Jordan tightens its Citizenship-by-Investment program: 681 approvals since 2018 and a higher threshold for the “stock exchange” route

The Jordanian government approved an updated framework for the Citizenship by Investment (CIP) program at a Wednesday meeting. The biggest changes affect the “stock exchange” track: the minimum investment in the securities market has been increased by 50% to JOD 1.5 million (about $2 million). At the same time, financial barriers have been lowered for investors who launch or expand an operational business outside Amman.

Jordan News Agency reported the updates. The reform was adopted one year after the program’s last major adjustment in July 2025.

Under the new rules, the Ministry of Investment becomes the single administrative window responsible for reviewing all investor applications. The rationale is to reduce bureaucratic steps. The session was chaired by Prime Minister Jaafar Hassan.

Authorities also released program statistics. Since the program began in 2018, Jordan has granted citizenship to 681 investors. Officials noted that this averages 85 approvals per year against an annual cap of 500, including 150 approvals starting from December 2024.

The stock exchange route costs 50% more—and the “capital lock-up” lasts two years longer

For foreign investors seeking citizenship via the Amman Stock Exchange (ASE), a new share purchase is now required: at least JOD 1.5 million instead of JOD 1 million. Meanwhile, concentration limits have tightened: no more than 10% of the total funds may be allocated to a single company. In effect, investors need to build a portfolio of at least ten securities—previously, concentration up to 20% per position was allowed.

The share-holding period has been extended from 3 to 5 years. During this time, the shares cannot be used as collateral, pledged, or sold. Additional restrictions are introduced: investors may not withdraw trading profits, and the purchase must be completed through a licensed broker within 4 months after receiving written approval from the Ministry.

Arton Capital adviser Maria Wehbe says the program is “clearly moving away from passive financial investment.” In her view, a five-year capital lock-up with no access is a major risk—especially given the investment size and market volatility—and may reduce interest among potential applicants.

She also links the new diversification rule to ASE’s structure: based on Wehbe’s observations, the top five companies account for roughly 70% of capitalization. With a minimum of JOD 1 million under the old terms, an investor could naturally concentrate in those five issuers.

In Wehbe’s interpretation, raising the cost effectively “taxes” the passive investor while simultaneously encouraging capital toward routes that generate more long-term economic value.

Reach World strategy consultant Fahed Alshumari believes the 10% cap looks less like a diversification requirement and more like protection for a smaller market against “big single bets.”

He agrees with Wehbe: a scenario where JOD 1.5 million must be “locked up” for 5 years with no ability to withdraw funds—and even without access to trading profits—looks like a “requirement that is hard to meet.” Compared with other options where capital is cheaper and more accessible, this route is likely to become the least used option within the program.

Outside Amman, it’s cheaper: incentives for business activity beyond the capital

For the “operational” routes, the logic shifts in the opposite direction. To launch a new manufacturing business, paid-in capital is required: JOD 500,000 (about $705,000) in the governorates, or JOD 700,000 (about $987,000) in Amman. The condition is job creation, with positions registered in the Social Security Corporation (SSC).

Investors who choose the active track receive a temporary residence permit and a 4-month grace period to hire staff after the business launch. After that, a three-year temporary passport is provided before a recommendation for full citizenship.

According to Wehbe, this “buffer time” is critical to business success: it gives investors room to set up operations and meet hiring requirements.

For already existing investments, asset thresholds are also differentiated. In Amman, the average minimum level is JOD 700,000 in fixed and non-current assets over three years, while in the governorates the threshold is cut in half to JOD 350,000 (about $494,000).

In both cases, there is a general requirement: the investor must maintain at least 90% of the mandatory Jordanian workforce registered in the SSC monthly for three consecutive years.

Alshumari estimates the “regional discount” at roughly 30–50%, depending on the route chosen. He stresses that the incentive is real. Investors will still need to factor in infrastructure, labor availability, and market access: “building outside Amman means spending time.”

In his assessment, the impact may be gradual rather than immediate. The real test will be how approved applications are distributed across regions over the coming year.

Separately, the program also preserves the “employment-based” route launched last year. It grants citizenship to a business owner who hires 150 Jordanians in Amman or 100 in the governorates. There is no minimum capital requirement—provided that employees are registered with the SSC for at least one year, after which their headcount must be maintained for another two years after naturalization.

Alshumari calls this option the most compelling: “citizenship is assessed through the payroll fund, not through capital.”

Industry carve-outs are also included. For example, pharmacists investing at least JOD 3 million (about $4.23 million) in logistics, medical-supplies distribution, or pharmaceutical warehouses may participate if employment quotas are met.

Wehbe views the pharmaceutical carve-out not only as an investment incentive, but also as a solution to a staffing issue: Jordan has an oversupply of recently trained pharmacists relative to the market’s real needs.

Is this a step in the right direction?

Both Wehbe and Alshumari believe the reform points in the right direction, but they explain “where it goes” differently. Alshumari objects to the wording “crackdown”: in his view, the key change is a repricing. The passive route is more expensive, while active options remain relatively accessible. That, he says, shows authorities are looking not only at “headline numbers,” but at what happens to money after it arrives.

He also adds that the rules will be reviewed every six months, so they cannot be considered final.

Wehbe, meanwhile, believes demand for the program is high enough for the government to become more selective. Previously, investors willing to put JOD 1 million into the passive track would likely be able to raise the amount to JOD 1.5 million. As a result, the reforms can be seen as an effort to improve the quality of applicants and emphasize economic impact rather than simply increasing the number of approvals.

Jordan is tightening its Citizenship by Investment Programme: the threshold for the “stock exchange” route is increasing and the requirements for investment structure are getting stricter. If you’re considering citizenship through investment, it’s crucial to plan ahead and choose the path (and the right investment parameters) that best fits your budget and timeline. Digital Nomad will help you navigate the updated rules and build a submission strategy aligned with the new requirements.

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