Investor Visa In Oman
Oman offers one of the most investor friendly visa programs. There are many benefits and incentives provided by Oman to Investors. In this article, we will take a look at the Investor Visa In Oman, what is that and how to obtain it?
An investor visa (or wealth visa) is a foreign national investor looking to invest in a country who, in exchange for investing, is granted citizenship and residency in that country. Oman provides an investor visa program that has many benefits and little restriction on the amount of investment required. This makes Oman an appealing option for international investors looking to move to a new country while retaining their current citizenship.
Oman is referred to as “Oman” most of the time in English. However, historically Oman has been referred to as “Muscat and Oman”. The name Muscat comes from the Arabic al-Muzawwadhat meaning “the removed one”, and Zarqân is the Arabic word for garden.
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Investor Visa In Oman
There has been much news swirling about the country of Oman recently, especially within the expat communities in the Middle East. Many of these stories are centered around new laws and regulations implemented by the Government of Oman, who sees the need to make several changes due to outside forces.
Tucked away on the southern edge of the Arabian Peninsula, bordering the UAE, Saudi Arabia, and Yemen, Oman has a great deal to offer entrepreneurs and investors from around the world. While it may appear to be a small country, Oman is, in fact, nearly 30% larger than the UK but has a population of only five million. As the oldest independent state in the Arab region, Oman has a rich blend of cultures from east and west and is known for its terraced orchards, fortresses, ancient mosques, rolling sand dunes, and vibrant culture. While it is possible to secure a visa to work in Oman, there are strict restrictions on the professions and sectors in which foreign nationals can be employed. On this page, we will explain how to apply for an investor visa for Oman, the restrictions, the eligibility rules, and how to apply.
Investor In Oman
Oman has fixed the registration fees for investor special residency visas. According to Ministerial Decision 234/2021 Amending Some Provisions of the Executive Regulation of Foreigners Residency Law issued by the Royal Oman Police (ROP), investors given a special 10‑year residency visa will pay OMR500 (USD1,298), while those holding a five‑year visa will pay OMR300. Renewal fees, payable every three years, are the same as the initial registration. The new rules came into effect on 25 October 2021.
Visas for investors’ spouses and/or children are OMR100 if the investor holds a 10 year visa and OMR50 for five‑year visa holders. Family visas are also renewable every three years at the same cost.
The ROP will grant visas to investors’ spouses and/or children upon request in accordance with a certificate from a relevant authority. There is also a multiple‑entry visa allowing investors’ spouses and/or children to live in Oman for up to three months each time, valid for up to one year, which can be extended subject to approval.
Investors granted residency through either investment or real estate are not subject to age requirements. If they dispose of or transfer any property in a tourist complex they and their family will lose residency.
The Oman Investor Visa Scheme
The Omani government is keen to encourage inward investment into the country; this is managed by the Ministry of Commerce and Industry. According to the Ministry, “In the context of the Sultanate’s endeavour to encourage the establishment of businesses and attract foreign investments, the Sultanate focuses on its policy of encouraging foreign capital to push the development movement to reduce dependence on oil and diversify sources of national income. The government also amended the tax law in 2000 to create a good investment climate in the Sultanate…The Sultanate also provides many facilities in this regard, such as world-class infrastructure facilities, appropriate corporate taxes, in addition to tax exemption for some institutions, and works to simplify procedures for setting up businesses and ensuring transparent management of companies”.
The Omani investor visa is specifically designed to enable eligible foreign entrepreneurs and investors to base themselves within the Sultanate of Oman to set up and run a business venture. It is also possible for overseas investors to invest in an existing business within Oman (i.e. become a shareholder in an existing Omani company).
The Omani investor visa is typically granted for up to two years and can be renewed prior to expiry. In order to renew an investor visa in Oman, the investor or entrepreneur will still need to meet the eligibility requirements and continue to keep their investment within Oman.
What Is The Omani Investment Residency Programme (IRP)?
The Omani Investment Residency Programme (IRP) is a new initiative that launches in September 2021. The scheme is designed to encourage greater inward investment in the areas of tourism, mining, logistics, agriculture, fisheries, education, health and information technology (IT). One of the main reasons for introducing the IRP is to encourage a greener circular economy within Oman. Those who are eligible under this scheme will be able to secure a renewable long-term five or ten-year residency permit.
