Bahrain announced Monday the creation of long-term visas for foreigners in an effort to “boost the economy”, following in the footsteps of some of its Gulf neighbours. With just over half of its 1.7 million population made up of foreigners, Bahrain is seen as a hub for professional expatriates, like much of the Gulf region. Amid volatility in oil prices, many of the region’s countries have been seeking to diversify their economies away from dependence on fossil fuels, and have in turn relaxed immigration procedures in a bid to attract talent. Dubbed the “golden residence”, the new Bahraini vis…