Lebanon will offer 'golden visa' for six-figure investors, amid economic crisis

Lebanon is seeking to attract foreign investment by offering a "golden visa" to wealthy individuals willing to inject at least $500,000 into the country. The Finance and Budget Committee has approved a draft law that would grant special residency rights and access to Lebanon's tax regime in exchange for this deposit or investment.

Committee President and MP Ibrahim Kanaan stated that the measure is crucial for economic, financial, and banking recovery, aiming to prepare the country for future growth. The investment can be made through a bank deposit, real estate, or a Lebanese company. Proponents believe this mechanism will create jobs, increase government revenue, and encourage further investment once economic conditions stabilize.

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We all know that Lebanon needs to attract investors and investment as part of economic, financial, and banking recovery. It is necessary to prepare for the next phase, even if we are not there yet.

Beyond the initial investment, applicants would face a $50,000 government fee, with an additional $50,000 for each family member included. This tiered fee structure could significantly increase the overall cost for families seeking residency.

However, the plan faces scrutiny regarding its compliance with international financial standards. Lebanon's placement on the Financial Action Task Force (FATF) grey list raises concerns, as FATF has previously flagged golden visa programs as susceptible to bribery and corruption. Experts note that many issues leading to Lebanon's grey-list status remain unaddressed, potentially complicating the implementation and international acceptance of this new visa program.

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This mechanism would create jobs, bring money into state coffers, and encourage investment once the conditions are met. It offers the possibility of choosing a tax residence and paying taxes there, without violating bilateral tax treaties or international standards on transparency, combating tax evasion and other forms of financial crime.