Cabinet approves new investment incentives for residents, Gazans

AMMAN — The Cabinet on Monday decided to approve new procedures to encourage investments of non-Jordanians residing in the Kingdom and carriers of temporary travel documents, which applies to Gazans, the Jordan News Agency, Petra, reported.

The prime minister stressed that these decisions and procedures are coming in the context of government’s efforts to stimulate growth in the economic and real estate sectors and infrastructure, and attract foreign investment that yields benefits to the national economy.

The Cabinet approved for companies owned and operated by non-Jordanian investors located in the Kingdom prior to the first of March 2018 and Gazans, who hold temporary Jordanian passports, the ownership of real estate and vehicles necessary to operating their businesses, pursuant to Articles 11 and 12 of the Leasing and Selling Immovable Assets to Non-Jordanians and Juristic Persons Law of 2006. 

The Cabinet decided to approve for individuals residing in the Kingdom and carrying temporary passports, owners of companies with capital no less than JD300,000 or shareholders, whose shares in the companies are worth no less than JD300,000, to own real estate valued at no less than JD200,000 within Amman and JD150,000 in the rest of the Kingdom’s governorates, in accordance with the provisions of articles 3 and 4 of the said law.

The decision, however, stipulates that the targeted investors cannot benefit from exemptions from real estate registration levies as these exemptions are exclusive to Jordanians. 

The Council of Ministers also instructed the minister of interior to facilitate for the targeted segment of investors to obtain Jordanian private drivers licences, and to own a maximum of three cars for companies and one car for individuals.