Since October 2019, more than 200 investors have obtained Jordanian citizenship via the country’s citizenship by investment programme, bringing US$1.222 billion of investment into the country’s coffers.
According to Freidoun Al-Hartouqah, head of the Jordan Investment Commission (JIC), while 206 foreign investors were granted Jordanian citizenship via Jordan’s CBI Programme between October 2, 2019 and December 28, 2020, some 30 investor applicants are still to be considered and confirmed.
Jordan’s citizenship by investment programme was set up in February 2018 in order to stimulate investment, settle existing investments and create job opportunities for Jordanians and this is certainly being realised. The 206 confirmed CIP applications since October 2019 have brought both an economic and employment boost to the government, with foreign investments totalling JD 867 million (US$1.222 billion) and employment for 7,326 individuals.
Of the 206 investors since October 2, 2019, Al-Hartouqah announced that 200 had invested in an existing project with an investment size of JD 854 million, while five invested JD 12 million via the purchase of deposit and treasury bonds, and a final individual purchased shares worth JD 1 million.
According to the JIC, the 206 investors were made up of diverse nationalities, which included many HNWIs from the Middle East region as one would expect, including citizens of Syria, Iraq, Palestine, Lebanon and Yemen, as well as citizens of Finland, Canada, America, India and Pakistan.
Since launching in 2018, Jordan’s citizenship by investment programme has undergone a number of amendments making it more affordable and attractive.
To gain Jordanian citizenship, foreign investors can choose from a number of options. These include buying securities to the value of US$1 million (previously US$1.5 million) from an active investment portfolio; investing US$1.5 million in treasury bonds; investing US$750,000 in SMEs (previously US$1 million) for a period of at least three years (previously five years); or making an investment of US$1.5 million (previously US$2 million) investment in any location in the country or US1 million (previously US$1.5 million) if the project is registered anywhere but Amman, provided the project creates at least 20 jobs and is operational for at least three years.
The application process for Jordanian citizenship takes approximately 90 days with no more than 500 persons accepted each year and successful applicants can obtain citizenship and Jordanian passports for their spouses, as well as their children (below 18) and financially dependent parents.
To find out more about obtaining Jordanian citizenship via its CBI programme, read our country profile by clicking here