Oman: Additional Details Announced for Long-Term Residence Permit for Investors

The regulation provides the following new details about the program:

• Entry rules.
  • Successful applicants will be issued an entry visa which will allow them to travel to Oman and obtain residency status, subject to completing the immigration procedures such as undergoing a medical examination and obtaining a Residence Card.
  • The entry visa is valid for multiple trips for up to one year and allows the foreign national to remain in Oman for up to 90 days per visit.
  • Initial entry must be made within one year from the date of visa issuance.

Dependents.

• • Immediate dependents of the principal investor also qualify for the residence visa, although it is not clear if all categories of dependents (e.g. parents) are subject to the same visa conditions.
  • The amended regulation eliminates the maximum age limit of 21 for dependents to qualify for the visa.
• Review of conditions. The immigration authorities in Oman are expected to review each foreign investors’ visa eligibility conditions every three years. Visa holders who no longer meet the criteria of the program will have their visa (including visas for dependents) invalidated.
• Government fees. The exchange rate is OMR 1 = USD 2.6.
  • The government fee for the issuance of a new long-term residence visa for a principal investor is OMR 300 for a visa with five-year validity, and OMR 500 for the visa with 10-year validity (payable every three years and upon visa renewal).
  • The government fee for the issuance of a new long-term residence visa for a dependent of the principal investor is OMR 50 for a visa with five-year validity, and OMR 100 for the visa with 10-year validity (payable every three years and upon visa renewal).

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 long-term residence permit that is not tied to employer sponsorship in Oman.

• 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.