Am I Eligible For An Investor Visa For Oman?
The following requirements must be met to secure an investor visa in Oman:
- The investor or entrepreneur must have approval from Oman’s Ministry of Commerce and Industry. They will want to be satisfied that the applicant is a genuine foreign investor with sufficient and available investment funds. Applicants will also need to provide details on the intended investment – i.e. the amount, type of business/sector, and investment plan.
- A work permit will also be required from the Omani Ministry of Manpower (MOM)
- A residency permit must also be secured to invest in Oman
If you are unsure if you are eligible for an investor permit for Oman, speak to a lawyer specialising in Omani immigration policy who will be able to assess this for you.
How Can I Apply For An Investor Visa For Oman?
There are several steps to securing an investor visa for Oman, as follows (this process below assumes you are applying from outside Oman):
- Apply for authorisation to invest from the Omani Ministry for Commerce and Industry
- Apply for a work permit from the Omani Ministry of Manpower (MOM)
- Investor or entrepreneur applies for an entry visa from their nearest Oman embassy/consulate
- Investor or entrepreneur applies for a residence permit after arriving in Oman
While there is no specified minimum investment amount, larger investments do stand a greater chance of securing immigration clearance. Investments of at least US$100,000 (around 40,000 Omani Rials) are typically required to make a successful investor visa application in Oman.
Investor Visa In Oman Requirements
What Documents Are Required For An Investor Visa For Oman?
In order to apply for an investor visa for Oman, several documents will be required, these may include:
- Two passport photos ( 6 x 4cm) of the investor/entrepreneur
- Copy of applicant’s passport, valid at least six months
- A copy of the partnership agreement if investing in an existing Omani enterprise
- If investing in an existing business, a copy of their commercial registration from the Ministry of Commerce and Industry, copy of Oman Chamber of Commerce and Industry membership card
- A detailed investment plan
- Evidence of available investment funds
- The authorisation from the Ministry for Commerce and Industry
- Work permit issued by the MOM
- Original and copy of a medical certificate for those coming from India, Pakistan, Bangladesh, Philippines, Indonesia, Sri Lanka, Egypt, Sudan, Ethiopia, Syria and Nepal.
- Where the foreign employee wants to bring in their spouse, copy of the marriage certificate authenticated by the Oman Ministry of Foreign Affairs.
Can I Extend My Investor Visa In Oman?
Yes, investor visas can be renewed from within Oman prior to their expiry. In order to make a successful renewal application, evidence that the applicant continues to invest in the country will need to be provided.
Investors may also benefit from a new initiative announced by the Omani government, which will allow them to secure either a five or ten-year-long residency permit; see above for details of the new Investment Residency Programme (IRP) for Oman.
ROP Oman Visa
Oman’s Ministry of Commerce, Industry, and Investment Promotion handed over the Investor Residency Program cards to 42 investors of different citizenship through the Long-Term Residence Visa program In Oman (Oman Golden Visa). The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) has issued ten (10) -year long-term residency cards to 17 investors as well as five (5) -year long-term residency cards to 25 investors of different nationalities through Investment Residency Program.
His Excellency Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion, said the Oman Investor Residence program was aimed to grant residency to investors wishing to invest in the Sultanate of Oman for a period of five (5) to ten (10) years, subject to extension as per procedures.
He said the program aims to attract and promote qualitative investments that contribute to the growth of domestic products and create job opportunities.
Her Excellency Assila bint Salem Al Samsamiya, the Ministry’s Undersecretary for Investment Promotion handed over the third batch of residency cards which entitle foreign investors and retirees to a right to a long stay in Oman.
The number of investors who received the residency cards since Oman introduced long-term residencies for foreign investors on Wednesday, September 29, 2021, reached 75.
HOW MUCH DO THE FIVE (5) – AND TEN (10) -YEAR LONG-TERM VISAS COST IN OMAN?
Five (5) -year visa: OMR 300
Ten (10) -year visa: OMR 500
The above visas must be renewed every three (3) years and will cost the same as renewing the visas.
