The Ministry of Commerce, Industry and Investment Promotion launched long-term residency visa for expatriate investors in the Sultanate on Wednesday.
The move aims to attract and retain investments and business entities and generate more job opportunities in the Sultanate.
Accordingly, any investor who is willing to or has already invested a minimum sum of RO 250,000 in the country can avail a residency permit for five years. An investor with RO 500,000 can hold a residency permit of 10 years. Long-term residency permits have many other benefits associated with them.
"The long residency status is a boost to attract investment in the country and to retain quality workforce as well as generate more employment opportunities for the local workforce," said Azzan bin Qassim al Busaidi, Adviser to the Minister of Commerce, Industry and Investment Promotion.
The new 'Investor Residence' programme offers foreign investors and retirees the right to long-term stay in the Sultanate.
An investor is entitled to a residency status for up to 10 years if he has an investment of at least RO 500,000 in a limited liability company, closed joint-stock company or government bonds, or has established, or will be establishing a company which employs at least 50 Omanis without specifying the capital. The condition includes the investors' intent to buy or already bought a housing unit with a value of not less than RO 500,000 outside the ITC (Integrated Tourism Complex) premises, with an option to extend it further.
On the other hand, an investor is granted a residency permit for five years provided he has an investment with a total value of not less than RO 250,000 in business or government bonds. The condition includes his intent to buy or has bought a housing unit of the same value or retired after working in the Sultanate for a specified period, with a fixed income of not less than RO 4,000, and with a permanent place of residence, with an option to extend it further.
RESIDENCY PERMITS
The first Investor Residency Cards were given to 22 expatriates of various nationalities who have investments in the country and have applied for the same through the ministry's online portal. More applications will be received from eligible candidates from October 3 through the online system of the ministry.
The ceremony to activate the 'Investor Residence' programme was attended by Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, Abdulsalam bin Mohammed al Murshidi, Chairman of the Oman Investment Authority, and officials from various departments and ministries, representatives of the authorities, officials from the Royal Oman Police (ROP), and some eminent investors, at the Diplomatic Club.
Speaking to the Observer, Khalid bin Saeed al Shuaibi, Adviser to the Minister of Commerce, Industry and Investment Promotion, said the launch of the 'Longer Residency Programme' comes in order to enhance quality investments which contribute in the growth of the domestic product, generate job opportunities and support the national economy in line with the capabilities, pillars and objectives of the 'Oman 2040 Vision.'
"The programme aims to attract and promote qualitative investments that contribute to the growth of domestic product and generate job opportunities, while strengthening the sectors of economic diversification according to a well-studied plan that enhances the investment environment and takes into account the security, legal, social and economic aspects," he added.
The programme is an addition to the incentives and advantages that the Sultanate offers to the investors.
The Sultanate provides incentives and advantages to investors within the foreign capital investment law, including allowing the foreign investors to own 100 per cent, without a minimum capital, and also launched the automatic licensing service through Invest Easy portal for more than 1,500 economic activities to facilitate the start of doing business in the Sultanate.
The investor should establish a public or closed joint-stock company. To avail the benefits, he must submit a certificate from one of the licensed brokerage companies operating in the country proving his ownership of shares with a market value of not less than RO 500,000.
VALUE PROJECTS
The investor can also establish other companies where he must have a bank certificate issued by one of the banks or commercial entities registered in the Sultanate confirming the existence of the amount as a share of the residence applicant in the company’s account, or submit a report on the value of the project (proof of the investor’s share) from one of the auditing companies approved in the Sultanate proving his/her share of the capital.
“The residence applicant for obtaining the investor card of the second category must own a housing unit or several fully constructed housing units under a title deed with a market value of not less than RO 250,000, and to attach with the application the title deed and the sales contract registered with the Ministry of Housing and Urban Planning, or an evaluation of the housing unit by one of the specialised appraisal companies approved by the ministry, or proof of value by the real estate developer,” he further added.
To avail resident card for a retiree, he must provide proof of his work in the Sultanate (work contract) for at least 2 years, and submit a personal bank statement from one of the banks or commercial entities in the Sultanate of at least 6 months to prove that his monthly income is not less than RO 4,000, and to submit a house title deed, or a residential lease contract in the name of the applicant, and to attach with the application an integrated biodata.
The ministry sources further said that all the details, applicable terms and conditions and other criteria are there on the ministry website.
2021 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
