Bahrain on Monday announced a 10-year Golden Residency Visa to boost investments and attract global talents.

The announcement comes amid a series of economic reforms and initiatives the Bahraini government has implemented, such as the Economic Recovery Plan, to enhance the kingdom's long-term competitiveness.

"The new Golden Residency Visa will help foreign investors and long-term residents, and further contribute to the national economy," said Nationality, Passports and Residence Affairs Undersecretary Hisham bin Abdulrahman Al Khalifa.

Qualified applicants must have resided in Bahrain continuously for at least five years with a basic average salary of no fewer than 2,000 Bahraini Dinars (5,306 U.S. dollars) per month throughout the five-year period.

Other criteria include: owning one or more properties in Bahrain valued no less than 200,000 Bahraini Dinars, or an income of 4,000 Bahraini Dinars per month as a retiree, or being certified as "highly-talented."

The applicants must be present in Bahrain for 90 days per year to ensure the validity of their visas.