In recent years, the Sultanate of Oman has emerged as a promising destination for global investors seeking to tap into new markets, diversify their portfolios, and capitalize on the country’s economic growth. At the heart of Oman’s strategy to attract foreign investment lies the innovative “Oman Investment Visa” program, which offers a gateway to a wealth of opportunities for both investors and the nation alike.
The Oman Investor Visa is specifically designed to enable qualified foreign entrepreneurs and investors to establish a base within the Sultanate of Oman to establish and run a business. It is also possible for foreign investors to invest in businesses established within the Sultanate of Oman (i.e. to become shareholders in an existing Omani company).
The Omani investor visa is usually granted for up to two years and can be renewed before expiration. To renew the investor visa in Oman, the investor or entrepreneur will still need to meet the eligibility requirements and continue to hold their investment within Oman.
A Glimpse into Oman’s Economic Landscape
Oman, a nation situated at the crossroads of the Middle East and Asia, boasts a rich history, stunning landscapes, and a welcoming cultural environment. However, it’s not just its natural beauty and heritage that are drawing attention; Oman has been making significant strides in economic diversification and development. Traditionally reliant on oil exports, the government has been actively working to reduce its dependence on oil revenue by promoting non-oil sectors such as tourism, logistics, manufacturing, and mining.
Introducing the Oman Investment Visa
At the heart of Oman’s economic transformation lies the Investment Visa program. This initiative is designed to attract foreign capital, skills, and expertise by offering a streamlined pathway for eligible investors to gain residency in Oman. The program provides a range of benefits, including:
- Residency Privileges: Successful applicants and their families are granted long-term residency in Oman, allowing them to live, work, and invest in the country without the need for constant renewals.
- Business Opportunities: The Investment Visa program opens doors to a range of sectors, from real estate and tourism to manufacturing and agriculture. This encourages investors to explore sectors that align with their interests and expertise, fostering economic growth and job creation in the process.
- Access to Markets: Oman’s strategic location provides easy access to the Middle East, Asia, and Africa, making it an ideal hub for businesses looking to expand their reach into these markets.
- Education and Healthcare: Visa holders can also benefit from Oman’s high-quality education and healthcare systems, ensuring a high standard of living for themselves and their families.
- Supportive Environment: The Omani government has been proactive in creating a business-friendly environment, streamlining regulations, and offering support to foreign investors to facilitate the setup and growth of their ventures.
What is the investment residency program in the Sultanate of Oman?
The Omani Investment Residency Program (IRP) is a new initiative launched in September 2021. The scheme is designed to encourage more inward investment in tourism, mining, logistics, agriculture, fisheries, education, health and information technology (IT). One of the main reasons for introducing an IRP is to encourage a greener circular economy within Oman. Eligible persons under this scheme will be able to obtain a long-term residence permit, renewable for five or ten years.
Do I qualify for Oman investor visa?
The following requirements must be met to secure an investor visa in Oman:
- The investor or project owner must obtain approval from the Omani Ministry of Commerce and Industry. They will want to be satisfied that the applicant is a genuine foreign investor and has sufficient investment funds available. Applicants will also need to provide details of the intended investment – i.e. amount, type of business/sector and investment plan.
- A work permit from the Omani Ministry of Manpower (MOM) will also be required.
- A residence permit is also required to invest in Oman.
How do I apply for an investment visa for Oman?
There are several steps to securing an investor visa for Oman, as follows (this process below assumes you are applying from outside Oman):
- Apply for an investment permit from the Omani Ministry of Commerce and Industry.
- Apply for a work permit from the Omani Ministry of Manpower (MOM).
- The investor or entrepreneur applies for an entry visa from the nearest Omani embassy/consulate.
- An investor or entrepreneur who applies for a residence permit after arriving in Oman.
While there is no specified minimum investment, larger investments have a higher chance of securing an immigration permit. Investments of at least US$100,000 (approximately OMR 40,000) are usually required to submit a successful investor visa application in Oman.
Read More: How To Get Visa For Oman?
What are the documents required to obtain an investor visa for Oman?
In order to apply for an investor visa for the Sultanate of Oman, several documents will be required, which may include:
- Two personal passport photos (6 x 4 cm) of the investor/entrepreneur.
- A copy of the applicant’s passport valid for at least six months.
- A copy of the partnership agreement in case of investing in an existing Omani project.
- In the case of investing in an existing business, a copy of the commercial register from the Ministry of Commerce and Industry, and a copy of the Oman Chamber of Commerce and Industry membership card.
- Detailed investment plan.
- Evidence of available investment funds.
- Authorization from the Ministry of Commerce and Industry.
- Work permit issued by the Ministry of Manpower.
- Original and copy of the medical certificate for those coming from India, Pakistan, Bangladesh, the Philippines, Indonesia, Sri Lanka, Egypt, Sudan, Ethiopia, Syria and Nepal.
- If the foreign employee wants to bring his wife, a copy of the marriage contract certified by the Omani Ministry of Foreign Affairs.
Can I extend my investor visa in Oman?
Yes, investor visas can be renewed from within the Sultanate of Oman before it expires. In order to submit a successful renewal application, evidence must be provided that the applicant continues to invest in the country.
Investors may also benefit from a new initiative announced by the Omani government, which will allow them to obtain a residence permit for five or ten years; See above for details of the new Investment Residency Program (IRP) for Oman.