According to experts in the field, Jordan’s recent decision to relax residency requirements for foreign investors is expected to stimulate capital inflows, especially in real estate.
The Jordan News Agency, also known as Petra, has reported that the Cabinet of the country recently decided to lower the cost of residency renewals for foreign residents and property owners.
A 10,000 Jordanian dinar (USD 14,100) deposit requirement for foreign property owners who have resided in Jordan for more than two years was eliminated by the government, one of the major changes.
In the meantime, non-property owners will have their required deposit cut in half to 10,000 dinars when they apply for a five-year residency.
In line with regional trends that use residency incentives to draw in long-term foreign investment, the changes represent a substantial shift in Jordan’s investment strategy.
Real estate activity is anticipated to increase as a result of the policy changes, which will help related sectors like financial consulting, legal services, and construction.
The decision is a critical economic step that will boost the real estate industry and bring liquidity to the local market, according to Petra, Ali Murad, chairman of the Jordanian-European Business Association.
“Shifting residency requirements from bank deposits to property ownership will incentivise foreign investors to purchase real estate, boosting demand for construction and commercial projects,” Petra reported him saying.
According to other experts, Jordan’s updated policy may increase its appeal as a destination for foreign buyers seeking investment opportunities outside of the conventional financial markets.
“The removal of the deposit hold requirement for property owners, according to Fadi Al-Majali, chairman of the Jordanian Expat Business Association, makes real estate investment in the nation more alluring,” according to Petra.
The statement went on to say that Al-Majali believes, “These amendments will encourage more foreign investors to acquire properties, thereby increasing market demand and supporting the continued development of the real estate and construction sectors.”