Middle East

GOLDEN VISA - LONG-TERM RESIDENCE VISAS IN OMAN

Following the government announcement in July 2021, the Ministry of Commerce, Industry and Investment Promotions (MOCIIP) launched on Wednesday September 29, 2021 the “Investment Residency Program” which offers long-term (five- and 10-year) renewable residence permits to investors in Oman.

WHY OMAN?

The size of United Kingdome but with just 5 million people, there's plenty of room to explore Sultanate of Oman, from its towering mountains and enormous desert to crystal clear waters along the coast.

HOW TO APPLY FOR A 5-YEAR INVESTOR VISA IN OMAN?

Foreign nationals of 21 and above will be eligible for residency program in Oman (5-year extendable visa) if they:

• Invest a minimum of OMR 250,000 in Omani governmental bonds;

• Purchase a property (or several fully constructed housing units) with a minimum value of OMR 250,000; or

• Invest a minimum of OMR 250,000 in Omani company; or

RETIREES

• Should be at least 60 years old when applying;

• The applicant must provide proof of work in Oman with employment of not less than two years;

• Submission of a personal account statement from a bank in Oman of not less than six months showing monthly income of at least RO4,000;

• Submission of a house deed or a residential lease under the applicant’s name.

BENEFITS OF OMAN 5- YEAR RESIDENCY BY INVESTMENT

• Resident cards to be renewed every two years;

• The right to reside with family members (first degree) with limiting the age of children to 25 years;

• Employ up to three people for private (domestic) work;

• The possibility of engaging in economic activities or working in Oman;

• Possibility to issue visitor visas for relatives;

• Use of the queues designated for Omanis at airports and other facilities;

HOW TO APPLY FOR A 10-YEAR INVESTOR VISA IN OMAN?

Foreign nationals of 21 and above will be eligible for residency program in Oman ( 10 -year extendable visa)  if they:

• Invest a minimum of OMR 500,000 in a limited liability company or in a closed joint-stock company (either must be Omani-based) or in Omani governmental bonds;

• Establish a company in Oman that employs at least 50 Omani nationals (with no minimum investment threshold requirement); or

• Purchase a property (or several fully constructed housing units) with a minimum value of OMR 500,000.

• Anyone who owns a public/closed joint-stock or any other company or its shares with a market value of not less than RO500,000

The current exchange rate is 1 USD = .38 OMR.

BENEFITS OF OMAN 10-YEAR RESIDENCY BY INVESTMENT

• Resident cards to be renewed every three years;

• The right to reside with family members (first degree) without limiting the number of individuals;

• Ownership of a single property outside of ITC projects for residential, commercial or industrial purposes. This right is transferable to others, with the exception of owning land prohibited for non-Omanis;

• Employ up to three people for private (domestic) work;

• The possibility of engaging in economic activities or working in Oman;

• Possibility to issue visitor visas for relatives;

• Use of the queues designated for Omanis at airports and other facilities.

NOMINATING INVESTMENT PARTNERS FOR RESIDENCY

Investors under the program with an investment threshold that exceeds the minimum amounts specified above may nominate other investment partners to apply for residency, subject to each applicant meeting the relevant requirements.

APPLICATIONS OPEN

Applications begins today Sunday, October 3, 2021 through an online system of MCIIP.

The launch also saw the handing over of residence visas to 22 investors of different nationalities. “The Investors Residency Program focuses on qualitative investments that contribute to the growth of domestic products, localization of industries, transfer of modern technologies, and promotion of economic diversification sectors in the sultanate,” said H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion.

GOAL OF PROGRAM

The golden visa in Oman comes with the aim of supporting the integrative efforts of the country to enhance the investment environment in the Sultanate and also to attract quality investments into Oman.

The program also aims to attract and promote qualitative investments that contribute to the growth of the GDP (Gross Domestic Product) and the national economy.

MIDDLE EASTERN TRENDS IN INVESTMENT VISAS

Residency by investment programs are growing in the Middle East as more governments seek to diversify their economies away from the oil and gas sectors. The Golden Visa program in the United Arab Emirates has been very successful in attracting and retaining talent and the country is now introducing a new visa category called Green Visa which will allow select foreign nationals and their families to self-sponsor for residence in the country for up to five years.

GLOBAL TRENDS

The Omani government’s creation of a non-sponsored visa type follows a global trend of removing sponsorship requirements from immigration routes as a way to attract investors and other highly-skilled entrepreneurs to boost economies, particularly in light of COVID-19-related economic decline.

If successful, the Omani government may implement more flexible work permits as it seeks to attract and retain top talent in Oman and the region.

Further details relating to the visa application process, including government fees, documentary requirements, application timeframes and other conditions are expected to be announced in the coming weeks.

FINAL THOUGHTS

The new Oman golden visa provides a path for foreign investors and their families (and in some cases investment partners) to obtain a self-sponsored residence permit in Oman that is not tied to their employment. This is the first residence permit that is not tied to employer sponsorship in Oman.

The Oman Golden Visa is a residency by investment program that allows foreign investors to make an investment in Oman and get a residence permit. 

Quebec Investment Consultation & Management Services (QICMS) LLC is a multidisciplinary team of experienced and highly qualified professionals that assist worldwide clients with investments and residency or citizenship by investment. Contact our office today to discuss Residency by Investment opportunities.

To view our Citizenship and Residency Programs by Investment in Real Estate comparison table, please click here.

Fill out our Free Assessment to see if you qualify for any of the immigration programs offered.