As Oman sets its sights on becoming a leading destination for business and foreign direct investments in the GCC, it has taken steps to grant long-term residency for investors in the country.
Touted by the Ministry of Commerce, Industry and Investment Promotion as the ‘Investor Residence Card’ programme, the new system allows investors and retirees the right to stay in Oman for periods of five and 10 years.
The Ministry’s e-investment services platform will take in applications from eligible investors electronically from October 3, 2021. As a part of the launch of the new programme, a total of 22 investors of different nationalities were issued long-term visas today [September 29].
His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said that the programme aims to attract qualitative investments to the Sultanate and targets the economic diversification of sectors.
He further explained that one of the most important factors that push investors to choose the Sultanate as an important investment destination is its close strategic location to emerging markets in the Middle East, East Africa, and India, in addition to the presence of a strong logistics network that enhances the access of products to the largest segment of consumers at a competitive cost.
In a statement to reporters, His Excellency added that the investors who were chosen to obtain the ‘Investor Residence’ card were those who have invested in the Sultanate across various economic sectors for a long period of time, before reiterating that there is another list of investors who have expressed interest to register in the programme.
In his turn, Abdulsalam Mohammed Al Murshidi, Chairman of the Omani Investment Authority (OIA), underscored the launch of the programme, hoping that the IRP will usher in a new stage of incentives and investments. He welcomed all investors, particularly those utilizing foreign capital and considers them as ‘partners in development’. The programme will open new markets for Omani products, said Al Murshidi, adding that the OIA will always encourage partnership with the private sector—foreign, as well as Omani.
Meanwhile, Azzan Qasim Al Busaidi, Adviser at the Ministry of Commerce, Industry and Investment Promotion, gave an overview of criteria and terms necessary for obtaining the IRC. He pointed out that the programme has been endorsed to facilitate the award of IRCs to investors for periods ranging from 5 to 10 years.
Al Busaidi added that an investor will have a right to own one property outside integrated tourism complexes, either for residential, commercial or industrial purposes. The residency will be granted to an investor’s family, without limiting the number of family members or age groups, for first-category investors.
Criteria for obtaining long-term residency for 10 years in Oman:
- Investors need to have an investment of RO500,000 and above in a limited liability company (LLC), government bonds, or in a closed joint-stock company
- Buy a unit of houses with a value of no less than RO500,000
- Establish a company that employs at least 50 Omanis (capital not mentioned)
Criteria for obtaining long-term residency for 5 years in Oman:
- Investors need to have an investment of RO250,000 and above in a limited liability company (LLC), government bonds or in a closed joint-stock company
- Buy a house or housing units worth RO250,000
- Retirees who have a fixed income of no less than RO4,000 and a permanent place of residence
