Last Updated on February 23, 2023
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 Sept. 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 was created out of the Oman Vision 2040 government program to boost the economy and create more employment opportunities.
- Eligibility criteria for these visas has not been provided yet, but it will be announced soon.
Overview
In Sept. 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 the economy as part of its 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.
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Content in this publication is not intended as legal advice, nor should it be relied on as such. For additional information on the issues discussed, consult an Envoy-affiliated attorney or another qualified professional.
