Muscat: The Ministry of Commerce, Industry and Investment Promotions (MOCIIP) on Wednesday launched a program for granting long-term residency to expat investors in the Sultanate.
Aimed at enhancing the investment quality in Oman and create more job opportunities, the “Investor Residence” program offers foreign investors and retirees the right to long-term stay in the Sultanate. Applications will begin from October 3 through an online system of MOCIIP.
Criteria for obtaining residency in the first category for up to 10 years:
• An investment of at least OMR 500,000 in a limited liability company, closed joint-stock company or government bonds
• Establishing a company that employs at least 50 Omanis without specifying the capital
• Buy a unit or housing units with a value of no less than 500,000 rials
As for category 2, the term is up to 5 years, and obtaining residency:
• An investment with a total value of not less than 250 thousand Omani riyals in or government bonds
• Buy a housing unit(s) of the same value
• Or retired after working in the Sultanate for a specified period, with a fixed income of not less than 4000 riyals, and with a permanent place of residence.
“The launch of the program comes in order to enhance quality investments that contribute to the growth of the domestic product, create job opportunities and support the national economy to be in line with the capabilities, pillars and objectives of the "Oman 2040" vision,” said Khalid bin Saeed Al Shuaibi, advisor to the Minister of Commerce, Industry and Investment Promotion.
22 investors of different nationalities were awarded investment visas under the new program at the launch event.