Oman announced the details of Long-term Residency for expat investors

Muscat: The Ministry of Commerce, Industry and Investment Promotions on Wednesday announced the details of Long-term residency to expat investors in Oman.

MOCIIP launches the “Investor Residence” program offers foreign investors and retirees to grant the right to long-term stay in the Sultanate. Applications will begin from October 3 through an online system.

There are 2 categories of long-term residency for foreigners:

1) Any company with OMR 500,000 target investments

2) A company that employs at least 50 Omanis

Category 1 – Criteria for residency in the first category for up to 10 years:

– An investment of at least OMR 500,000 in a limited liability company, closed joint-stock company, or government bonds –

– Or establishing a company that employs at least 50 Omanis without specifying the capital

– Or buy a unit or housing units with a value of no less than OMR 500,000

Category 2 –  Criteria for residency in the second category for up to 5 years:

– An investment with a total value of not less than 250 thousand Omani riyals in or government bonds

– Or buy a housing unit(s) of the same value

– Or to be retired after working in the Sultanate for a specified period, with a fixed income of not less than 4000 riyals, and with a permanent place of residence.

Khalid bin Saeed Al Shuaibi, Advisor to the Minister of Commerce, Industry and Investment Promotion for commercial relations, says “the launch of the program comes in order to enhance quality investments that contribute to the growth of the domestic product, create job opportunities and support the national economy to be in line with the capabilities, pillars and objectives of the “Oman 2040″ vision.”

Strengthening the sectors of economic diversification according to a well-studied plan that enhances the investment environment and takes into account the security, legal, social and economic aspects.

Azzan bin Qassim Al Busaidi, Advisor to the Minister of Commerce, Industry and Investment Promotion, reviews the criteria and requirements for obtaining an investor residency card.

He explained that the program was approved to facilitate granting residency to investors wishing to invest in the Sultanate for periods ranging from 5 to 10 years, subject to extension according to clear controls and procedures.
The launch of the program was accompanied by the delivery of an investor residency card to the first 22 investors of different nationalities around the world.

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