Following a government statement in July 2021, the Ministry of Commerce, Industry and Investment Promotions (MOCIIP) established the “Investment Residency Program” on September 29, 2021, which provides investors in Oman with long-term (five and ten-year) renewable residency permits. With an area the size of the United Kingdom yet a population of only 5 million people, the Sultanate of Oman has lots of room to explore, from its towering mountains and vast desert to its crystal clear waters along the coast.
“The most important thing that attracts investors to the country today is the investment environment, the returns from their investments, the incentives, the exemptions that the government always offers them, the geographical location of Oman, the national workforce, and the modern lifestyle that the country provides, and accordingly, all these factors need to be made attractive to them,” said Al Yousef, the Minister of Commerce, Industry and Investment Promotion, at the launch of the new investor visa scheme.
Applications will be accepted from 3 October 2021.
The following are the published requirements for gaining residency for up to ten years (a category 1 application):
- A minimum OMR 500,000 investment in a limited liability firm, closed joint stock company, or government bonds
- forming a company with at least 50 Omani employees (no level of capital investment is currently mandated)
- Invest in a property or properties worth at least OMR 500,000.
Applicants can also apply for a 5-year residence permit (category 2). The following are the requirements:
- A minimum OMR 250,000 investment in a limited liability firm, closed joint stock company, or government bonds
- Purchase a property or several properties worth at least 250,000 rials.
- An individual who wishes to retire to Oman after working in Oman for a set period of time may do so if he or she can demonstrate an annual income of at least OMR 4,000 and a permanent residence in Oman.
