Muscat: Oman is all set to launch a programme that will grant long-term residence permits to foreign investors in the Sultanate from September, state-run Oman News Agency (ONA) reported on Wednesday. The Ministry of Commerce and Industry announced the initiative, called the Investment Residency Programme (IRP), which will issue visas for a renewable period of five and ten years.
The initiative will benefit the diaspora, which constitutes around 42 per cent of Oman's population. IRP bids two extended residency programmes through real estate and commercial investment on a renewable period of five and ten years. The ministry added that the programme aims at attracting investment in the sectors of industry, tourism, mining, logistics, agriculture, fisheries, education, health and information technology.
The programme shows Oman's determination to become ever more globally competitive, increase trade, strengthen the industry and empower our business community, ONA noted. The decision was taken at par with the resolutions of the Council of Ministers last March.