HomeOmanOman to introduce long-term residency for foreign investors

Oman to introduce long-term residency for foreign investors


MUSCAT, 24 June — Oman announced a new Investment Residency Programme (IRP) for expats and foreign investors, starting in September 2021, Oman News Agency (ONA) reported.

According to ONA, the new programme will feature two extended residency programmes through real estate and commercial investment, on a renewable five and ten-year basis, subject to applicants who meet a special criteria.

This programme is designed to attract high-impact foreign investors, create new job opportunities and enhance economic growth in Oman.

The Ministry of Commerce, Industry & Investment Promotion said that the programme would target the sectors of industry, tourism, mining, logistics, agriculture, fisheries, education, health and information technology, and the enabling sectors represented by the green and circular economy.

Oman’s debt as a percentage of economic output will climb to 82.7 per cent in 2021 from 79.2 per cent last year. The government’s total outstanding debt stood at OMR19.7bn by the end of 2020, up from OMR17.6bn the previous year.

The country successfully tapped the international debt market in January, raising $3.25bn. This month, reports indicated that it is planning a second debt sale in 2021 with a dollar sukuk.

The finance ministry has said that as of end-March it was more than halfway to meeting its total funding needs of OMR4.2bn for this year, thanks to borrowing and drawdowns from the sovereign wealth fund.

Source: Gulf Business/Reuters/Agencies


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