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'Amendments to citizenship by investment being mulled'

By JT - Sep 19,2019 - Last updated at Sep 19,2019

AMMAN — Interior Minister Salameh Hammad, who is also head of a committee of investors, on Thursday chaired a panel meeting that aimed at discussing amendments to the conditions of granting the Jordanian nationality to investors as well as a five-year residency for investors and their family members.

Amendments are part of the ministry’s role in enhancing the investment environment, attracting more investors, localising current investments and creating jobs for Jordanians, the Jordan News Agency, Petra, reported.

The committee reached a set of recommendations that will be referred to the Council of Ministers for accreditation and implementation. 

According to government figures released in April, 21 investors have obtained Jordanian nationality under the incentives programme.

Through a Cabinet decision taken in February 2018, investors were offered several options to become eligible for citizenship.

Investors can make a zero-interest, five-year $1.5 million deposit at the Central Bank of Jordan (CBJ), or buy Treasury bonds of the same value at an interest rate to be decided by the CBJ for no less than 10 years.

A third option is to buy securities worth $1.5 million from an active investment portfolio or to invest $1 million in Small- and Medium-Sized Enterprises for at least five years to become a Jordanian national.

Investors can also make a $2-million investment in any location in the country, or a $1.5-million investment if the project is registered in a governorate other than Amman, provided that the project creates at least 20 jobs and remains operational for at least three years.

To obtain permanent residency, any non-Jordanian can buy property worth at least JD200,000 without selling or disposing of it in any manner for at least a 10-year period, provided that the Department of Land and Survey confirms the property’s value.

An investor who obtains any of the mentioned statuses will have the right to obtain a similar status for their spouse, unmarried, widowed or divorced daughters and sons below 18 years of age and for their parents, if they are their sole supporters. 

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