Obtaining an Oman Golden Visa, formally known as the Oman Investment Residency Program, is a significant step for investors who aim to reside in the Sultanate. Oman golden visa grants its holders many benefits, such as the easiest travel access to the GCC member countries, hiring up to 3 employees for domestic/private work, or sponsoring your relatives to get a visa for Oman. Whether you’re applying for a 5-year or 10-year residency, understanding the eligibility criteria and requirements is the key. In this article, we’ll cover how to get a golden visa in Oman and what are its benefits.
Key Takeaways
- You can obtain a Golden visa in Oman for 5 or 10 years. The 5-year golden visa is renewable every 2 years and the 10-year golden visa is renewable every 3 years.
- Oman golden visa benefits include applying for visiting visas for your extended family members and sponsoring relatives.
- The best sectors for investment opportunities in Oman are real estate, IT, renewable energy, and tourism.
- The main challenges and considerations for people obtaining a golden visa in Oman include financial requirements, immigration processes, and cultural shock.
What is a Golden Visa in Oman And How Does it Work?
The Oman Golden Visa Program or Oman Investment Residency Program was launched in September 2021. This program aims to attract foreign investors to make a significant contribution to Oman’s economy. As an exchange, investors receive Oman residency. The golden visa can be granted for 2 different timeslots: 5 or 10 years.
7 Benefits of Getting Oman Golden Visa as an Investor
Obtaining an Oman Golden visa suggests many advantages to its holders.
Here’s a breakdown of the benefits that the Oman Golden Visa comes with.
- Work and take part in business activities
- Buy a residential property
- Open a bank account
- Sponsor your relatives, including children up to 25 years old, and secure residency for them
- Apply for visiting visas for your extended family members
- Hire up to three employees for domestic or private work
4 Investment Opportunities: How Can You Become an Investor in Oman?
If you’re interested in becoming an investor in Oman, consider the following investment opportunities.
Real Estate
Thanks to its continuous growth in demand for residential and commercial properties, investing in real estate is a very prudent step. By investing 250,000 Omani rials in residential real estate, you can obtain a 5-year Oman Golden Visa, and by investing 500,000 Omani rials, you can get a 10-year Oman Golden Visa.
IT
The IT sector is one of the fastest-developing sectors in Oman. Focusing on smart cities, cybersecurity, and tech startups, Oman aims to make IT one of the most profitable branches of its economy.
Renewable Energy
Oman aims to create better and more eco-friendly energy sources. The Minister of Energy and Minerals states that by 2030, the country will generate at least 30% of its energy from renewables.
Tourism
According to the Times of Oman, in 2023, Oman welcomed more than 3 million tourists. Having a rich cultural heritage makes the tourism sector a promising area for investment. Investing in hotels and eco-friendly resorts, this sector offers high returns.
Eligibility Criteria
If you want to know how to get a golden visa in Oman, here are some key requirements, that you need to meet:
- Be at least 21 years old
- Have a clean criminal record
- Be a good character
- Have a valid health insurance (for yourself, and if your family members apply, for them as well)
- Have proof of sufficient funds required for the minimum amount of investment required for an Oman residence visa
How to Get a Golden Visa in Oman?
Contact a professional։ The process of gathering all the necessary documents and applying for a golden visa in Oman may be overwhelming, that’s why it’s advisable to contact an expert who will guide you through the whole process. Mirabello Consultancy’s specialized agents are experienced in helping people get a golden visa, citizenship, and residency permit and are always ready to help you.
Meet the requirements: To get a Golden Visa in Oman, you should know that the requirements vary depending on whether you're seeking a 5-year or 10-year visa. Let's explore how to get a Golden Visa in Oman for both durations.
5-year visa
You need to invest at least 250,000 Omani rials in one of the following ways:
- Open or buy a company
- Buy a real estate
- Buy government bonds
10-year visa
You need to invest at least 500,000 Omani rials in one of the following ways:
- Open or buy a company
- Buy a real estate
- Buy government bonds
Gather all the necessary documents
Submit the application
Challenges and Considerations
Obtaining an Oman investor visa comes with many challenges and considerations, that’s why it’s advisable to contact an experienced immigration expert who will help you through the whole process.
Some of the key challenges include:
Financial requirement
As we’ve already mentioned before, one of the crucial aspects of getting an Oman golden visa is meeting the financial requirements. Depending on whether you're applying for a 5-year or 10-year visa, the investment thresholds vary.
Immigration processes and tax system
Of course, the golden visa program is designed to offer stability, but getting acquainted with government policies, laws, and new regulations is essential. It’s also required to learn about periodic renewals or additional documentation that might be required to maintain your residency status.
Cultural Immigration
Having a culture shock is a common thing among expats. To avoid it, it’s advisable to visit the country before relocating there, understand whether you fit the environment or not, and learn some of the common things in their culture and essential expressions in their language.
Post-Approval Process
Receiving an approval for Oman golden visa isn’t the end of the process. Consider the following steps as well.
First of all, you’ll need to finalize any remaining documentation that is essential to obtain a residence permit. Secondly, find suitable housing, set up banking services, and understand the local healthcare system. If you’re moving with your family members, you should also arrange for schooling and other essential services. Finally, pay attention to the ongoing maintenance of your residency status. The process may include renewing your visa at specified intervals, meeting minimum stay requirements, and keeping up with changes in Omani residency laws.
Conclusion
To sum it up, in this article, we’ve talked about how to get a golden visa in Oman and highlighted the key benefits, investment opportunities, challenges, and overall application process. This guide outlined the essential steps required for a smooth and successful application. Whether you’re an investor or just a person who wants to reside in Oman, understanding the eligibility criteria and requirements is the key. With careful planning, you can fully take advantage of Oman’s economy.
