Muscat: 42 more foreign nationals were given long-term investor residence cards in Oman, as part of the Ministry of Commerce, Industry, and Investment Promotion’s efforts to encourage foreign investment in the country.
17 investors were provided residency for 10 years, while 25 were given five-year residency status, by Asila bint Salem Al Samsamiyah, the Undersecretary for Investment Promotion at the ministry. These 42 investors represent the third batch of foreign nationals who have so far received long-term residency.
From the time the investor residence programme launched in October 2021, some 75 investors have been given long-term residency.
Investors who are conferred investor residence cards receive many incentives: they can own property for residential, commercial, or industrial purposes outside integrated tourism complexes, in addition to a host of other benefits and incentives. This property can also be transferred to other prospective owners.
The only exception that arises in this case is that they are not permitted to own lands in areas reserved for Omani ownership.
In the context of the Investor Residency Programme (IRP), Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, said:
“The recently launched IRP is an initiative designed to attract high-impact foreign investment and enhance Oman’s economic growth,” he said.
“The IRP offers two extended residency programmes through real estate and commercial investment on a renewable five and 10-year basis subject to applicants meeting specific criteria.
“It is clear the pandemic is reshaping economic geography,” he added.
“Businesses as well as people are rethinking their real estate needs and physical footprints, reimagining how and where they live, work and invest.
“The introduction of the IRP is a direct response to this trend,” he went on to say. “We understand that successful places of the future will be those that offer an environment where creative and innovative people can make a home, raise a family and pursue a rewarding career.”