The Ministry of Commerce and Industry and Investment Promotion (MOCIIP) has announced an incentive to stimulate the business and investment environment, which includes the long-term residency for foreign investors.
"Ministry of Commerce, Industry and Investment Promotion (MOCIIP) announces an Investors' Residency Programme 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," the official statement said.
The residency will be granted to investors wishing to invest in the Sultanate, with a period of 5 or 10 years, subject to extension, with adherence to the procedures and regulations stipulated for this policy.
The activation of the Investor Residence program will start in September by submitting a request to benefit from the program through the Ministry's Investment Services Center electronically, after completing all the procedures related to the project.
The 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.
Oman Observer is now on the WhatsApp channel. Click here
