Written by Aline Barakat for Jnews Lebanon
While the world actively searches for genuine innovations to rescue stumbling economies, Lebanese authorities have dropped a bombshell by approving the “Golden Visa” project in exchange for a $500,000 USD investment. The stated goal, according to official circles, is to “create job opportunities and secure fresh funds for an exhausted treasury.” However, this poetic proposition quickly crashed into the wall of the country’s brutal financial and monetary reality, turning into a rich subject of mockery and sarcasm in investors’ salons.
The “Sane” Investor Asks: How Do I Transfer Half a Million to a Country Without Banks?
Initial reactions from Arab and foreign investment circles—those who are still in full possession of their mental faculties—were shocking and direct. Investors ask with a high degree of suspicion: How can foreign capital transfer half a million “fresh” dollars into a Lebanese banking sector that is practically operating outside the global financial system, closely resembling an isolated island?
Economic Sources to JNews Lebanon:
The tragicomic irony of this “historic attraction” plan is that the state is demanding half a million dollars in a country that, to this day, lacks a “Capital Control” law to protect financial flows, all under a monetary system where deposits miraculously evaporate under the guise of hybrid central bank circulars.
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An economic diplomat added to our platform: “A foreign investor is completely willing to pay and sign with both hands to obtain residency in Beirut, given the country’s natural attractive qualities. But on one simple condition: first, guarantee that the public treasury is not a black hole swallowing everything in sight, and guarantee that the bank won’t humiliate him tomorrow over withdrawing a mere $100 when he needs to pay his neighborhood power generator bill!”
A Non-Refundable Donation.. For Those Who Have Lost Their Memory!
The reality on the ground that the plan’s architects completely overlook is that trust in the Lebanese banking system has not been restored. Consequently, naming the project a “Golden Visa” seems highly inaccurate; financially speaking, given current data, it is far more accurate to consider it a “non-refundable donation made out of pure charity for the Lebanese state.”
It appears we are facing the most powerful investment attraction plan in modern history, but it requires very specific qualifications for the targeted investor: they must lack legal competence and financial memory simultaneously, ensuring they forget exactly what happened to the money of those who preceded them into Lebanese banks!
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