Oman has emerged as a promising destination for budding investors and entrepreneurs who want to obtain residency through their business ventures. Its strategic location in the Middle East, stable economy, and progressive policies offer a host of benefits for those looking to establish themselves and their businesses in the region.
The nations within the Gulf Cooperation Council (GCC), such as Oman, have been spearheading innovative programmes for residency in recent years, which have gained popularity worldwide as they attract foreign capital and talent. These programmes enable individuals and entrepreneurs to explore obtaining residency in varying ways, such as by investing in business and contributing growth and diversification to the local economy. These programmes for residency have criteria through which eligibility it assessed and may vary slightly in terms of investment type and amounts.
These programmes of residency by investment give both individual expatriates and the local economy a wealth of benefits. By establishing a business, entrepreneurial investment stimulates a variety of economic sectors and industries, which promotes economic growth and diversification, contributes to employment opportunities and furthers the individual’s business.
Recently, Oman has introduced its own Oman Investment Residency programme, which is expected to stimulate its economy and foreign investments. This programme offers entrepreneurs and investors the opportunity to receive residency through their investments in business, real estate, or government bonds in Oman. In order to support the application for these residency permits, there are typical requirements for programmes such as this in terms of minimum investments and the need to demonstrate financial capability.
The attraction of investments into Omani businesses contributes to the concept of the country’s in-country value (ICV). ICV is an initiative which aims to promote local economic development by encouraging investment in domestic industry, employment opportunities, and technological innovation. With participation in these initiatives, entrepreneurial investors can mutually benefit through their own residency, prospective business and Oman’s sustainable economic goals. The addition of foreign entrepreneurs, investors and businesses into Oman, can be expected to result in innovation and new technologies, and therefore its overall global competitiveness.
The incorporation of new companies as a result of these residency investment initiatives generates employment opportunities in Oman. The added job creation these entrepreneurial businesses bring attracts additional talent to the country and provides internal opportunities to local talent. The continued operation and expansion of these businesses enhance the hiring environment, as well as the job and talent pools. When establishing in Oman, it is important to be aware of a recent Omanisation update in their employment policy, for foreign investors and business owners. As of April 1, 2024, it is mandatory for them to hire at least one Omani citizen within their first year of operations.
Oman is developing its provision of incentives to foreign investors, such as tax and fee incentives, permits to invest in numerous new industries, and reduced governmental fees. Last year, Oman reduced its commercial registration fees for foreign investors, equalising requirements for foreign investors in comparison to Omani investors, with the exception of the Omanisation requirement.
With investor-friendly policies, a strategic location and a vibrant economy, Oman stands out as a promising destination for investors seeking residency and business prospects in the GCC market. As Oman continues to diversify its economy and attract foreign investment, investor visas and residency programmes will play a crucial role in driving sustainable development and prosperity in the Sultanate. By leveraging these opportunities, investors can contribute to Oman’s growth story while enjoying the benefits of residency and business success in the heart of the Arabian Peninsula.