Tuesday, August 09, 2022 | Muharram 10, 1444 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Long-term visa likely for more sectors

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More sectors are likely to come under long-term visas to boost foreign investment in the country


Accordingly, more investors will be able to enjoy the benefits of longer residence permits once the ceiling of investments is brought down upon receiving approval from the Council of Ministers.


The National Programme for Investment and Export Development at the Oman Vision 2040 has earlier clarified that the second phase of the investor residency programme will have more categories aiming at encouraging more investments to the country.


“We have discovered after the implementation of the first phase that there is an increasing demand from other sectors and investors with lesser capping and we have submitted this proposal to the Council of Ministers for approval,” said Khalid al Shuaibi, head of Nazdaher, Oman Vision 2040 Implementation and Follow-up Unit.


The Ministry of Commerce, Industry and Investment Promotion, in cooperation with the Royal Oman Police (ROP), started issuing longer residency status to foreign investors and retirees with 10-year and five year residency permits in September 2021.


The Investor Residency Programme grants the awardees the right to long residency in the Sultanate of Oman, and aims to facilitate granting residency to investors wishing to invest in the Sultanate of Oman.


It also aims to support integrative efforts to enhance the investment environment in the Sultanate of Oman, promote economic diversification and attract quality investments within the economic stimulus plan and in pursuit of its objectives related to improved incentives for the business environment.


Investors who obtain an investor residence card can obtain many incentives, as the investor is granted the right to own one property outside the ITC, whether for residential, commercial or industrial purposes, and is transferable to others.


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