Lebanon Announces New “Golden Residency” Program

If you’ve got half a million dollars lying around, Lebanon may soon have a new offer for you.

The Finance and Budget Committee meeting has concluded with an announcement of plans for a new “Golden Residency” program aimed at attracting investors, foreign nationals, and Lebanese living abroad. The proposal would grant a special residency status to non-residents who invest at least $500,000 in Lebanon (lol).

According to the committee, the investment can be made in one of three sectors, while respecting existing foreign property ownership laws when it comes to real estate. Funds must be transferred from abroad and will be subject to strict compliance checks designed to prevent money laundering.

The proposed residency would also extend benefits to family members, although each family member seeking to benefit from the program would be subject to an annual fee of at least $50,000.

The committee says the initiative is designed to attract fresh capital, create jobs, generate revenue for the state, and encourage investment once broader economic and financial recovery conditions are in place.

In other words: Lebanon is preparing the welcome mat (provided that your wallet is too).

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