Oman Grants Special Residency To Expat Investors: Why This Is Important
- Author- Shruti
- Publish Date-
Getting to live in a sultanate like Oman is a different experience in itself. The country’s air will automatically make you feel like an aristocratic personality who is ready to savour every luxury on this planet. If you’re someone who is deeply fascinated by the luxurious, Arabian lifestyle and planning to make Oman your new home, this article has some precious information for you as we’ll be looking at the ins and outs of Oman providing special residency to investors.
Long-Term Residency in Oman
Oman's long-term residency bridges the gap between foreign tourists longing to make the country their new home and the Omani government looking for foreign nationals to settle in the country. The country is inclined towards offering special residency to foreign investors as the government has realized the variety of benefits of attracting foreign investments from private individuals. Here are some reasons why Oman is offering long-term residency to investors.
The topmost benefit of providing residency to foreign investors is attracting investments. These investments may include cash, technology, machinery, etc, which will serve as a catalyst for the country’s development.
With the coming of foreign investments, Omani companies can invest more in buying the necessary (or better) technologies for their businesses, making long-term residency a tool for a tech upgrade.
Since foreign investors are ready to invest in Omani companies, more and more startups tend to enter the market due to increased avenues for survival, growth, and expansion.
Coming up of new companies has a direct relation with increased employment in the country and thus, the country is ready to provide benefits to foreign investors.
Abdulsalam Mohammed Al Murshid, the Chairman of the Omani Investment Authority (OIA) calls foreign investors “partners in development”. He further claims that long-term residency will open many new markets for Omani products, thus promoting indigenous products and self-reliance.
Oman’s Investor Residency Programme
Oman’s Ministry of Commerce, Industry, and Investment Promotion has recently launched the Investor Residency Programme (IRP) to promote the country’s development through foreign investments. Under this program, foreign investors and retired foreign nationals can enjoy long-term residency rights in the country.
Oman began accepting long-term residency applications on October 3 2021 and a foreign investor can apply for this scheme through the Investment Services Centre. At the opening ceremony, the country issued Investor Residency Card (IRC) to 22 foreign investors, stating that all of them are permitted to stay and invest in the sultanate.
“The program intends to target economic diversification and attract quality investment in Oman”, says Qais Mohammed Al Yousef (Minister of Commerce, Industry and Investment Promotion).
Why Invest in Oman
Getting long-term residency is profitable not only for the Omani government but also for the investors investing in the sultanate. According to Al Yousef, Oman is among the best countries to invest in because of the following reasons.
The Sultanate's Location
The first and foremost reason to invest in Oman is its location. The country covers some major international trade routes, giving a clear indication of flourishing international trade in the country.
The country enjoys full-fledged trade with some major exporters like India, the Middle East, and Africa.
Enjoying proximity to trade routes, the country enjoys effective logistics that has the potential to ship goods not only effectively but also at a very competitive cost.
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Eligibility for a Long-Term Residency in Oman
If you are looking forward to applying for a long-term residency in Oman, here are the set of conditions that you need to fulfil.
For investors planning to get a 10-year residency in Oman, you must:
- Own a public company or a joint-stock company
- The market value of the company should be no less than OMR 500,000
An individual is also eligible to apply for an Oman investor residency if his/her company has employed more than 50 Omani employees or he/she owns Omani government bonds worth OMR 500,000.
On the other hand, if you want to apply for a 5-year residency in Oman, you need to meet the following conditions.
- The value of their assets (including business, property, etc) is more than OMR 250,000.
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How to Apply for Long-Term Oman Residency
Getting an Oman long-term residency can be quite tricky without expert guidance. You can get in touch with the team of experts at Omani E-Visa, who have mastered the art of simplifying even the most complex Omani visa procedures and serve a super-easy solution to every visa problem. We have assisted over 500k clients from all around the globe and helped them get a visa within 3 days with a 100% approval rate. And if your dream is to get a residency in Oman, we are here to back you up.
In The End
We hope that the article could bring some value to your life and help you understand the long-term residency in Oman. You can contact us for any queries or for starting your Oman visa application today!