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Jordan Begins to Process Its First 52 CBI Applications

Jordan Begins to Process Its First 52 CBI Applications

Jordan granted citizenship to an Iraqi investor last Monday, making it the first of many applications to be successfully processed under the government’s new citizenship by investment program. So far, 52 foreign investors have applied for Jordanian nationality.

There are several options available to foreign investors seeking Jordanian citizenship or permanent residence. These include deposits to the central bank, treasury bonds, securities, entrepreneurial investments, and real estate.

Minister of State for Investment Affairs and the Jordan Investment Commission (JIC) Chairman Muhannad Shehadeh endorsed some of these investment paths in comments he made to The Jordan Times:

“The fastest track to obtain the nationality is through making a deposit in the CBJ and buying Treasury bonds…we are keen to ensure high efficiency in the implementation of this measure.”

Of the 52 applicants for Jordanian nationality and the four others seeking permanent residence, 27 have passed the government’s required security measures. Jordan has set an annual cap of 500 applications in anticipation of the program’s popularity.

The CBI program is already attracting many regional applicants from Iraq, Lebanon, Syria, Yemen, and Palestine, mostly working in the fields of tourism, industry, and agriculture. The program also has some global reach, bringing in investors from Europe, America, and Commonwealth nations.

The successful Iraqi applicant obtained their Jordanian citizenship by making a 5-year $1.5 million USD deposit in the central bank, or through buying treasury bonds of equal value and holding them for 10 years.

Investors can also buy $1.5 million USD in securities or invest $1 million USD in SMEs to gain citizenship. There is an additional entrepreneurial investment route that requires $2 million USD in any project throughout the country, or $1.5 million USD if the project is active anywhere except Amman and if it can create 20 job opportunities.

The program also provides a path for those only seeking permanent residency, requiring the purchase of a property worth a least JD200,000 and holding it for a minimum of 10 years.

According to Minister Shehadeh, additional approvals for other citizenship by investment applicants will be announced within the week.

Source:

The Jordan Times

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