Extended residency status for investors
A new investment residency programme for expatriate to be launched in September
Published: 04:06 PM,Jun 23,2021 | EDITED : 12:06 AM,Jun 24,2021
Come September 2021, foreign investors in the Sultanate of Oman have an option to get more extended residency visa as part of the incentives that the Ministry of Commerce and Industry and Investment Promotion (MoCIIP) announced on Wednesday.
“Ministry of Commerce, Industry and Investment Promotion (MOCIIP) announces an Investors’ Residency Programme (IRP) aimed at backing-up the investment environment in the Sultanate and enticing typical investments, creating job opportunities, and supporting the domestic economy with feasible projects compatible with Oman Vision 2040 goals,” an official statement from the ministry said.
Accordingly, those who have already invested in Oman, or have plans to become future investors, will be granted residency ranging from 5 years to 10 years with a provision to extend it further, according to the authorities.
“This initiative to provide long-term residency for foreign investors is an incentive measure taken to stimulate the business and investment environment in the Sultanate at a time like this,” Ridha bin Juma al Saleh, Chairman of Oman Chamber of Commerce and Industry (OCCI) told the Observer.
Investors will have to submit a request to benefit from the long-term residency programme through the Ministry’s Investment Services Center electronically after completing all the procedures related to the project.
Dr Saleh further said that decision in accordance with specific controls and conditions will be announced later after completing their consideration by the Council of Ministers said an official statement.
The IRP is a clear demonstration of Oman’s strong commitment under the wise leadership of His Majesty Sultan Haitham bin Tarik to opening up new routes for investment in the wealth of opportunities presented by Oman Vision 2040.
Alongside other enhancements to the Sultanate’s commercial environment such as the provision of quality digital services and the streamlining of procedures and processes, this landmark programme shows Oman’s determination to become ever more globally competitive, increase trade, strengthen industry and empower our business community.
“Ministry of Commerce, Industry and Investment Promotion (MOCIIP) announces an Investors’ Residency Programme (IRP) aimed at backing-up the investment environment in the Sultanate and enticing typical investments, creating job opportunities, and supporting the domestic economy with feasible projects compatible with Oman Vision 2040 goals,” an official statement from the ministry said.
Accordingly, those who have already invested in Oman, or have plans to become future investors, will be granted residency ranging from 5 years to 10 years with a provision to extend it further, according to the authorities.
“This initiative to provide long-term residency for foreign investors is an incentive measure taken to stimulate the business and investment environment in the Sultanate at a time like this,” Ridha bin Juma al Saleh, Chairman of Oman Chamber of Commerce and Industry (OCCI) told the Observer.
Investors will have to submit a request to benefit from the long-term residency programme through the Ministry’s Investment Services Center electronically after completing all the procedures related to the project.
Dr Saleh further said that decision in accordance with specific controls and conditions will be announced later after completing their consideration by the Council of Ministers said an official statement.
The IRP is a clear demonstration of Oman’s strong commitment under the wise leadership of His Majesty Sultan Haitham bin Tarik to opening up new routes for investment in the wealth of opportunities presented by Oman Vision 2040.
Alongside other enhancements to the Sultanate’s commercial environment such as the provision of quality digital services and the streamlining of procedures and processes, this landmark programme shows Oman’s determination to become ever more globally competitive, increase trade, strengthen industry and empower our business community.