Sultanate to release details of Investment residency scheme

As part of its efforts to attract high‑impact foreign investment, the Ministry of Commerce, Industry and Investment Promotion is expected to release details of the Investment Residency Programme on Wednesday.

The programme will provide five and 10-year renewable long-term residency visas to foreign investors who contribute to vital sectors of the local economy, such as tourism, industry, education, health, information and technology, mining, logistic services, green economy and agriculture and fisheries.

According to the ministry, the scheme has been created out of the Oman Vision 2040 government programme to boost the economy and generate more employment opportunities

Foreign nationals have previously only been able to secure residency visas for a few years which were tied to their employment.

According to the information, “today’s announcement will allow eligible foreign nationals who make real estate and commercial investments in Oman will be able to obtain either a five or 10-year renewable residency visa based on certain criteria”.

It will help foreign investors looking to extend their stay or retire in Oman.

The Government of Oman is in the process of developing new opportunities to attract more foreign talent and investment into the economy as part of Oman Vision 2040 plan.

Currently, 61.2 per cent of the Sultanate’s population is nationals and 38.8 per cent are expatriates. The total population of the country is 4,507,468.

DOMESTIC ACTIVITY

Oman’s economy is set to recover in 2021, with non-hydrocarbon GDP growth of 1.5 per cent as vaccine rollout gradually restores domestic activity along with the recovery of external demand.

The gross domestic product of Oman registered a significant increase of 10.1 per cent at the end of the second quarter of 2021, compared to the corresponding period last year.

The residency scheme aims “to attract investments that will contribute to the growth of the domestic product and support the national economy, localisation of industries, transfer of advanced technologies and modern technology, and promotion of economic diversification sectors”.

The fiscal deficit and government debt rose sharply in 2020 but are projected to improve considerably over the medium term with the implementation of the Medium-Term Fiscal Balance Plan.

According to the ministry, upon obtaining the residency, the investor will be given encouraging advantages and incentives, provided that the controls are adhered to throughout the specified residency period.