Key Points
- The Ministry of Commerce, Industry, and Investment Promotion of Oman released plans for the Investment Residency Programme (IRP) which will take effect in September 2021
- The IRP will provide five and ten-year renewable long-term residency visas to foreign investors who contribute to vital sectors of the local economy, such as tourism, real estate, education, health, information, and technology
- The long-term residency scheme has been created out of the Oman Vision 2040 government program to boost the economy and create more employment opportunities
- The eligibility criteria for these visas have not been provided yet but are expected to be announced soon
Overview
Effective September 2021, certain foreign investors will be eligible to obtain long-term residence visas in Oman. The Ministry of Commerce, Industry, and Investment Promotion in Oman has announced plans for the Investment Residency Programme which will provide five and ten-year renewable visas to eligible applicants who meet the relevant criteria.
What Are the Changes?
Foreign nationals have previously only been able to secure residency visas for a few years that were tied to their employment. Beginning in September, eligible foreign nationals who make real estate and commercial investments in Oman will be able to obtain either a five or ten-year renewable residency visa based on certain criteria.
Looking Ahead
The government of Oman is in the process of developing new opportunities to attract more foreign talent and investment into their economy as part of their Oman Vision 2040 plan. The Ministry of Commerce, Industry, and Investment Promotion will soon provide further details on the criteria for the long-term residency visas under the IRP for foreign investors looking to extend their stay or retire in Oman.
Source: Oman Ministry of Commerce, Industry and Investment Promotion
