Amman: Head of the Jordan and Amman Chambers of Industry Fathi Jaghbeer on Wednesday welcomed new investor citizenship and residency regulations endorsed by the government today to attract foreign capital.
According to Jordan News Agency, in a session chaired by Prime Minister Jafar Hassan, the cabinet approved a new set of regulations offering investors Jordanian citizenship or residency for meeting specific investment criteria. Under revised criteria, Jordanian citizenship will be granted to investors who inject at least JD1 million in new capital through the purchase of shares in Jordanian companies. The shares must be unencumbered free of liens, loans, or mortgages and acquired within four months of approval from the Ministry of Investment. No more than 20% of the investment may be concentrated in a single company, and the investor must retain the shares and any related proceeds for three years.
Citizenship is also available to investors who establish new projects in productive sectors with a paid-in capital of at least JD700,000 in Amman or JD500,000 elsewhere, provided the projects create 20 jobs for Jordanians in the capital or 10 outside it.
"This decision is a positive and important step to lure in more capital and stabilize existing investments in the Kingdom, especially as it ties citizenship to employment of Jordanians," commented Jaghbir, urging the government to pursue along this line to improve the investment environment, boost industrial sector stability, and create new job opportunities.