Middle East

75 INVESTORS RECEIVE LONG-TERM RESIDENCY IN OMAN

The number of investors who received the residency cards since Oman introduced long-term residencies for foreign investors on Wednesday, September 29, 2021, reached 75.

This week, Oman’s Ministry of Commerce, Industry, and Investment Promotion handed over the Investor Residency Program cards to 42 investors of different citizenship through the Long-Term Residence Visa program In Oman (Oman Golden Visa). The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) has issued ten (10) -year long-term residency cards to 17 investors as well as five (5)  -year long-term residency cards to 25 investors of different nationalities through Investment Residency Program.

His Excellency Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion, said the Oman Investor Residence program was aimed to grant residency to investors wishing to invest in the Sultanate of Oman for a period of five (5) to ten (10) years, subject to extension as per procedures.

He said the program aims to attract and promote qualitative investments that contribute to the growth of domestic products and create job opportunities.

Her Excellency Assila bint Salem Al Samsamiya, the Ministry’s Undersecretary for Investment Promotion handed over the third batch of residency cards which entitle foreign investors and retirees to a right to a long stay in Oman.

The number of investors who received the residency cards since Oman introduced long-term residencies for foreign investors on Wednesday, September 29, 2021, reached 75.

HOW MUCH DO THE FIVE (5) - AND TEN (10) -YEAR LONG-TERM VISAS COST IN OMAN?

Five (5) -year visa: OMR 300

Ten (10) -year visa: OMR 500

The above visas must be renewed every three (3) years and will cost the same as renewing the visas.

 Investors can also apply for visas for their spouses and children. The cost of these visas will be OMR 100 for those with a ten (10) -year commitment and OMR 50 for those with a five (5) -year commitment. The cost of renewing these visas will be the same as their application fee.

WHAT ARE THE CRITERIA FOR OBTAINING LONG-TERM RESIDENCY FOR 10 YEARS IN OMAN?

OMAN LONG-TERM RESIDENCY - TEN (10) YEARS

The requirements for obtaining residency for up to 10 years through Oman Investor Residence Program include:

• An investment of at least OMR 500,000 in a limited liability company,

• An investment of at least OMR 500,000 in a closed joint-stock company,

• An investment of at least OMR 500,000 in government bonds,

• Establishing a company that employs at least 50 Omanis,

• Purchasing property or properties worth OMR 500, 000.

WHAT ARE THE CRITERIA FOR OBTAINING LONG-TERM RESIDENCY FOR 5 YEARS IN OMAN?

OMAN LONG-TERM RESIDENCY - FIVE (5) YEARS

For the shorter, five (5) -year residence visa through Oman Investor Residence Program, the requirements include:

• An investment of at least OMR 250,000 in a limited liability company,

• An investment of at least OMR 250,000 in a closed joint-stock company,

• An investment of at least OMR 250,000 in government bonds,

•  Purchase property or properties worth at least OMR 250,000,

• An individual who seeks to retire to Oman, after having worked in Oman for a period to be specified, may do so provided that an income of at least OMR 4, 000 can be proved, along with a permanent place of residence.

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

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.