Investors can also apply for visas for their spouses and children. The cost of these visas will be OMR 100 for those with a ten (10) -year commitment and OMR 50 for those with a five (5) -year commitment. The cost of renewing these visas will be the same as their application fee.
WHAT ARE THE CRITERIA FOR OBTAINING LONG-TERM RESIDENCY FOR 10 YEARS IN OMAN?
OMAN LONG-TERM RESIDENCY – TEN (10) YEARS
The requirements for obtaining residency for up to 10 years through Oman Investor Residence Program include:
- An investment of at least OMR 500,000 in a limited liability company,
- An investment of at least OMR 500,000 in a closed joint-stock company,
- An investment of at least OMR 500,000 in government bonds,
- Establishing a company that employs at least 50 Omanis,
- Purchasing property or properties worth OMR 500, 000.
WHAT ARE THE CRITERIA FOR OBTAINING LONG-TERM RESIDENCY FOR 5 YEARS IN OMAN?
OMAN LONG-TERM RESIDENCY – FIVE (5) YEARS
For the shorter, five (5) -year residence visa through Oman Investor Residence Program, the requirements include:
- An investment of at least OMR 250,000 in a limited liability company,
- An investment of at least OMR 250,000 in a closed joint-stock company,
- An investment of at least OMR 250,000 in government bonds,
- Purchase property or properties worth at least OMR 250,000,
- An individual who seeks to retire to Oman, after having worked in Oman for a period to be specified, may do so provided that an income of at least OMR 4, 000 can be proved, along with a permanent place of residence.
The current exchange rate is 1 USD = .38 OMR.
The new Oman golden visa provides a path for foreign investors and their families (and in some cases investment partners) to obtain a self-sponsored residence permit in Oman that is not tied to their employment. This is the first residence permit that is not tied to employer sponsorship in Oman.
The Oman Golden Visa is a residency by investment program that allows foreign investors to make an investment in Oman and get a residence permit.
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The Ministry of Commerce, Industry and Investment Promotion has launched an “Investor Residency Programme” (IRP) through which foreign investors and retirees can obtain long term residency rights in the Sultanate.
Applications for long-stay residency status will begin to be received electronically on 3 October via the Ministry’s Investment Services Centre.
During the launch ceremony, the first 22 investors from around the world were given the “Investor Residency Card” (IRC).
Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said that the programme aims to attract quality investments to the Sultanate and targets economic diversification sectors.
“One of the most important factors that prompt investors to choose the Sultanate as a preferred destination is the country’s ideal location in the vicinity of flourishing international trade routes in the Middle East, East Africa and India. This is in addition to the existence of a vibrant logistics network capable of reaching out to the largest segment of consumers at competitive cost,” said Al Yousef.
Abdulsalam Mohammed Al Murshidi, Chairman of the Omani Investment Authority (OIA), said he hoped that the IRP will usher in a new era of incentives and investments. He welcomed all investors, particularly those utilising foreign capital adding he considers them as ‘partners in development’. The programme will open new markets for Omani products, said Al Murshidi, adding that the OIA will always encourage partnership with the private sector—foreign, as well as Omani.
The first category of investors who can obtain residency for up to 10 years includes applicants who have set up a public/closed joint-stock company. They must prove ownership of shares with a market value of no less than OMR 500,000.
Investor residency applicants can also fall under this category if they own a company that employs at least 50 Omani employees.
The first category also includes owners of Omani government bonds valued at no less than OMR 500,000.
The second category of applicants, who can obtain residency up to 5 years, includes people who fulfil any of the above conditions but have their assets (such as property, businesses or company shares) valued at not less than OMR 250,000.
Retirees can also apply for long-term investor residency.
Investors under the new scheme are not entitled to claim Omani citizenship, except under the existing regulations in this context.
The Sultanate now offers various incentives to investors within the context of the Foreign Capital Investment Law. These include granting foreign investors an entitlement to 100% ownership of their projects, without limitation to minimum volumes of capital. To facilitate entrepreneurship in the Sultanate, the Ministry’s automatic licensing service via the “Invest-Easy” portal offers 1,500 economic activities.
Nearly 63,000 licences were issued through Sanad offices (using Invest-Easy) between 4 April 2021 and 27 September 2021, and more programmes and initiatives will be launched in the forthcoming stage of incentives.
