Oman allows foreigners to own real estate

Muscat: His Excellency Dr. Khalfan bin Saeed Al Shuaili, Minister of Housing and Urban Planning, issued a ministerial decision allowing the non-Omani investor to own real estate in the Sultanate of Oman. As part of the economic recovery efforts and with the aim of stimulating the real estate market, promoting the real estate development sector and attracting foreign investments,

The decision clarified that the non-Omani investor wishing to obtain a first-class residence card has the right to request a certificate from the Real Estate Registry Secretariat, proving that he purchased one or more housing units with a total value of no less than RO 500,000 or a value of no less than RO 250,000, if he wishes to obtain a second-class residence card, and the housing unit or housing units must be in places licensed to own for non-Omanis.

The decision added that a non-Omani investor who holds a first-class residency card has the right to own one property for residential, commercial or industrial use outside the places licensed for non-Omanis to own, and this right is transferable to others, without prejudice to the law prohibiting non-Omanis from owning lands and real estate in Some places in the Sultanate based on Royal Decree No. (29/2018) and the Executive Regulations issued pursuant to Ministerial Resolution No. (292/2020).

The places where ownership of non-Omanis is prohibited include the governorates of Musandam, Al Buraimi, Al Dhahirah, Al Wusta, Dhofar (except for the state of Salalah), the wilayats of Liwa, Shinas, Masirah, Jabal Al Akhdar, Jabal Shams and any other mountains of strategic importance determined by the competent authorities, islands and locations near palaces, security and military authorities, and archaeological and ancient lanes. The lands and real estate allocated for agricultural use in all governorates, while this ban does not include lands and real estate located in integrated tourism complexes in all governorates of the Sultanate.

This decision comes as a continuation of previous decisions in this context, including the decision related to the controls of the sale of residential real estate units using the usufruct system in multi-storey residential and commercial buildings, the ownership system in integrated tourist complexes, and the system for Gulf ownership outside the prohibited places, all of which focus on increasing the actual contribution of the real estate sector in Economic diversification, creating a competitive business environment that attracts investors, and expanding real estate development projects.

On the other hand, and in order to facilitate the procedures for transferring the ownership of land and real estate between individuals and companies, the Ministry decided to extend the deadline for collecting the donation fee, when individuals transfer the ownership of land and real estate registered in their names to the names of the companies owned by them completely, for an additional six months ending on 8/8/2022. In order to support individuals and companies in this aspect, taking into account the economic conditions.