New Long-Term Residency Scheme For Foreign Investors

• Published date: 14 July 2021
• Subject Matter: Government, Public Sector, Immigration, Energy and Natural Resources, Inward/ Foreign Investment, Renewables, General Immigration, Work Visas
• Law Firm: Envoy Global, Inc.
• Author: Envoy Global, Inc.

Key Points

• The Ministry of Commerce, Industry and Investment Promotion of Oman released plans for the Investment Residency Programme (IRP) which will take effect in Sept. 2021.
• The IRP will provide five and ten-year renewable long-term residency visas to foreign investors who contribute to vital sectors of the local economy, such as tourism, real estate education, health, information and technology.
• The long-term residency scheme was created out of the Oman Vision 2040 government program to boost the economy and create more employment opportunities.
• Eligibility criteria for these visas has not been provided yet but it will be announced soon.

Overview

In Sept. 2021, certain foreign investors will be eligible to obtain long-term residence visas in Oman. The Ministry of Commerce, Industry and Investment Promotion in Oman has announced plans for the Investment Residency Programme which will provide five and ten-year renewable visas to eligible applicants who meet the relevant criteria.

What are the Changes?

Foreign nationals have previously only been able to secure residency visas for a...