Oman has announced it will grant long-term residence visas to foreign investors.
The sultanate’s ministry of commerce and industry said the initiative called Investment Residency Programme (IRP) for expatriates will come into effect from September.
The ministry added that the IRP offers two extended residency programmes through real estate and commercial investment on a renewable five and ten-year terms.
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The move echoes steps taken by UAE to grant longer-term residencies to investors and certain professionals.
The IRP was formed to attract high-impact foreign investment, help create jobs and enhance growth in the Middle East country.
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The program targets 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.
According to data from the Sultanate, around 42% of Oman’s population are expatriates. (RA)
