Muscat: As part of the efforts exerted to boost economic recovery, stimulate the real estate market, and entice foreign investments, the Minister of Housing and Urban Planning issues a ministerial decision allowing non-Omani investors who hold a first-class residency card to own a property in the Sultanate of Oman.
The decision clarifies that any investor wishing to get a first-class residency card has to get a certificate from the real estate secretariate that proves he bought a residential unit or more with an amount of no less than RO 500,000 and RO 250,000 in case he wishes to get second-class residency card. In all cases, the possessing of the properties should be in the licensed zones by competent authorities.
The decision added that a non-Omani investor who holds a First-Class Residence Card has the right to own one property for residential, commercial, or industrial use outside the places licensed for non-Omanis to own, and this right is transferable to others, without prejudice to the law prohibiting non-Omanis from owning lands and real estate in some places in the Sultanate based on Royal Decree 29/2018 and the Executive Regulations issued pursuant to Ministerial Resolution 292/2020.
The places where ownership of non-Omanis is prohibited include the governorates of Musandam, Al Buraimi, Al Dhahirah, Al Wusta, Dhofar (except for the Wilayat of Salalah), the wilayats of Liwa, Shinas, Masirah, Jabal Al Akhdar, Jabal Shams, and any other mountains of strategic importance determined by the competent authorities, islands, locations near palaces, security and military authorities, and archaeological and old heritage lanes or streets, lands and real estate are allocated for agricultural use in all governorates.
This ban does not include lands and real estate located in integrated tourism complexes (ITC) in all governorates of the Sultanate.
This decision comes as a continuation of previous decisions in this context, including the decision related to the regulations for the sale of residential real estate units using the usufruct system in multi-story residential and commercial buildings, the ownership system in integrated tourist complexes, and the system of ownership of the two Gulf countries outside the prohibited places
The has been made with a focus on increasing the actual contribution of the real estate sector in economic diversification, creating a competitive business environment that attracts investors, and expanding real estate development projects.
To facilitate the procedures for transferring the ownership of land and real estate between individuals and companies, the Ministry decided to extend the deadline for collecting the fee, when individuals transfer the ownership of land and real estate registered in their names to the names of the companies fully owned by them, for an additional six months ending on 9/8/2022 to support individuals and companies in this aspect, taking into account the economic conditions.
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