Oman issues over 217 long-term residency visas for expat investors till March 2022

Muscat:Oman issues over 217 long-term residency visas for expat investors till March 2022

Within the economic stimulus plan and in pursuit of its objectives related to improved incentives for the business environment, the Ministry of Commerce, Industry and Investment Promotion, in cooperation with the Royal Oman Police, issued (217) residence cards for investors of various nationalities, since the beginning of the program last October until the date of 3/16/2022 It included (142) investors for the 10-year category, 73 for the 5-year category, and (2) for the retired category.

The Investor Residency Program grants foreign investors and retirees the right to long term residency in the Sultanate, and aims to facilitate granting residency to investors wishing to invest in the Sultanate so that the residency period is 5 or 10 years, subject to renewal, in addition to supporting integrative efforts to enhance the investment environment in the Sultanate, promote economic diversification and attract quality investments. According to clear and specific controls,

In order to obtain an investor residence card, a request to benefit from the program is submitted through the Investment Services Center of the Ministry of Commerce, Industry and Investment Promotion, through the website https://tejarah.gov.om/InvestorResidency, which links all concerned parties so that the center evaluates the application from a procedural point of view. Determining the type of investment required, and responding with approval of the application within one month from the date of submission.

Investors who obtain an investor residence card can obtain many incentives, as the investor is granted the right to own one property outside the ITC, whether for residential, commercial or industrial purposes, and it is transferable to others, with the exception of owning lands that are prohibited for non-Omanis for the first category. Just. The investor is granted the right to reside with his family (first class) without specifying the number of family members and without specifying the age for the first category. Or work in the Sultanate and does not require the presence of a sponsor to obtain a special work visa, and he can also recruit domestic workers in special professions.

It is worth noting that the Ministry of Housing and Urban Planning issued a ministerial decision allowing the non-Omani investor to own real estate in the Sultanate of Oman. Less than (500) thousand Omani riyals or with a value of no less than (250) thousand Omani riyals, if he wishes to obtain a second-class residence card, and the housing unit or housing units must be in the places licensed to be owned by non-Omanis.