Oman introduces long-term residencies for foreign investors

Oman will start granting long-term residence visas to foreign investors, state media said on Wednesday.

Oman's initiative, effective from September, grants foreign investors and retirees the right to reside for long periods in the sultanate, the ministry added.

Sultan Haitham, who acceded to power in January 2020, has  ordered the government to accelerate plans to create thousands of jobs.

The move to offer renewable 5 or 10-year residency visas echoes moves by the United Arab Emirates in recent years to offer longer-term residencies to investors and certain professionals.

Expatriates make up around 42% of Oman's population, government data from 2020 showed.

Non-citizens in Gulf Cooperation Countries usually have renewable visas valid for only a few years tied to employment.

Reuters