MUSCAT: 22 expat investors of different nationalities received Oman’s first long-term residency card on Wednesday.
The Ministry of Commerce, Industry and Investment Promotions on Wednesday revealed the details of obtaining long-term residency for expat investors in Oman.
The duration of the long-term residency is for 10 and five years subject to extension according to clear controls and procedures. Starting from October 3, expat investors can submit applications through the portal of the Ministry to obtain long term residency.
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Khalid Al Shuaibi, Adviser at Ministry of Commerce, Industry and Investment Promotion said launching the programme aims to enhance qualitative investments that contribute to growth of GDP, create jobs in line with enablers and fundamentals of Oman Vision 2040..
The criteria for obtaining the residency for up to 10 years is as following:
- An investment of at least OMR 500,000 in a limited liability company, closed joint stock company, or government bonds.
- Or establishing a company that employs at least 50 Omanis without specifying the capital.
- Or buy a unit or housing units with a value of not less than OMR 500,000.
The criteria for obtaining the residency for up to five years is as following:
- An investment with a total value of not less than OMR 250,000 or government bonds.
- Or buy a housing units of the same value
- Or for those who are retired after working in the Sultanate for a specified period, with a fixed income of not less than OMR 4000, and with a permanent place of residence.
