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Property owner visa in Oman

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Oman is increasingly catching the eye of foreign investors due to its strategic location near its larger neighbors in the Arabian Peninsula, along key trade routes connecting East Africa and South Asia. Oman is the largest oil producer outside OPEC in the Middle East, it boasts stable politics and a transparent economy with significant potential. Recent relaxations in previous restrictions have transformed Oman into an inviting destination for foreign investment. According to the World Bank, foreign direct investment in Oman was $3.72 billion in 2022.

The nation is actively constructing free economic zones and logistics hubs around strategically located ports, initiating new housing projects, entering into trade agreements, and establishing a favorable legal and tax environment. Notably, real estate acquired by foreigners in Oman grants them 100% ownership rights. Moreover, Oman stands out for its absence of personal income tax, capital gains tax, and inheritance tax.

For those aspiring to become residents of Oman, there are several options to secure a visa for either 5 or 10 years. Prospective residents can achieve this by purchasing real estate, establishing a company, or investing in government bonds. In this discussion, we'll delve into the specifics of obtaining a resident visa in Oman through real estate ownership.

Conditions to Secure a Resident Visa As a Property Owner

  1. Property Types and Locations:
    Foreign investors are allowed to purchase housing in Integrated Tourism Complexes (ITCs), whether it's under construction or ready for occupancy.
  2. Minimum Investment for 5-Year Visa:
    To obtain a 5-year resident visa, the applicant must purchase real estate with a minimum value of 250,000 OMR (approximately AED 2.3 million).
  3. Minimum Investment for 10-Year Visa:
    For a 10-year resident visa, the real estate investment must have a minimum value of 500,000 OMR (approximately AED 4.7 million).
  4. Documentation Basis:
    The resident visa is issued based on the Title Deed, a legal document confirming property ownership.
  5. Installment Purchases:
    If an investor buys a property under construction through installment payments, the developer issues a letter confirming that the client is the owner of the property and this allows the investor to obtain a yearly renewable multiple-entry resident visa. This visa permits travelling to Oman, with a maximum stay of 90 days per trip.
  6. Sponsorship Not Required:
    This resident visa does not necessitate a sponsor in Oman, streamlining the process for investors.
  7. Sole Ownership Requirement:
    The applicant must have sole ownership of the property to be eligible for the resident visa.

These conditions outline the key requirements and procedures for foreign investors seeking a resident visa through real estate ownership in Oman.

Privileges and Rights of a Foreign Resident in Oman

  • For the 10-year visa, the investor can stay in Oman with members of their first-degree family, regardless of number or age.
  • For the 5-year visa, the investor has the right to stay with members of their first-degree family, regardless of number and with a maximum of 25 years for children.
  • The investor is entitled to employ up to 3 domestic staff members.
  • The investor holds the right to work in the sultanate.
  • The investor is allowed to open a bank account.
  • The investor has the right to apply for visitor visas for relatives.

Key Documents For the Resident Visa Application

  1. A valid passport with at least 6 months of validity.
  2. A title deed along with the floor plan of the building.
  3. A letter from the developer confirming the investor's purchase of the already built residential property in an Integrated Tourism Complex (ITC). This letter should be stamped by the Oman Ministry of Tourism.
  4. The resident visa fee is 50 OMR, and it is non-refundable.

By providing these documents and fulfilling the stipulated requirements, investors can initiate the process of obtaining a resident visa in Oman and enjoy the associated rights and privileges.

Entering Oman on a resident visa must be done within 3 months from the date of approval. It's crucial to note that a penalty of 20 OMR per month is applicable for late renewal or non-registration of the residency permit. For the 5-year visa, the electronic residency card needs to be renewed every two years, while for the 10-year visa, renewal is required every three years.

As Oman is in the early stages of welcoming real estate investors, navigating through the various questions and nuances can be challenging. Our team at Everhomes, comprised of experienced real estate brokers and lawyers, is committed to providing comprehensive support. We are ready to address all your inquiries and guide you through every stage of the process, from selecting the property and evaluating its investment potential to document preparation and transaction execution.

Feel free to reach out to us at hello@everhomes.ae for any assistance or information you may need. We are dedicated to ensuring a smooth and successful experience for real estate investors exploring opportunities in Oman.