investments outside Amman, the average share of an investor in the total value of fixed assets, non-current and intangible assets must be no less than USD $700,000 . This amount can be calculated for an existing project or projects according to certified annual budgets for the last (3) three years. An investor must also provide no less than 15 job opportunities for Jordanians within (3) three years, in accordance with the statements of the Social Security Corporation.
The new amendments also state that an investor or a non-investor will be granted a five-year residency, regardless of the previous period of residence in the Kingdom, upon the purchase of one or more properties with a total value of no less than USD $280,000 (JD200,000), according to an assessment made by the Department of Lands and Survey. The individual must maintain ownership of the property for a period of no less than five years without disposing of it or mortgaging it. In this case, residency is issued by a decision of the Minister of Interior based on the recommendation of a special committee for investors.
Jordan launched its citizenship by investment program in February 2018. The Jordanian government had previously made several amendments to the basis for granting citizenship to investors in the years 2018 and 2019, including longer periods of time and higher values of central bank deposits.
Jordan is the latest country to update the conditions for granting citizenship and residency, after the United Arab Emirates announced last week the diversity of residency options to attract new skills that would stimulate economic growth in the country.
Here Jordan is going after a more exclusive clientele for their Citizenship by Investment Program as the focus is on developing the kingdom through increased Foreign Direct Investment. Thus, the investment opportunities available under the program are significant and so better suited to the super-rich.
Jordan will undertake the necessary checks and balances in order to attract people with a large potential and sound reputation. Having said that, those wishing to secure a second passport through the Jordan Citizenship by Investment Program must undergo security background check, and in case of violations to any of the conditions, the citizenship will be revoked and residency cancelled.
The citizenship by investment industry has undergone a lot of changes in the last year. Depending on your situation, there are many options. If you prefer to invest less, there are a few of countries that offer Citizenship by Investment Programs.
For the Citizenship by Investment Programs comparison table, please click here.
To see our Citizenship and Residency Programs by Investment in Real Estate comparison table, please click here.
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