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- By Faisal
Your 3 step guide to Oman residency by investment
Oman is a popular tourist destination known the world over for its rich history, culture, and natural beauty. In recent years, the country has also introduced a residency by investment program, allowing foreigners to obtain a residence permit and live in Oman.
Similar to other famous golden visa programs and how they have been attracting foreign investors from overseas – think of the major reasons investors are buying property in Portugal – Oman, has also started to enter this path.
Oman’s Investor Visa Program
It oversees government initiatives in order to attract foreign investment from the Sultan of Oman. In a statement released on Friday by the embassy, it said the Sultanate has committed itself to promote business development among foreign nationals. In order to improve the Sultanate’s attractance to foreign investors the state has revised its Tax Code.
Here is a 3 step-by-step guide on how to obtain the Investor Visa Oman:
Step 1: Meet the Requirements of the Investor Visa Oman
To be eligible for the investor visa in Oman, you must meet certain requirements set by the Ministry of Commerce and Industry. These requirements include:
1. Minimum Investment
You need to invest a minimum amount set by the government in approved sectors and businesses. The specific amount will depend on the sector and the size of the capital of the investors in the company doing the investment.
2. Business Ownership
You must own an existing business company or establish a new business company, or one in Oman. The business should contribute to the economic development process of the country.
3. Financial Statement
You need to provide a personal account statement or other financial documents required by foreign investors to prove that you have sufficient funds to invest in Oman.
Let’s take a look at the experiences of an individual who applied for the investor visa and successfully met these requirements.
Minimum Investment: Ahmed’s Success Story
Ahmed, an entrepreneur from Dubai, had always dreamt of expanding his business into Oman. However, he was initially unsure about the minimum investment required. With the help of a local agent, Ahmed identified an approved sector and determined the minimum investment amount. He carefully reviewed his company’s capital and made the necessary adjustments to meet the requirement. Today, Ahmed’s business in Oman is thriving, thanks to his determination and strategic investment.
Step 2: Submit the Application
Once you meet the requirements, you can submit your application for the investor visa. You will need to provide the necessary documents, including:
- Passport: A valid passport with a minimum validity of six months.
- Proof of Investment: Documents proving your investment in an approved sector in Oman.
- Proof of Business Ownership: If you own an existing business, provide documents related to its ownership. If you are establishing a new business, provide the necessary registration documents.
- Financial Documents: Provide documents that show your financial stability and ability to invest in Oman.
- Other Required Documents: The Ministry of Commerce and Industry may require additional documents depending on your specific case.
Passport Renewal: Elena’s Determination
Elena, an entrepreneur from Russia, had been living in Oman for several and two years before. When she decided to apply for the investor visa, she realized her passport was about to expire. With limited time on her side, Elena quickly sought assistance from the Russian embassy to expedite the passport renewal process. With her renewed passport in hand, she successfully submitted her application, demonstrating her commitment to continuing her business endeavors in Oman.
Step 3: Visa Processing and Residence Permit
Once your application for visas is submitted, it will be reviewed by the relevant immigration authorities. If approved, you will receive an investor visa that allows you to get visas to enter Oman. Upon arrival, you need to complete the necessary procedures to obtain visas and a residence permit.
- Register Property: If you own a property in Oman, you must register it with the local municipality. Provide the required information, such as the property’s address, value, and ownership details.
- Medical Examination: Undergo a medical examination to ensure you are in good health. You may need to provide a medical certificate as part of the residence permit application.
- Residence Permit: Submit the necessary documentation, including your passport, visa, property registration, and medical certificate, to the Royal Oman Police. They will process your residence permit, allowing you to live and work in Oman.
Let’s explore the experience Ali, an entrepreneur from Kuwait. He had already invested in a property in Oman before applying for the investor visa.
Property Registration: Ali’s Investment Journey
Ali, an entrepreneur from Kuwait, had already invested in a property in Oman before applying for the investor visa. However, he had not registered the property with the local municipality as required. Realizing the importance of compliance, Ali sought guidance from a local real estate agent who helped him navigate the registration process efficiently. With the property registered, Ali successfully obtained his residence permit, allowing him to live and work in Oman.
Frequently Asked Questions about Oman Residency by Investment
1. What are the requirements for an investor visa in Oman?
To obtain an investor visa in Oman, you need to meet specific requirements. These include:
- Minimum Investment Requirements: You must invest a minimum amount of capital as determined by the Omani authorities. The exact amount depends on factors such as the sector you are investing in and the scale of your investment.
- Ownership of a Business: You must own a business in an approved sector. The government of Oman has a list of sectors eligible for investment, and your business should fall within one of these sectors.
- Financial Documents: You need to provide the necessary financial documents to demonstrate your ability to make the investment. This may include bank statements, financial statements, or other relevant documents.
2. How much does an investor visa cost in Oman?
The cost of an investor visa in Oman varies depending on multiple factors. These factors include the size of foreign capital in your investment and the sector in which you are investing. It is advisable to contact the Ministry of Commerce and Industry for specific details regarding the cost of an investor visa.
3. How long is an investor visa in Oman?
The duration of an investor visa in Oman can range from at least six months to one to ten years. The exact duration depends on the scale market value of your investment and the sector in which you are investing. This extended duration allows investors to establish and grow their businesses in Oman with more ease and stability.
4. How can I get Omani citizenship by investment?
Oman does not offer citizenship through investment. However, the residency by investment program allows investors such you to obtain a residence permit in Oman. While this does not grant you citizenship, it provides you with the opportunity to reside and conduct business in the country.
5. How long does it take to get an Oman investor visa?
The processing time for an Oman investor visa may vary, but it typically takes around 10 years 15 days. This timeframe allows for the necessary administrative processes, document verification, and approvals from other countries to be completed. However, it is important to note that the processing time can depend on various factors, so it’s recommended to consult with the relevant authorities for the most accurate information.
6. How can I get permanent residency in Oman?
Oman’s residency by investment program does not offer permanent residency. However, you can renew your residence permit as long as you continue to meet the program’s requirements. This provides you with the opportunity to maintain your investment and business activities in Oman over an extended period of time.
7. What is the validity of an Oman investor visa?
The validity of an Oman investor visa can range from one to ten years, depending on the sector and scale of your investment. This allows you to have a long-term presence in Oman and conduct business activities with greater stability and certainty following conditions made in foreign affairs.
8. How much does it cost to renew an investor visa in Oman?
The cost of renewing an investor visa in Oman can vary. To get the most accurate and up-to-date information regarding the cost of renewal, it is advisable to contact the Royal Oman Police. They will provide you with the necessary details and guidance to complete the renewal process smoothly.
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