Oman's Golden Visas Are Turning Into A Big Hit With Global Investors
Oman is emerging as one of the top global destinations for investment-linked residency – but true to its style, the Gulf state has been going about it in an understated way. But that's all changing.
It was recently that Oman announced an intensely ambitious re-development plans for Salalah, the popular tourism destination in the southern part of Oman. The re-development opens up a whole range of long-term residency possibilities in Oman – and one which is definitely going to figure prominently in the plans for the global wealthy 'who want a different vibe where they want to be'.
'The Salalah re-development is nothing short of a generational makeover for Oman and its ambitions to be a global investment spot,' said an investment advisor to high networth individuals.
'Oman offers both a 10-year visa and 5-year residency (which is renewable) for investors,' said Gorvinder Pannu, Partner in Employment at Addleshaw Goddard Oman. 'The 'golden visa' offers long-term residency for foreign investors – subject to fulfilling certain conditions.
'This program represents a significant step in Oman's efforts to attract foreign investment and create a thriving business environment.'
* For the 5-year residency, the minimum investment is OR250,000, which must be made in real estate, a limited liability company or public joint stock company. (Retired expats can also qualify for the 5-year visa if they can demonstrate a fixed monthly income of at least OR4,000.
* For the 10-year visa, a minimum investment of OR500,000 can be in real estate, a limited liability entity or public joint stock company. Or the investor can set up a company employing at least 50 Omani nationals (where no minimum capital is required).
* Alternatively, long-term government bond deposits are also acceptable.
Keep these things in mind – the applicant must be 21 years or above. The applicant must not be subject to a previous deportation order in Oman.
The Golden Visa applications are to be submitted to Oman's Ministry of Commerce, Industry, and Investment Promotion. 'Final approval vests with the Royal Oman Police, which has the authority to accept or reject applications at its discretion,' said Pannu.
Now, the Golden Visa has been just the catalyst Oman's property market needed. New projects have been unveiled, with the Salalah re-development being the cornerstone initiative.
Salalah has been a major tourism draw for Oman through the years, but now, through the re-development, options open up for expats to consider longer term stays through buying property there.
'Yes, Oman is a growing but remains a niche freehold market,' said Aakarshan Kathuria, CEO of RiseUp.
'Foreigners can own freehold properties in 'integrated tourism complexes'. The ownership comes with residency rights for the buyer and immediate family.
'Investment in Oman offers an excellent lifestyle appeal and decent gross returns of 5-8% in ITCs. But the secondary property market is not very active – so resales may take longer compared to Dubai or Abu Dhabi.
'Which is why Oman is more suited for long-term investments offering stable rental income.' Al Mouj Muscat: A premium waterfront community featuring villas, townhouses, and apartments with marina access. Prices range from OR500,000 to OR2 million.
Jebel Sifah: A coastal resort community about 45 minutes away from Muscat. Listings show prices of a 3-bedroom villa at OR212,000.
AIDA project: A high-end development located between the mountains and the sea with starting prices of OR128,000.
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