By Uglobal Staff
Oman has announced a new investment immigration program that will allow foreign investors to live in the gulf state for up to 10 years starting from this fall.
The Omani Ministry of Commerce and Industry said the plan, officially known as the Investment Residency Program, would give two options to investors: investment via real estate, or investment via commercial investment, according to a statement released via the state-run Oman News Agency.
The residency period would range between five and 10 years, and applicants would also get the option to renew their residency upon expiry.
Details about exactly how much investment money would be required to apply for the long-term residency program has not been released so far; however, local media outlets said investors would be able to apply for the program online via the Ministry's Investment Services Center in September.
Apart from foreign investors, retirees from abroad would also be able to apply to the program. The program is expected to draw interest among the expat population of Oman -- around 40% of the country's 4.5 million population is estimated to comprise of foreigners.
RESIDENCY BY INVESTMENT TO BOOST ECONOMY IN OMAN
Oman does not have as strong of an economy compared to the other more powerful and oil-and-gas rich gulf states. Apart from the impact of falling crude oil prices in the last seven years, it has come under unprecedented pressures following the global pandemic. Omani officials are hoping this program would help fix the economy.
The Omani ministry said the program is "aimed at backing-up the investment environment in the Sultanate and enticing typical investments, creating job opportunities, and supporting the domestic economy with feasible projects compatible with Oman Vision 2040 goals." The ministry added that it is keen on attracting foreign investment in several key sectors, including logistics, tourism, fisheries, health and IT.
Ridha bin Juma al Saleh, Chairman of Oman Chamber of Commerce and Industry said the post-pandemic program was being launched with the aim to stimulate the business and investment environment "at a time like this" in the country, according to media.
Oman is now the third gulf country to announce a long-term residency program targeted specifically to attract foreign investors. Other gulf countries offering similar programs include Qatar where since 2020 investors can gain permanent residencies after buying real estate worth at least $1 million. The UAE in January this year announced that it was amending its citizenship law, which paved the way for nominated investors and professionals to get the coveted Emirati citizenship.
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