Exponentially Growing Business Opportunities in Oman
Despite the Arabian Peninsula being the brand ambassadors of Golden Visas, a form of residency or citizenship-by-investment program offered to attract foreign investment, the Middle East was not the first region to introduce a Golden Visa program. It was Portugal that introduced the first Golden Visa program in 2012 to attract international investment and boost the country's economy, especially after the 2008 financial crisis. Other countries, like Spain and Greece, later followed suit, establishing similar residency-by-investment programs.
However, today, cities like Dubai and Oman thrive on Golden Visas. Oman is emerging as one of the top global destinations for investment-linked residency. The country recently announced an intensely ambitious redevelopment plan for Salalah, a popular tourism destination in the southern part of Oman. This has opened up a whole world of opportunities for Golden Visas, with the country offering both a 10-year visa and a 5-year renewable residency for investors. To qualify for a 5-year residency, a minimum investment of OR250,000 is required, which must be allocated to real estate, a limited liability company, or a public joint stock company.
On the other hand, retired expatriates can obtain the visa if they can demonstrate a fixed monthly income of at least OR4,000. For a 10- year visa, the investment requirement is higher at OR500,000, which can be directed towards real estate, a limited liability entity, or a public joint stock company. However, an investor can also qualify by establishing a company that employs at least 50 Omani nationals, in which case no minimum capital investment is required. As Oman thrives with business opportunities, we think it is the ideal time to publish our yearly special issue dedicated to business leaders in the country.
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