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The Ministry of Commerce, Industry and Investment Promotion in the Sultanate of Oman has made several plans to establish itself as the top country for global investment.
One of the recent plans is the country’s Investment Residency Programmes, involving real estate, commercial investment and long-term bank deposits, which would operate on a renewable five and 10-year basis. Applicants can log into the ‘Invest Oman’ portal and apply for long-term residency that comes in two variants.
Tier-1 applicants, whose validity of Extended Residency permit is 10 years, should make an investment of not less than RO500,000 in a limited liability company, public joint-stock company or government bonds. They could also buy a property in the Sultanate with a value of no less than 500,000 Omani riyals, and establish a company employing a minimum of 50 Omani nationals.
The fee to acquire this card is 551 Omani riyals.
Tier 2 investors also have an eligibility criteria that includes making an investment of not less than 250,000 Omani riyals in a limited liability company or public joint-stock company. Else they could buy a property in the Sultanate with a value of no less than 250,000 Omani riyals.
Tier 2 Extended Residency permit is valid for five years, and the fee to obtain it is 326 Omani riyals.
Expatriates currently residing and working in Oman, and who wish to retire there, can get an Extended Residence permit by submitting an evidence of a fixed income of no less than 4000 Omani Riyals a month.
While talking about these programmes, Mubarak bin Mohammed Al-Douhani, Director General of Planning at the Ministry of Commerce, Industry and Investment Promotion and head of the Ministry’s Digital Transformation Team, said these plans are targeted at investors to provide “a stable and stimulating business environment that offers investors high-quality opportunities for long-term growth and stability”. – editor@nrifocus.com
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