Muscat: The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) has issued 10-year long-term residency cards to 26 investors of different nationalities.
Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion, said the “Investor Residence” program was aimed to grant residency to investors wishing to invest in the Sultanate of Oman for a period of five to 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.
The requirements for obtaining residency for up to 10 years include an investment of at least RO500,000 in a limited liability company, closed joint-stock company, or government bonds, establishing a company that employs at least 50 Omanis, or purchasing property or properties worth RO500,000.
For the shorter, 5-year residence visa, the requirements include an investment of at least RO250,000 in a limited liability company, closed joint-stock company, or government bond, purchase property or properties worth at least RO250,000, 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 RO4,000 can be proved, along with a permanent place of residence.