One of many causes is that the dominion has a zero revenue tax charge.
From January to Could 8, 2024, the variety of requests from Russian residents to acquire a residence allow (residence allow) in Bahrain tripled in comparison with the identical interval final yr, Vyacheslav Kartamyshev, director of the Finion firm, advised Izvestia (LR. The group can also be concerned in help with acquiring a residence allow overseas). Amongst different issues, the reason being the launch firstly of 2024 of an indefinite “golden visa” (analogous to a residence allow) in Bahrain, which supplies the precise to go to the nation with out restrictions, and in addition lets you work within the kingdom. As well as, shut kin can obtain comparable paperwork, added Vyacheslav Kartamyshev.
A “Golden Visa” is granted if an individual has actual property price no less than 200 thousand dinars (about $530.5 thousand, or ₽49 million). Individuals with a month-to-month revenue of no less than 4 thousand dinars (about $10.6 thousand, or ₽957 thousand) can rely on the doc, they usually additionally have to stay in Bahrain 90 days a yr.
Russian companies open firms in Bahrain due to the zero revenue tax charge (for instance, within the UAE – 9%, and in Russia – 20%), stated Georgy Kapanadze, member of the Basic Council of Enterprise Russia, CEO, co-founder of Geo Organics.
– At present, the Center East is taken into account one of many key vectors of overseas financial improvement of enterprise. And Bahrain is a rustic the place firms are excited by beginning work,” the knowledgeable stated.
The state is a part of the MENA financial affiliation, which incorporates two dozen international locations in North Africa and the Center East.
– Thus, Bahrain is the door to the biggest market on this macro-region. On the identical time, as a neighbor and ally of Saudi Arabia, the dominion is an efficient springboard for coming into the market of this wealthy nation that’s keen to work with Russia. This path has huge prospects,” concluded Georgiy Kapanadze.
Curiosity in Bahrain and Oman can also be noticeable in the actual property market – Russians are diversifying investments on this asset by shopping for housing in different Center Japanese cities moreover Dubai and Abu Dhabi, Marina Shalaeva, a companion at NF Group Center East, shared with the newspaper. The rental yield is roughly 5-6% per yr.
About 2.5-3 thousand Russians stay in Bahrain, who’re primarily employed within the subject of entrepreneurship, sports activities, artwork and IT, famous Ashab Indarbaev, govt director of the TsSR knowledgeable membership. The nation has all of the circumstances for a great life, low costs for on a regular basis items, and the price of hire and transport is likely one of the lowest within the Persian Gulf.
Bahrain desires to work and increase cooperation with oil and fuel, buying and selling and industrial firms from the Russian Federation, stated Bahrain’s Ambassador to Moscow Ahmed Al-Saati. In keeping with him, Manama beforehand invited Moscow to open Russian consultant places of work in commerce and financial organizations in Bahrain, together with the Russian buying and selling home within the kingdom. The ambassador additionally famous that an important problem now’s monetary transfers between international locations. Different challenges, resembling these associated to logistics and language obstacles, will be overcome.
On Could 22, the King of Bahrain, Hamad bin Isa Al Khalifa, arrived on a go to to Russia to carry negotiations on bilateral cooperation.
Now, when the UAE is strengthening management over monetary transactions associated to Russia because of US strain, famous senior lecturer on the Division of Worldwide Enterprise of the Russian Financial College. G.V. Plekhanov Oleg Ivanov, Bahrain shouldn’t be within the highlight of Washington and on the identical time supplies aggressive enterprise circumstances, in addition to alternatives for the relocation of extremely certified specialists.
Commerce turnover between Russia and Bahrain in 2022 amounted to $20 million, estimated Askhab Indarbaev from the Heart for Social Improvement. However international locations create circumstances and mechanisms for the event of financial relations.
– That is the Intergovernmental Fee (IPC) on commerce, financial, scientific and technical cooperation, and the Russian-Bahrain Enterprise Council (RBBC). Promising areas of cooperation could primarily embrace tourism, actual property and prescription drugs, the availability of meals, constructing supplies, medical tools, and metal merchandise,” stated Askhab Indarbaev.
On the finish of final yr, Russia provided a visa-free regime to Bahrain together with different states within the area – Kuwait, Oman, Saudi Arabia.
Additionally beforehand mentioned have been the probabilities of cooperation within the aluminum market and the availability of Russian Superjet 100 plane to Bahrain, recalled Oleg Ivanov from REU. G. V. Plekhanov. The dominion is actively attracting overseas funding into the economic system to create jobs outdoors the oil and fuel sector, he stated.
Russia provides wooden, cellulose, chemical fiber, and meals merchandise to Bahrain. And it imports primarily important oils, cosmetics and a few varieties of chemical merchandise, stated Natalya Milchakova, main analyst at Freedom Finance International.
The dominion has a developed offshore banking enterprise – this might make it simpler for Russia to make funds for exports and imports at a time when many banks in pleasant international locations worry secondary sanctions.
Allow us to recall that the Russian Authorities has authorised a listing of nations whose banks can remotely establish overseas purchasers so as to open playing cards and accounts for them in Russian credit score establishments. There are a complete of 25 states on the checklist. LR
