Muscat: The Sultanate of Oman on Wednesday announced to grant long-term residency to foreigners with the aim of attracting investments, the Oman news agency reported.
The announcement comes at a time when the country is facing financial difficulties in light of the outbreak of the COVID-19 virus and is seeking to diversify its economy.
The Omani Ministry of Commerce, Industry, and Investment Promotion said that the “investor residence” program will be launched, under which foreign investors and retirees are granted the right to a long stay in the Sultanate. The ministry said that the scheme will be activated next September.
“The program aims to facilitate the granting of residency to investors wishing to invest in the Sultanate, so that the residence period is 5 or 10 years, subject to renewal, in addition to supporting integrative efforts to enhance the investment environment in the Sultanate and attract quality investments,” the ministry added.
The COVID-19 pandemic has added to the pressure on oil prices and hampered efforts to stimulate the economy in Oman, where 254,656 cases and 2,816 deaths have been reported since the start of the crisis.