Oman has announced that the registration fees for investors given special residency visas has been set at RO500 ($1,295) for a 10-year visa, and RO300 ($777.3) for a five-year visa, said a report.

 

The cost of renewing these visas – which must be done every three years – is also the same as the registration fee, said the Times of Oman report quoting a decision issued by the Royal Oman Police.

 

Investors can also apply for visas for their spouses and/or children. The visa cost for a 10-year period will be RO100 and RO50 for a five-year one. These visas can also be renewed for the same price as applying for them.

 

“For a foreigner who wishes to invest his money in the country and upon his request and according to a certificate issued by the competent authority stating the same, a visa may be granted to his wife and children,” added the ROP in their decision.

 

“The visa is valid for a period not exceeding one year, subject to extension for a similar period based on the approval of the competent authority,” added the decision. “The visa entitles its holder to enter and reside in the country for a period not exceeding three months each time.”

 

The age requirements will not apply to those who obtain residency through either investment or real estate. However, the residency of expatriates who own real estate in an integrated tourist complex will expire if they take any legal action to dispose of the property, or transfer the same, the report said.

 

Accordingly, the residency of their spouse, children and relatives accompanying them shall also be terminated. “Investor visas are granted to foreigners who wish to invest their money in the country, based on a certificate issued by the competent authority,” added the ROP decision. “The visa must be used within one year from the date of its issuance.”

 

“Visas are also issued to the spouse of the foreign investor in the Sultanate and their first-degree relatives upon their request and under their responsibility in accordance with the regulations set by the relevant authorities.”

 

“The authorities may convert the visas stipulated in this article to any type of visa followed by residency, if the prerequisite conditions are met, in accordance with the corresponding controls, once the prescribed fee has been paid,” it added.

 

To boost foreign investment in Oman, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) recently launched the new long-stay investor programme.

 

The new programme ensures that upon obtaining residency, investors will be provided further incentives and benefits, in keeping with conditions of the residency period.