Oman to launch Golden Residency programme for foreigners: All you need to know | World News

Oman is all set to roll out its Golden Residency programme in a bid to attract foreign investment into the country.
The Golden Residency programme, which provides long-term residency, land and business ownership, among others, will be officially rolled out on August 31, the Minry of Commerce, Industry and Investment Promotion.
According to Mubarak bin Mohammed Al-Douhani, Director General of Planning at the Minry of Commerce, Industry and Investment Promotion, the Golden Residency programme is aimed at “providing a stable and stimulating business environment that offers investors high-quality opportunities for long-term growth and stability.”
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Oman Golden Residency programme
It provides investors with renewable 5- or 10-year residency permits, allowing them, their spouses, children under 25, and dependent parents to live, work, and study in Oman without the need for local sponsorship.
Oman is offering two types of  long-term residency programmes. The first one has a validity of ten years and can be obtained with an investment of not less than RO 500,000 (Rs 11 crore) in a limited liability company, public joint-stock company or government bonds.
Those buying properties in the Sultanate with a value of no less than 500,000 Omani riyals (Rs 11 crore) or establishing  a company employing a minimum of 50 Omani nationals are also eligible for the Golden Residency programme. The fees for this Golden Residency programme is 551 Omani riyals (Rs 1.25 lakhs).
The second type of Golden Residency can be obtained with an investment of 250,000 Omani riyals (Rs 5.7 crore) or the purchase of property worth a similar amount.Story continues below this ad
This Golden Residency has a validity of five years and has a fees of 326 Omani riyals (Rs 75,000).
Applications for the new programmes can be made through the ‘Invest Oman’ online platform.
Oman’s Vision 20240
Oman’s Golden Residency programme is similar to the Golden Visa programmes launched other GCC countries to attract both investment and talent from around the world to the Middle East.
Oman, like other oil-dependent economies in the region, has been trying to diversify its economy as part of its Vision 2040 strategy.Story continues below this ad
Mujeedah Companies
Along with the Golden Residency programme, Oman will also unveil Mujeedah Companies, a new initiative to recognise and support high-performing Omani companies, helping them to expand their local and international operations through various incentives and support packages, as part of Vision 2040.