Oman's Golden Residency programme, launched on Sunday, offers a compelling opportunity for investors seeking long-term stability and growth in the Middle East. This initiative is a cornerstone of Oman Vision 2040, aiming to diversify the economy beyond oil and attract foreign direct investment.

With the new programme, Foreign Direct Investment (FDI) is set to rise further. The ratio of FDI inflows to GDP reached 12.1 per cent in 2023, with an annual growth rate of 10.6 per cent. The cumulative total of FDI increased by the end of 2024 to approximately RO 30 billion, reflecting the improved investment climate in Oman.

The Golden Residency programme represents the government’s commitment to creating a balanced investment environment combining quality opportunities and long-term stability. Oman ranked fourth globally in the Quality of Life Index for 2024, enhancing its appeal as both an investment and a living destination.

The programme provides renewable 5-year or 10-year residency permits for investors and their families, including spouses, children under 25 and dependent parents, without requiring local sponsorship.

The programme offers various pathways to obtain residency, catering to different investment preferences. These include property ownership in integrated tourism complexes, company establishment, purchase of government bonds or shares and bank deposits.

Specifically, a 10-year visa is available for individuals investing a minimum of RO 500,000 in a limited liability company, public joint-stock company, government bonds, or real estate. This tier also applies to those who establish a company employing at least 50 Omanis.

For a 5-year visa, an investment of RO 250,000 in the same categories is required. Additionally, expatriates wishing to retire in Oman can apply for a 5-year residence permit by demonstrating a fixed monthly income of RO 4,000.

The Golden Residency programme offers a comprehensive suite of benefits designed to attract high-net-worth individuals and foster a sustainable business environment. These benefits include full business ownership rights, tax exemptions, property ownership rights in freehold zones, and access to quality healthcare and education.

Oman's stable political environment, low crime rates and welcoming society further enhance its appeal as a safe haven for international investors. The launch of the programme is a key component of Oman Vision 2040, which seeks to reduce the country's reliance on oil and expand its non-oil economic base.

Investments are being directed into priority sectors such as logistics, manufacturing, real estate, information technology, renewable energy and tourism. The programme is expected to attract foreign capital, encourage entrepreneurship and generate employment for Omanis, thereby contributing to a more resilient and diversified national economy.

The programme is part of a broader trend in the Gulf region, where several nations have implemented similar long-term residency schemes to attract capital, talent and strategic investment.

While Oman's investment requirements have historically been higher compared to some regional counterparts, the renewed focus and promotion of its programme aim to increase its competitiveness. The programme also seeks to attract specialised talent and entrepreneurs, fostering innovation and bringing new expertise into Oman's economy.

Alongside the Golden Visa, Oman is implementing digital trade reforms, such as the electronic transfer of commercial registrations via the ‘Oman Business’ platform. These reforms aim to reduce bureaucracy, cut costs and promote faster company setup and licensing, thereby improving the overall ease of doing business.

Attracting long-term residents and their families can stimulate demand in various sectors, including housing, retail and services, contributing to sustained economic growth.

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