Bahrain has announced it will define areas in the Gulf state where foreigners can own property for investment projects, reported the Gulf Daily.
A memorandum from the supreme council for economic development on the new rules was submitted to the cabinet session Sunday, said the Daily, adding that the new rules will be announced soon.
The cabinet “stressed the government’s keenness on providing every facility for existing foreign investors,” said an official, adding that the government will take all necessary steps to encourage further investment in the country.”
Firms established as industrial investments in Bahrain can be 100 percent foreign-owned.
In addition, 100 percent foreign-owned companies may be set up for regional distribution services, or representation, and such companies may operate within the domestic market and offshore, according to Trade Port organization. Bahrain offers several advantages to foreign investors, including the exemption of personal taxation, restriction on capital and profit repatriation, a developed infrastructure with excellent transportation and communication facilities, and duty-free access to Gulf Cooperation Council (GCC) member states for products manufactured in Bahrain, said the organization – Albawaba.com