Oman extends golden visa to cover land bought by investors

Oman has expanded its Golden Residency programme to cover land purchases after the scheme attracted more than 55,000 applications in 10 months.

Foreign investors can now qualify for residency by buying land for the development of homes or residential rental units, according to an amendment signed by Lieutenant General Hassan Al Shuraiqi, the head of Oman’s police and customs agency.

The aim is to boost the country’s appeal as a destination for real estate investment by providing greater flexibility in residency arrangements, according to an official statement.

The Golden Residency programme, launched last August, offers renewable five and 10-year residency permits to foreign investors, entrepreneurs and retirees. Applicants must invest between OR250,000 ($650,000) and OR500,000 in property, business, bonds or shares to qualify. They can also apply if they employ more than 50 Omanis or are nominated by an invested company.

Benefits include tax exemptions, property ownership rights in designated freehold areas and access to healthcare and education services for dependants.

Property businesses have welcomed the amendment. “Investors can choose to buy a ready home to move in or buy land to build at their own specifications,” said Hatem Saad, senior sales executive at Wave Homes in Muscat.

“It will expand our business and make real estate agents more profitable.”

About 56,000 people have applied for the golden visa since its launch, according to official figures.

The Ministry of Economy said about 70 percent of the applicants were expatriates already living in Oman, while India, the UK and Egypt were the three largest source markets.

Applications linked to qualifying property investments will begin to be processed in the third quarter of this year, with approvals expected within three months, the ministry said.

Expats in Oman: countries of origin