Oman’s Golden Visa Program Attracts Global Investors

Oman’s Golden Visa program is rapidly becoming a focal point for international investors seeking long-term residency in the Gulf region. The initiative, designed to attract foreign capital and stimulate economic growth, offers 5- and 10-year renewable residency permits to individuals investing in the country’s real estate and business sectors.

Investment Tiers and Eligibility

The Golden Visa program is structured into two tiers:

• Tier One (10-year residency): Requires an investment of at least OMR 500,000 (approximately $1.3 million) in real estate, a limited liability company, a public joint-stock company, or government bonds. Alternatively, establishing a company that employs a minimum of 50 Omani nationals also qualifies.
• Tier Two (5-year residency): Requires a minimum investment of OMR 250,000 (approximately $650,000) in similar avenues as Tier One. Additionally, expatriate workers currently residing in Oman who wish to retire can obtain a 5-year residency permit by demonstrating a fixed monthly income of at least OMR 4,000.

Applicants must be at least 21 years old and have no prior deportation orders from Oman. Applications are submitted to Oman’s Ministry of Commerce, Industry, and Investment Promotion, with final approval granted by the Royal Oman Police.

Impact on the Real Estate Market

The introduction of the Golden Visa program has significantly impacted Oman’s property market, particularly in regions like Salalah, which is undergoing extensive redevelopment. This transformation is opening up new opportunities for expatriates to invest in property and consider long-term residency in the area.

According to industry experts, foreigners can own freehold properties in Integrated Tourism Complexes (ITCs), with ownership coming with residency rights for the buyer and immediate family. Investment in Oman offers excellent lifestyle appeal and gross returns of 5-8%. However, the secondary property market is not very active, meaning resales may take longer compared to markets like Dubai or Abu Dhabi.

Attractive Investment Opportunities

Prominent real estate developments attracting foreign investment include:

• Al Mouj Muscat: A premium waterfront community with properties ranging from OMR 500,000 to OMR 2 million.
• Jebel Sifah: A coastal resort community with 3-bedroom villas priced around OMR 212,000.
• AIDA Project: A high-end development situated between the mountains and the sea, with starting prices at OMR 128,000.

These developments fall within ITC zones, where foreign ownership is permitted, and residency rights are granted to property owners and their immediate families.

Economic and Social Benefits

The Golden Visa program aims to diversify Oman’s economy by attracting foreign investment and reducing dependence on oil and gas revenues. By encouraging investments in real estate and business sectors, the program stimulates job creation, enhances the local business ecosystem, and contributes to the country's long-term development goals.

Additionally, the program offers a stable and appealing option for expatriates and retirees seeking long-term residency in a country known for its rich cultural heritage, strategic location, and high quality of life.

Challenges and Considerations

While the Golden Visa program presents numerous opportunities, potential investors should consider:

• Financial Requirements: Meeting the minimum investment thresholds is crucial.
• Market Liquidity: The secondary property market in Oman is less active compared to neighboring countries.
• Cultural Adaptation: Understanding and integrating into Omani culture is essential for long-term residency.
• Regulatory Compliance: Staying informed about government policies, laws, and renewal requirements is necessary to maintain residency status.

Oman’s Golden Visa program is a strategic initiative to attract global investors, offering long-term residency options through substantial investments in real estate and business sectors. With its favorable investment climate, high-quality developments, and commitment to economic diversification, Oman is positioning itself as an emerging destination for international investors seeking stability and growth in the Gulf region.