Oman launches long-term residency program for expat investors.

The Ministry of Commerce, Industry and Investment Promotion has launched an “Investor Residency Programme” (IRP) through which foreign investors and retirees can obtain long term residency rights in the Sultanate.

Applications for long-stay residency status will begin to be received electronically on 3 October via the Ministry’s Investment Services Centre.

During the launch ceremony, the first 22 investors from around the world were given the “Investor Residency Card” (IRC).

Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said that the programme aims to attract quality investments to the Sultanate and targets economic diversification sectors.

“One of the most important factors that prompt investors to choose the Sultanate as a preferred destination is the country’s ideal location in the vicinity of flourishing international trade routes in the Middle East, East Africa and India. This is in addition to the existence of a vibrant logistics network capable of reaching out to the largest segment of consumers at competitive cost,” said Al Yousef.

Abdulsalam Mohammed Al Murshidi, Chairman of the Omani Investment Authority (OIA), said he hoped that the IRP will usher in a new era of incentives and investments. He welcomed all investors, particularly those utilising foreign capital adding he considers them as ‘partners in development’. The programme will open new markets for Omani products, said Al Murshidi, adding that the OIA will always encourage partnership with the private sector—foreign, as well as Omani.

The first category of investors who can obtain residency for up to 10 years includes applicants who have set up a public/closed joint-stock company. They must prove ownership of shares with a market value of no less than OMR 500,000.

Investor residency applicants can also fall under this category if they own a company that employs at least 50 Omani employees.

The first category also includes owners of Omani government bonds valued at no less than OMR 500,000.

The second category of applicants, who can obtain residency up to 5 years, includes people who fulfil any of the above conditions but have their assets (such as property, businesses or company shares) valued at not less than OMR 250,000.

Retirees can also apply for long-term investor residency.

Further details of the scheme can be found here [LINK: https://www.tejarah.gov.om/InvestorResidency/en ]

Investors under the new scheme are not entitled to claim Omani citizenship, except under the existing regulations in this context.

The Sultanate now offers various incentives to investors within the context of the Foreign Capital Investment Law. These include granting foreign investors an entitlement to 100% ownership of their projects, without limitation to minimum volumes of capital. To facilitate entrepreneurship in the Sultanate, the Ministry’s automatic licensing service via the “Invest-Easy” portal offers 1,500 economic activities.

Nearly 63,000 licences were issued through Sanad offices (using Invest-Easy) between 4 April 2021 and 27 September 2021, and more programmes and initiatives will be launched in the forthcoming stage of incentives.

This is an unofficial English translation of the original Arabic text. To view the official Arabic text, click here .