The Kurdistan Regional Government (KRG) Board of Investment announced Saturday that, under Prime Minister Masrour Barzani’s directive, visa and residency rules have been eased for investors and foreign nationals, including those who buy property worth at least $50,000. 

Under this new policy, foreign investors – including their spouse, children under 18, and parents – are eligible for residency permits valid for three to five years, upon confirmation of investor status by the Board of Investment.

Furthermore, upon expiration, residency may be renewed for the same duration following the same procedures.

Moreover, foreign nationals and eligible family members who purchase at least one residential unit within an investment project in the Kurdistan Region – valued at no less than $50,000 – may be granted a work permit valid for one to three years, subject to confirmation by the Board of Investment, which can also be extended.

The KRG Board of Investment said the goal of these new procedures is to encourage foreign investment in the Kurdistan Region. It also aims to facilitate visa and residency procedures for investors and foreign nationals.

The KRG Ninth Cabinet, led by Prime Minister Barzani, is working on diversifying Kurdistan’s economy, and reducing the Kurdistan Region’s reliance on oil and gas by developing the agricultural, industrial, and tourism sectors to attract foreign investment.

As part of this agenda, the KRG is encouraging investment in all sectors, and is aiming to provide fair opportunities for both national and international investors by editing and modifying the KRG’s investment laws.