Jordan grants citizenship, permanent residency to investors

The Jordanian government announced on Monday that it will grant citizenship or permanent residency to some 500 investors a year in order to attract investment.

State Minister for Media Affairs and government spokesperson, Mohammad Al-Momani, told a press conference on Monday that investors are offered several options to be eligible to obtain Jordanian citizenship including a zero-interest deposit of $1.5 million with the Central Bank for a five-year period, the purchase of $1.5 million worth of treasury bonds for ten years at an interest rate determined by the Central Bank, the purchase of $1.5 million worth of securities in Jordanian companies or a $1 million investment in small and medium-sized companies for at least five years.

According to Al-Momani, other options include investments of $1.5 million in projects outside the capital, Amman, and $2 million in the capital provided that there are at least 20 jobs for Jordanians. “The projects must remain operational for at least three years,” he added.

“Investors can obtain permanent residency in case he/she purchased a property for at least 200,000 dinars ($282,000) and kept it for at least ten years,” Al-Momani said.

Family members of any investor who are dependants would also be eligible for citizenship of permanent residency.

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According to Momani, the government will grant the citizenship or permanent residency for a maximum of 500 investors annually after security clearance.

“We believe that this measure will have a direct impact on investment; one of the most important factors for economic growth,” the official said.

Jordan’s economy has been severely affected by the conflict in Iraq and Syria with public debt approaching $35 billion.

The country suffers from scarcity in water and natural resources and imports 98 per cent of its energy needs.

Some 680,000 Syrian refugees have taken shelter in the country since March 2011.