The Ministry of Commerce, Industry and Investment Promotion in the Sultanate of Oman has approved the “Investor Residence” program, under which foreign investors and retirees are granted the right to long stay in the Sultanate. The decision will be activated during next September through the Ministry's Investment Services Center electronically after completing all the procedures related to the project.
The program aims to facilitate granting residency to investors wishing to invest in the Sultanate, so that the residency period is 5 or 10 years, renewable, while adhering to the procedures and controls regulating this, in addition to supporting integrative efforts to enhance the investment environment in the Sultanate and attract quality investments according to clear controls.
The Sultanate of Oman is seeking to increase its revenues to enhance its public finances, at a time when the budget deficit during the first quarter of this year amounted to 751 million riyals (equivalent to about two billion dollars), due to a decline in revenues by about 30% due to the Covid-19 pandemic and low oil prices.
In addition, the Sultanate of Oman intends to impose a tax on income to be paid by high-income earners, starting next year, as part of plans to reduce the deficit, as public spending fell by about 3 percent during the first quarter on an annual basis due to efforts to contain costs in government units.
Source (Al-Arabiya.net Website, Edited)
