Oman to introduce new long-term residency programme for foreign investors

Oman has announced a new Investment Residency Programme (IRP) for expats that it will launch in September 2021.

The IRP offers two extended residency programmes through real estate and commercial investment on a renewable five and ten-year basis subject to applicants meeting specific criteria, according to state-run Oman News Agency.

The programme is designed to attract high-impact foreign investment, help create jobs and enhance economic growth of the sultanate.

The Ministry of Commerce, Industry & Investment Promotion said that the programme will target the sectors of industry, tourism, mining, logistics, agriculture, fisheries, education, health and information technology, as well as the enabling sectors represented by the green and circular economy.

Oman ruler Sultan Haitham Bin Tarik has encouraged investments as part of the Oman Vision 2040.

Oman’s debt as a percentage of economic output will climb to 82.7 per cent in 2021 from 79.2 per cent last year. The government’s total outstanding debt stood at OMR19.7bn by the end of 2020, up from OMR17.6bn the previous year.

Read: Oman is planning a second debt sale in 2021 with dollar sukuk

The country successfully tapped the international debt market in January, raising $3.25bn. This month, reports indicated that it is planning a second debt sale in 2021 with a dollar sukuk.

The finance ministry has said that as of end-March it was more than halfway to meeting its total funding needs of OMR4.2bn for this year, thanks to borrowing and drawdowns from the sovereign wealth fund.