Sunday, October 24
04:42 PM

Oman launches long-term residency visas

29 Sep 2021 By OUR CORRESPONDENT

Residence visas granted to 22 investors of various nationalities at launch; applications will be received from October 3 through MoCIIP’s Investment Services Centre

Muscat – The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) launched the Investors Residency Programme that grants foreign investors and retirees long residency in Oman on Wednesday. The ministry stated that applications will be received from October 3 through the ministry’s Investment Services Centre.

The launch also saw the handing over of residence visas to 22 investors of different nationalities. “The Investors Residency Programme focuses on qualitative investments that contribute to the growth of domestic products, localisation of industries, transfer of modern technologies, and promotion of economic diversification sectors in the sultanate,” said H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion.

“The programme aims to attract investments from different countries for which the sultanate provides a conducive environment. Today, we have granted investor residence visas to more than 20 investors in the sultanate. Some of them have employed more than 4,000 Omanis in their companies. We have received many requests from investors to obtain residency, and we will announce them next week,” said H E Yousef.

Kiran Asher, founder and group managing director of Al Ansari Group of Companies, who was among the 22 investors to be granted residency, said, “I feel over the moon and I consider myself fortunate. One is privileged to be recognised for the contribution made to this beautiful nation. I commend the leadership for offering this option as it will not only attract more foreign investors but also allow many to make this beautiful and peaceful gem of a country their home.”

On the occasion, H E Abdulsalam Mohammed Abdullah al Murshidi, executive president of Oman Investment Authority, said, “At this stage, we need a foreign partner who must be treated as a member of society. The foreign investor will bring his money and expertise and will support the Omani economy.”

Dr Mohammed Ali of Galfar Engineering and Contracting, who was among the recipients, described being granted the ten-year resident visa as an ‘honour’.

“The programme will go a long way in promoting an investor-friendly environment and attract more and more prospective investors to Oman. This makes me feel more responsible in serving this beloved country and being part of its socio-economic development, and working to realise Oman Vision 2040,” Ali said.

According to MoCIIP advisor Khalid al Shuaibi, “the residency programme will strengthen the sectors of economic diversification according to a well-studied plan that enhances the investment environment and takes into account security, legal, social and economic aspects”.

Several citizens and businessmen welcomed the decision. Hamed al Ruhili, CEO of Al Safwah Education Group, said, “The programme is an invitation to safe investment in the sultanate and achieve the goals of Oman Vision 2040.”

Nasser al Hosani, director of Happy Line Transportation, said, “This is an excellent step to create job opportunities. The programme will work to attract more investors from around the world and make them feel safe.”

Investors Residency Programme

Category I – 10-year extendable visa

Who can apply

  • Any applicant who owns one or several fully constructed housing units worth RO500,000
  • Anyone who owns a public/closed joint-stock or any other company or its shares with a market value of not less than RO500,000
  • Anyone who owns a company employing not less than 50 Omani employees
  • Anyone who has purchased RO500,000 worth of Omani governmental bonds

Category II – Five-year extendable visa

Who can apply

  • Any applicant who owns one or several fully constructed housing units worth RO250,000
  • Anyone who owns a company or its shares with a market value of not less than RO250,000
  • Anyone who has purchased RO250,000 worth of Omani governmental bonds

Retirees

  • Should be at least 60 years old when applying
  • The applicant must provide proof of work in Oman with employment of not less than two years
  • Submission of a personal account statement from a bank in Oman of not less than six months showing monthly income of at least RO4,000
  • Submission of a house deed or a residential lease under the applicant’s name

Benefits for Category I, II

  • Resident cards to be renewed every three years for Category I, and every two years for Category II
  • The right to reside with family members (first degree) without limiting the number of individuals for both the categories but limiting the age of children to 25 years for Category II
  • Ownership of a single property outside of ITC projects for residential, commercial or industrial purposes for Category I. This right is transferable to others, with the exception of owning land prohibited for non-Omanis
  • Employ up to three people for private (domestic) work
  • The possibility of engaging in economic activities or working in Oman
  • Possibility to issue visitor visas for relatives
  • Use of the queues designated for Omanis at airports and other facilities

© 2021 Apex Press and Publishing. All Rights Reserved. Powered by Mesdac