Details of 'Investor Residence' programme to be announced soon in Oman

Oman Tuesday 28/September/2021 13:21 PM
By: Times News Service
Details of 'Investor Residence' programme to be announced soon in Oman
File photo - Ministry of Commerce, Industry and Investment Promotion

Muscat: The details of the 'Investor Residence' programme to grant long-term residence to investors, by the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) will be announced on Wednesday.

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.

MoCIIP announced the details of the 'Investor Residence' programme, according to which foreign investors and retirees are granted the right to long stay in Oman, in the presence of a number of Excellencies and representatives of the concerned authorities and investors.

The programme comes with the aim of facilitating the granting of residency to investors wishing to invest or reside in Oman, so that the residency period is five or 10 years, subject to renewal, while adhering to the procedures and controls regulating this. Which is well-thought-out and aims to enhance the investment environment and takes into account the security, legal, social and economic aspects.

The programme also aims to attract and promote qualitative investments that contribute to the growth of the domestic product and support the national economy, the localisation of industries, the transfer of advanced technologies and modern technology, and the promotion of economic diversification sectors.

In order to ensure the achievement of the desired results from this programme, appropriate indicators have been developed to periodically evaluate its effectiveness and to measure and develop the financial and economic impact in proportion to each stage. In this context, work on evaluating and measuring the number of new foreign investment companies, the volume of foreign investment and new employment opportunities for Omanis within the framework of this program.

The application to benefit from the programme is submitted through the Investment Services Centre of the MoCIIP through an electronic system that links all the concerned authorities, which are represented in the ministry, the Ministry of Health, the Ministry of Labour, the Ministry of Transport, Communications and Information Technology, the Royal Oman Police, the Ministry of Housing and Urban Planning and the Ministry of Education Higher Education, Scientific Research and Innovation and the Oman Centre for Credit and Financial Information (Mala), in partnership with the Oman 2040 Vision Implementation Follow-up Unit, and the Ministry of Information.