Oman is preparing to reset its golden visa program and will now provide more property investment options for foreign investors. This announcement is being made at a time when the country’s real estate market is in the news due to expensive deals, including the most expensive penthouse deal ever recently. Senior officials have fixed the date for releasing the full details of the new Golden Visa program on 31 August.
Although Golden Visa is not at all new to Oman, it is present since the program 2021, but now it is being made attractive to more promotion and investors. Under the current rules, Oman gives 10 years residency on the basis of investment in five categories, including at least 5 lakh Omani riyal priced properties, shares or investments in government bonds. At the same time, half the amount has to be invested for 5 years residency.
Experts believe that Oman’s investment standards have been higher so far than the UAE and Saudi Arabia, due to which the uptake was limited. But now the government wants this program to become a long-term partnership model, rather than being limited to financial transactions. This is the reason that investors’ rights are being further clarified, family incidence has been added and digital infrastructure such as Oman Business Platform and Mujeedah Companies Initiative is being empowered both investors and local companies.
The new Golden Visa indicates that Oman not only gives importance to capital, but also commitment, so that the country can be established as the most stable and thoughtful investment gateway in the region.
