Oman gives more details on long term residency scheme - | Hudson McKenzie

Oman gives more details on long term residency scheme

November 3, 2021 | Immigration, News, Travel

The Ministry of Commerce, Industry, and Investment Promotion of Oman announced a new long term residency scheme for eligible foreign investors in September 2021. When the visa was first announced the details were limited, however Oman has now provided more information on this route.

This visa is aimed at foreign investors and their families who are eligible for a self-sponsored residence permit which is separate from their employment. Those who have successfully secured this visa will be allowed to enter Oman and obtain residency, but will first need to have a medical examination.  

To be eligible, investors must contribute to vital sectors of the local economy, such as tourism, real estate, education, health, information, and technology.

It is said that Oman authorities are to review each foreign investor’s visa eligibility every 3 years and for those who no longer meet the requirements, the visa will be invalidated. The initial entry visa will be valid for multiple trips within the year and will allow foreign nationals to stay in Oman for 90 days each time.

In a previous article, we outlined the requirements for the long term residency scheme, however as a reminder, the eligibility criteria is as follows:

10-year long term residency permit requirements:

  • Applicants must be 21 or over
  • Applicants must invest a minimum of OMR 500,000 in an Oman limited liability company or in a closed joint-stock company or in government bonds
  • Applicants must set-up a company in Oman and create jobs for at least 50 Omani nationals or
  • Applicants must purchase property with a minimum value of OMR 500,000 

5- year long term residency permit requirements:

  • Applicants must be 21 or over
  • Applicants must invest a minimum of OMR 250,000 in government bonds
  • Applicants must purchase property with a minimum value of OMR 250,000 or
  • Applicants must retire from employment in Oman, they must have worked 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

Should you have any queries regarding the above information or if you require assistance with your corporate, employment or immigration matter, please get in touch with a legal professional at Hudson McKenzie via email at londoninfo@hudsonmckenzie.com or by telephone +44(0) 20 3318 5794.

The information provided does not amount to legal advice, if you require legal advice on this matter please contact one of our professionals at Hudson McKenzie.