In a bid to offer more incentives to foreign investors and provide a more convenient business environement, Oman has recently launched a 'Golden Residency' visa programme.

On August 31, the Ministry of Commerce, Industry and Investment Promotion in the Sultanate rolled out the scheme to consolidate the Gulf country's position as a leading destination for global investment.

The move aims at "providing a stable and stimulating business environment that offers investors high-quality opportunities for long-term growth and stability, said Mubarak bin Mohammed Al-Douhani, Director General of Planning at the Ministry of Commerce, Industry and Investment Promotion and head of the Ministry's Digital Transformation Team.

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The country also plans to introduce the 'Majid Companies' initiative and the electronic authentication service for transferring commercial registration ownership via the 'Invest Oman' platform, Oman's News Agency said.

Oman now offers two Investment Residency Programmes through real estate, commercial investment and long-term bank deposits on a renewable five and ten-year basis subject to applicants meeting specific criteria.

Applying for the new programme for long-term residency in Oman can be done via the 'Invest Oman' online platform.

It comes in two tiers:

Tier 1

To apply for Tier 1, investors have to do one of the following:

• Make an investment of not less than RO500,000 in a limited liability company, public joint-stock company or government bonds

• Buy a property in the Sultanate with a value of no less than 500,000 Omani riyals

• Establish a company employing a minimum of 50 Omani nationals. No specification of the company's capital is required

The validity of Oman's Tier 1 Extended Residency permit is 10 years, subject to extension. The fee to obtain its card is 551 Omani riyals

Tier 2

To be eligible for this tier, investors should:

• Make an investment of not less than 250,000 Omani riyals in a limited liability company or public joint-stock company

• Or buy a property in the Sultanate with a value of no less than 250,000 Omani riyals

Expatriates workers currently residing in Oman who wish to retire in the Sultanate can obtain an Extended Residence permit by providing evidence of a fixed income of no less than 4000 Omani Riyals a month.

The validity of Oman's Tier 2 Extended Residency permit is 5 years, subject to extension. The fee to obtain this Oman residence card is 326 Omani riyals.

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