Oman to grant 10-year residency visas for investors

Muscat: Oman to grant 10-year residency visas for investors

Within the economic stimulus plan and in pursuit of its objectives related to incentives to stimulate the business and investment environment, the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) announced an investor residency program under which foreign investors and retirees are granted the right to long-term residence in the Sultanate.

The program comes with the aim of facilitating the granting of residency to investors wishing to invest in the Sultanate, so that the residency period is 5 or 10 years, renewable, while adhering to the procedures and regulations stipulated for this policy, in addition to supporting integrative efforts to enhance the investment environment in the Sultanate and attract quality investments according to clear and specific controls.

This announcement came during the meeting held this morning at the Ministry’s General Court headed by His Excellency Qais bin Muhammad bin Musa Al-Yousef, Minister of Trade, Industry and Investment Promotion, and in the presence of a number of Their Excellencies representatives of the concerned authorities. During the meeting, the mechanism for activating the program, controls and conditions were discussed, and the advantages were presented. And the incentives that will be offered to investors who obtain one of the program categories.

The meeting also discussed the expected results of the investor residence program in the aspects of attracting and promoting qualitative investments, which in turn will contribute to the growth of the domestic product, provide job opportunities and supply the national economy with economically feasible projects that are compatible with Oman Vision 2040 goals, in addition to what is hoped from these Projects in localizing industries and bringing modern technologies in accordance with well-thought-out plans that enhance the investment environment and target the economic diversification sectors to be focused on according to the tenth five-year plan, which includes industry, tourism, mining, logistics, agriculture and fish, education, health and information technology, in addition to the possible sectors represented by: The green and circular economy.

The meeting also discussed the need to develop appropriate indicators to evaluate and measure the number of new foreign investment companies and individuals benefiting from the program, the volume of investment and new employment opportunities for Omanis in the context of enhancing benefit from it, evaluating its effectiveness periodically and measuring the financial and economic impact, and developing it in line with the requirements of each stage.

It should be noted that the activation of the Investor Residence program will start in September by submitting a request to benefit from the program through the Ministry’s Investment Services Center electronically after completing all the procedures related to the project.

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