Oman recently unveiled its ‘Golden Residency’ visa programme aimed at attracting foreign investors and providing a robust business environment. The Ministry of Commerce, Industry and Investment Promotion (MOCIIP) expect the scheme to consolidate Oman`s position as a leading global investment destination. The initiative will offer investors high-quality opportunities for long-term growth and stability.
Renewable Five Or Ten Year Residencies Available
Oman now offers two investment residency programmes either through real estate, commercial investment or long-term bank deposits. Accordingly, these schemes are available on a renewable five and ten-year basis subject to applicants meeting specific criteria. In order to qualify for the new long term residency programme applicants must register using the ‘Invest Oman’ online platform.
The Golden Residency Programme Available In Two Tiers:
Tier 1: To qualify for Tier 1, investors must complete one of the following options:
- Make minimum investment of OMR 500,000 (USD 1.3 million) in a limited liability company, public joint-stock company or government bonds.
- Purchase a property in the Sultanate with a value of more than OMR 500,000 (USD 1.3million).
- Establish a company employing a minimum of 50 Omani nationals. No specification of the company’s capital is required.
Accordingly, successful applicants will receive an extendable 10 year residency permit subject to administration fees of OMR 551 (USD 1,432).
Tier 2: In order to be eligible for this tier, investors should qualify for one of the following:
- Invest over OMR 250,000 (USD 650,000) in a limited liability company or public joint-stock company.
- Acquire property in the country with a minimum value of OMR 250,000 (USD 650,000).
The validity of Oman’s Tier 2 extended residency permit is 5 years, subject to extension. Associated fees are OMR 326 (USD 847).
An additional residency scheme allows expatriates to retire in Oman by providing evidence of a fixed monthly income of over OMR 4,000 (USD 10,396).
Setting Up Business In Oman? Contact Soutien For Support!
Soutien Group is part of a network of consultants, partners and investors. Our clients are corporate, private and international with an interest in exploring new markets. We offer expertise in Market Research and Assessment Oman, Oman Business Case, Oman Business Model Development, Feasibility Study and Business Plan Oman, Organizational and Operational Structuring Oman, Oman Sponsorship and Partnership, Company Formation Oman among others.
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