Saturday 20 / April / 2024
Muscat: Registration fees for investors given special residency visas has been set at OMR500 for a 10-year visa, and at OMR300 for one that lasts five years.
Furthermore, the cost of renewing these visas – which must be done every three years – is also the same as the registration fee, according to a decision issued by the Royal Oman Police.
Investors can also apply for visas for their spouses and/or children. The visa cost of investors for 10-year period will be OMR100 and OMR50 for a five-year commitment. These visas can also be renewed for the same price as applying for them.
“For a foreigner who wishes to invest his money in the country and upon his request and according to a certificate issued by the competent authority stating the same, a visa may be granted to his wife and children,” added the ROP in their decision.
“The visa is valid for a period not exceeding one year, subject to extension for a similar period based on the approval of the competent authority,” added the decision. “The visa entitles its holder to enter and reside in the country for a period not exceeding three months each time.”
The age requirements will not apply to those who obtain residency through either investment or real estate. However, the residency of expatriates who own real estate in an integrated tourist complex will expire if they take any legal action to dispose of the property, or transfer the same.
Accordingly, the residency of their spouse, children and relatives accompanying them shall also be terminated. “Investor visas are granted to foreigners who wish to invest their money in the country, based on a certificate issued by the competent authority,” added the ROP decision. “The visa must be used within one year from the date of its issuance.”
“Visas are also issued to the spouse of the foreign investor in the Sultanate and their first-degree relatives upon their request and under their responsibility in accordance with the regulations set by the relevant authorities.”
The decision added, “The authorities may convert the visas stipulated in this article to any type of visa followed by residency, if the prerequisite conditions are met, in accordance with the corresponding controls, once the prescribed fee has been paid.”
To boost foreign investment in Oman, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) recently launched the new long-stay investor programme. The new programme ensures that upon obtaining residency, investors will be provided further incentives and benefits, in keeping with conditions of the residency period.
The programme comes with the aim of facilitating the granting of residency for five to 10 years to investors wishing to invest or reside in Oman. These long-stay visas, which can be renewed, are part of efforts to enhance the investment environment, and take into account security, legal, social and economic aspects of the country.
It 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 techniques, and the promotion of economic diversification.
