Prime Highlights
- Oman to launch Golden Visa on August 31, offering 5- and 10-year renewable residency permits for foreign investors and their families.
- The program aims to attract foreign investment and position Oman as a competitive global investment hub.
Key Facts
- Golden Visa benefits cover spouses, children under 25, and dependent parents; no local sponsorship needed.
- Oman joins the UAE and Saudi Arabia, which already run similar long-term residency schemes.
Background
On August 31, Oman will introduce an investment visa program along with a set of reforms aimed at attracting foreign investors and enhancing the country’s business environment. This initiative aims for the Sultanate to become a competitive investment centre whilst developing its digital trade system.
The Golden Visa will grant 5- or 10-year residency permits under renewal categories to foreign investors. It also flows down to their spouses, children under 25, and dependent parents, thus not needing local sponsorship. Qualifying investors are those who invest in the property, own a business, or invest in the prioritized sectors like real estate, information technology, renewable energy, and tourism.
The move places Oman alongside other Gulf nations such as the UAE and Saudi Arabia, which already run similar programmes. Officials said the visa is one aspect of other initiatives to transform Oman into a global investment destination and become less reliant on fossil fuels.
Along with the Golden Visa, the government will begin the “Al Majida Companies” initiative to support Omani firms that have shown strong performance locally and abroad. This plan is expected to help these companies grow further, create jobs, and contribute more to the economy.
The Ministry of Commerce, Industry and Investment Promotion also provided another innovative digital service whereby commercial registration transfer is done electronically via the online interest of Oman Business. According to the officials, this will save time, reduce costs, and enhance transparency in trade.
The event is set to begin in Salalah and will feature the signing of cooperation agreements with Sultan Qaboos University, the German University of Technology, the Oman Energy Association, and Ebinaa. These partnerships will focus on developing the construction sector, which plays a key role in Oman’s economic plans.
According to the officials, as a result of the collaborations, there shall be an involvement of modern technology, an encouragement to train the local talents, and an innovation in the national projects.
Its motives to change the economy, enter and develop the industry, such as construction, technology, and energy, compete more successfully in the region, and diversify the economy also include innovations in the field of business, Golden Visa, and collaborations.
