Oman: Long-Term Residency Program for Foreign Investors Launched

• Eligibility for 10-year permit. Foreign nationals age 21 and above will be eligible for this permit if they:
  • Invest a minimum of OMR 500,000 in a limited liability company or in a closed joint-stock company (either must be Omani-based) or in government bonds;
  • Establish a company in Oman that employs at least 50 Omani nationals (with no minimum investment threshold requirement); or
  • Purchase a property (or properties) with a minimum value of OMR 500,000. The current exchange rate is 1 USD = .38 OMR.
• Eligibility for five-year permit. Foreign nationals age 21 and above will be eligible for this permit if they:
  • Invest a minimum of OMR 250,000 in government bonds;
  • Purchase a property (or properties) with a minimum value of OMR 250,000; or
  • Retire after being employed in Oman for at least two years, have a fixed monthly income of at least OMR 4,000 and a permanent place of residence in Oman.
• Dependent sponsorship. Holders of investor residence permits are expected to be allowed to sponsor permits for their dependents.
• Nominating investment partners for residency. Investors under the program with an investment threshold that exceeds the minimum amounts specified above may nominate other investment partners to apply for residency, subject to each applicant meeting the relevant requirements.
• Applications open. It is expected that foreign nationals will be able to begin applying for the new permits on October 3, 2021 through MCIIP online portal.

The new permit type 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.

Though the government has not yet published related regulations about work authorization, it is likely that foreign nationals under the program seeking contractual employment in Oman will be required to secure separate work authorization, though they will be exempt from obtaining a residence visa sponsored by that employer, thereby streamlining the overall process.

• Goal of program. The government aims to attract and retain investment in and generate more job opportunities for Omani nationals at a time when unemployment levels are still high during the COVID-19 recovery period.
• Middle Eastern trends in investment visas. Investment visa programs are growing in the Middle East as more governments seek to diversify their economies away from the oil and gas sectors. The Golden Visa program in the United Arab Emirates has been very successful in attracting and retaining talent and the country is now introducing a new visa category called Green Visa which will allow select foreign nationals and their families to self-sponsor for residence in the country for up to five years.
• Global trends. The Omani government’s creation of a non-sponsored visa type follows a global trend of removing sponsorship requirements from immigration routes as a way to attract investors and other highly-skilled entrepreneurs to boost economies, particularly in light of COVID-19-related economic decline.

If successful, the Omani government may implement more flexible work permits as it seeks to attract and retain top talent in Oman and the region.

Further details relating to the visa application process, including government fees, documentary requirements, application timeframes and other conditions are expected to be announced in the coming weeks.