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Oman offers foreign investors a new residence permit program

July 1, 2021

4 minutes read

Oman offers foreign investors a new residence permit program

Omani authorities have announced the launch of a new immigration program. The program offers foreign investors residence in the Gulf country for up to 10 years. Citizens of other countries will be able to apply for a residence permit this fall.

Objectives of the migration program

According to the Ministry of Trade and Industry of the Sultanate, the Investment Citizenship Program invites potential participants to invest in real estate or equity. This provision was published on the official information website of Oman.

Residents will be able to stay in the country from 5 to 10 years, after which (if the foreigner wishes) the residence permit is extended. The Government of the Sultanate has not yet announced the investment threshold for long-term residence permit program. The media adds: candidates are invited to fill out a form for participation in the program in early fall. You can create it on the website of the Center for Investment Services of the Ministry of Commerce and Industry of Oman.

Not only foreign investors are allowed to participate in the program, but also retirees from other countries. State authorities expect that the new investment flow will attract expats of Oman. It is estimated that about 40% of the 4.5 million population of the Sultanate are citizens of other countries.

Investment as a way to boost the economy

Compared to the rest of the Persian Gulf states with an oil and gas resource, Oman's economy is not that developed. The Sultanate's economy has been hit hard by the decline in the value of crude oil over the past seven years. The world pandemic has also had a negative impact. The government expects that the investment program will help get out of this situation.

The Ministry of Oman states that the new policy is focused on fostering investment activities in the Sultanate, the creation of additional jobs and development of the economic industry. This is made possible through the implementation of projects of the Oman Vision 2040 plan. The latter tracks changes in the country's economy and governance until 2040.

Local authorities note, that foreign investments will cover the main areas, including logistics, tourism, fisheries, health care system and IT. According to Rid bin Juma Al Saleh, head of the Oman Chamber of Commerce and Industry, the authorities are launching the investment program in order to boost the business and investment environment in the post-pandemic era.

As a reminder, Oman is the third Persian Gulf state that has offered a long-term residence program to foreign investors. Qatar has introduced similar investment projects. Since 2020, foreigners, who have invested at least $ 1 million in local real estate, may obtain a permanent residence permit. In turn, the government of the United Arab Emirates has changed the law on citizenship since January 2021, allowing investors and qualified employees to obtain a passport of the country.

Источник: UGlobal

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