Bhutan

Investor Card

The Bhutan Investor Card is a three-year residence permit issued to foreign nationals who establish and operate a Foreign Direct Investment (FDI) company in the Kingdom of Bhutan. Governed by the FDI Rules and Regulations 2025 (effective 18 July 2025) and administered jointly by the Department of Industry under the Ministry of Industry, Commerce and Employment and the Department of Immigration under the Ministry of Home Affairs, the Investor Card grants residency, exemption from the Sustainable Development Fee (SDF), and immigration facilitation for the investor and their family. Unlike golden visa programs, the Investor Card requires active involvement in operating an FDI company — it is not a passive investment residence.

• Foreign national who has received FDI approval from the Foreign Direct Investment Regulatory Committee (FDIRC)
• Minimum capital investment of Nu. 15 million in an approved FDI company
• Business must have commenced operations (Investor Card is issued after commencement, not at approval stage)
• Investment must be made in convertible foreign currency sourced directly from the investor
• FDI company must operate in a sector listed in Schedules I and II of the FDI Rules and Regulations 2025
• No specific educational or professional qualifications required

Capital requirements vary by sector and activity type:

• Nu. 5 million — small-scale production and manufacturing (maximum 49% foreign equity)
• Nu. 20 million — priority agriculture (floriculture, animal husbandry, aquaculture, plantation crops) — up to 100% foreign equity
• Nu. 25 million — service sector activities (maximum 74% foreign equity)
• Nu. 30–200 million — education services (up to 74% equity)
• Nu. 40 million — manufacturing of animal feed, pharmaceuticals, electronics (up to 74% equity)
• Nu. 400 million — multispecialty hospitals (up to 100% foreign equity)

The Investor Card is specifically granted to investors who bring in over Nu. 15 million in capital. Foreign investment is prohibited in media, retail trade, standalone mining, low-rated hotels, and general health services.

• Letter from the Ministry of Industry, Commerce and Employment (MoICE)
• Completed Investor Card application form
• Completed Individual Undertaking
• Completed Local Counterpart Undertaking
• Copy of valid passport with relevant visa
• For FDI approval: business plan, company registration documents, proof of capital investment in convertible currency

The process involves multiple stages:

1. FDI application — Submit a business plan and application to the Department of Industry for review by the FDIRC. The FDIRC processes complete applications within 3 working days.
2. Pre-approval visits — Before FDI approval, investors may enter Bhutan on an Investor/Promoter visa for feasibility visits. These require approval from the Director of the Department of Industry, a valid passport (minimum 6 months validity), and a day-wise itinerary.
3. Business guest visa — Once FDI approval is granted and the company registered, the investor travels on business guest visas until commercial operations commence.
4. Investor Card issuance — Upon commencement of operations, the FDI company notifies the Department of Immigration. The Investor Card is then issued to foreign investors and their authorized representatives upon submission of required documents.

Applications are submitted through the Department of Immigration (immi.gov.bt) for immigration status and through the Department of Industry (investbhutan@moice.gov.bt) for FDI approval.

The Investor Card is valid for 3 years from issuance. Renewal procedures are not detailed in published regulations. Route permits for travel within Bhutan beyond designated areas (Paro and Thimphu) are issued for up to 3 months and renewable on a quarterly basis.

Dependent permits are issued to the spouse and children under 18. Dependents are exempt from the Sustainable Development Fee (currently USD 100 per person per night for most nationalities). The spouse may work in Bhutan with a separate work permit; dependent children may study without a separate student visa. Investors may invite parents, parents-in-law, and adult children once per year for up to 30 days or the actual duration of the visit, whichever is less.

Documents required for dependent permits: recommendation from the sponsor, valid passport (minimum 6 months validity), notarized marriage certificate (for spouse), and notarized birth certificate (for children under 18).

FDI companies are subject to corporate income tax at 30% on business profits, equally with domestic companies. Under the Fiscal Incentives Act of Bhutan 2021, FDI companies qualify for the same incentives as domestic investments: tax holidays in priority sectors, import duty exemptions on machinery and raw materials, and reduced land costs in industrial parks. Investor Card holders with over Nu. 15 million capital are eligible for tax exemptions as specified in the FDI regulations.

The Investor Card provides temporary residence for 3 years, renewable. Bhutanese citizenship requires 20 years of residence, knowledge of Dzongkha (spoken and written), and knowledge of Bhutanese history and culture under the Citizenship Act of Bhutan 1985. FDI companies may lease state land, including within industrial parks, for an initial term of 30 years; foreign nationals cannot own land in Bhutan. Investors may repatriate invested capital, capital gains, and dividends in the original currency of investment.

Links

• https://www.doi.gov.bt/?page_id=1313&lang=en
• https://www.moice.gov.bt/wp-content/uploads/2025/08/FDI-Rules-Regulations-2025.docx.pdf
• https://www.doi.gov.bt/?page_id=604&lang=en

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