Oman has become the latest country in the Gulf region to expand on its long-term residency programme for foreigners, in a bid to bring more investment into the country.
A broader package of incentives announced on Saturday is set to be formally launched by sultanate's Ministry of Commerce, Industry and Investment Promotion at the end of August.
Along with the golden residency programme, Muscat also plans to reveal incentives for high-performing Omani companies to expand locally and globally.
Like its peers in the Gulf region, Oman is pushing to diversify its economy away from oil. It aims to reduce its dependence on oil income by 15 per of its gross domestic product by 2030 and further reduce it by 18 per cent by 2040.
Foreign direct investment remains a key focus to unlock the growth potential of the sultanate.
Countries for years have been dangling golden visa schemes as an incentive to lure FDI, as well as global talent. Such schemes offer a second passport or at least residency in another country for investors and their families.
Typically, applicants availing such schemes have to park funds, usually in real estate or business investments and the amount can range from hundreds of thousands of dollars to millions in some cases, according to investment migration advisers Henley & Partners.
The National looks at what Gulf countries have on offer for investors and what benefits investors achieve when they opt for similar schemes in Europe or the Caribbean.
Gulf long-term residency schemes
Oman
Oman currently offers two investment residency programmes through real estate, commercial investment and long-term bank deposits on a renewable five and 10-year basis subject to criteria, according to the ministry's Invest Oman platform.
It is yet to be seen what else Muscat will include in its long-term residency scheme when it officially launches the latest package of incentives for foreign investors in Salalah on August 31.
Currently, those making an investment of at least 500,000 Omani rials ($1.3 million) in a limited liability company, public joint-stock company or government bonds, or buying a property in the sultanate to that value, are eligible for a 10-year visa that can be extended.
The visa is also offered to those who establish a company employing a minimum of 50 Omani nationals. The fee for the visa is 551 rials.
Meanwhile, those investing 250,000 rials in a limited liability company or public joint-stock company, or buying a property for that value, are eligible for a five-year visa.
Expatriates living in Oman who wish to retire in the sultanate can also obtain an extended five-year residence permit by providing evidence of fixed income of at least 4,000 rials a month. The applicant will need to pay 326 rials for the visa.
UAE
Introduced in 2019, the UAE long-term residence visas are perhaps the most popular among global investors. The long-term residency schemes in the UAE enable foreigners to live, work and study in the UAE without the need for a local sponsor.
These visas can be issued for five or 10 years and are renewed automatically. The visa has no restrictions on travelling in and out of the country and can also cover spouses, children and parents to enjoy the same benefits.
An investor can acquire property valued at Dh2 million or more to qualify for the golden visa and the threshold can be met either with a single property or by combining several. Those investing in mortgaged and off-plan properties are eligible for golden visas if they make a down payment of at least 50 per cent of the property value and obtain a bank guarantee for the remaining amount. The property must also be at least 50 per cent complete.
Professionals based in the UAE qualify for the golden visa if they have a basic monthly salary of Dh30,000 ($8,168), excluding allowances.
Saudi Arabia
The kingdom's premium residency initiative, launched in 2019, is designed to attract and retain talent, professionals, investors and entrepreneurs.
Investors can qualify for the residency schemes if they invest 7 million Saudi riyals ($1.86 million) as a minimum in a business. Their direct permanent residence in the kingdom, however, is tied to them investing the amount during the first two years and their business creating at least 10 jobs during the same period.
Investors can also opt for residency of one year and up to five years that can be renewed for a fee of 100,000 riyals a year. Meanwhile, an unlimited premium residency is offered for a fee of 800,000 riyals a year, according to the data on premium residency website.
Owning or using real estate assets worth no less than 4 million riyals in Saudi Arabia also allows investors a chance to gain long-term residency in the kingdom. However, their length of stay would be subject to their ownership or use of the investment property.
Talented individuals and professionals in sports, cultural, and artistic fields are also offered a fixed five-year residency, renewable once upon meeting the eligibility criteria.
Bahrain
Bahrain began offering its golden residency programme in 2022. The visa gives the holder the right to work in Bahrain, residency benefits for a spouse and other close family members and unlimited entry and exit to the country. To qualify for the visa, an applicant must have resided in Bahrain for five years and must earn an average salary of at least 2,000 Bahraini dinars ($5,306) per month.
Residents and non-residents who own property worth 200,000 dinars or more, retirees with an income of 4,000 dinars and highly talented people are also eligible for the visa. The visa is renewed every 10 years if the holder meets the eligibility requirements.
European residency schemes
UK
The UK’s innovator founder visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
The business idea will be assessed by a Home Office – approved endorsing body. Upon being granted settlement and spending a minimum of five years in the UK, it is possible to apply for British citizenship. There is no minimum investment, but the investor must have the required funds to create an innovative and scalable business.
Switzerland
The Swiss residence programme offers residence to applicants and their families through economic contributions. The applicant cannot be employed in Switzerland but can manage global investments, and must agree to pay an annual lump-sum tax and a one-time residence permit application fee.
The investment for this programme starts from 250,000 Swiss francs ($311,400) as an annual lump sum tax payment. After maintaining residence for 10 to 12 years, investors may be eligible to apply for Swiss citizenship.
Malta
There are two ways to get Maltese citizenship through investment: by buying or leasing property or by investing in bonds.
Applicants are required to invest at least €100,000 ($116,700) in a government-approved fund. They can also qualify by renting a property with a minimum annual rent of €10,000 in Gozo or the southern regions of Malta, or €12,000 elsewhere in Malta. They can also qualify by purchasing a property with a minimum value of €300,000 in Gozo or the south of Malta, or €350,000 in other areas of Malta.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment ranging from €250,000 to €2 million, depending on the risk associated with the investment.
What’s on offer in the Caribbean
Dominica
The programme requires a minimum economic contribution to the country of $200,000. In exchange, applicants and their families are granted full citizenship.
Grenada
Applicants are required to make a minimum economic contribution to the country of $235,000.
St Kitts and Nevis
Established in 1984, it requires applicants to make a minimum economic contribution to the country of $250,000. In exchange, they and their families are granted full citizenship.
Saint Lucia
The citizenship by investment programme requires applicants to make a minimum economic contribution to the country of $240,000. In exchange, applicants and their families are granted full citizenship.
