Lebanon’s Finance and Budget Committee approved a draft law on Sunday that would offer what is known as a golden visa to wealthy investors looking to establish residency in the country and benefit from its tax regime in exchange for a deposit or investment of $500,000.

Details: The committee's president, lawmaker Ibrahim Kanaan, said after the meeting, "We all know that Lebanon needs to attract investors and investment as part of economic, financial and banking recovery. It is necessary to prepare for the next phase, even if we are not there yet,” L’Orient-Le Jour reported Monday.

Kanaan told the Lebanese publication that the proposed law would allow special residency rights to non-residents so they can establish a tax residence in exchange for the deposit or investment, which could be made into real estate or a Lebanese firm.

"This mechanism would create jobs, bring money into state coffers and encourage investment once the conditions are met. It offers the possibility of choosing a tax residence and paying taxes there without violating bilateral tax treaties or international standards on transparency, combating tax evasion and other forms of financial crime," Kanaan said.