MUSCAT: In a first, Oman will offer long term residency to foreign investors as part of the economic stimulus plan approved by His Majesty Sultan Haitham Bin Tarik.
The details of the plan which will be revealed at a later stage will be in accordance with specific controls and conditions and will be announced after completing “consideration by the Council of Ministers,” state-owned Oman News Agency reported on Tuesday.
During the meeting with the ministers at Hisn Al Shomoukh Palace in Manah, His Majesty also announced incentives including reducing taxes and fees for businesses that will start in 2021. The stimulus plan also include reducing the income tax rate on small and medium enterprises for the years 2020 and 2021.
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The stimulus plan will also include reducing the rental value in the Special Economic Zone of Duqm and industrial zones until the end of 2022, and incentives for the business.
