The Sultanate of Oman continues to unveil fresh measures and incentives for foreign investors, including residents who have been staying in the country for many years.
As part of the efforts exerted to boost economic recovery and stimulate the real estate market, Dr Khalfan bin Said al Shueili, Minister of Housing and Urban Planning, issues a decision allowing non-Omani investors who hold a 'First Class Residency Card' to own a property in the Sultanate of Oman.
The decision clarifies that any investor wishing to get a 'First-Class Residency Card' must get a certificate from the real estate secretariat, which proves that he bought a residential unit or more with an amount of not less than RO 500,000 and RO 250,000 in case he wishes to get the 'Second-Class Residency Card'.
In all cases, the possessing of the properties should be in the zones that are approved by the competent authorities.
The decision added that a non-Omani investor who holds a First-Class Residence Card has the right to own one property for residential, commercial, or industrial use outside the places licensed for non-Omanis to own and this right is transferable to others, without prejudice to the law prohibiting non-Omanis from owning lands and real estate in some places in the Sultanate of Oman based on Royal Decree No 29/2018 and the Executive Regulations issued pursuant to Ministerial Resolution No 292/2020.
STRATEGIC IMPORTANCE
The places where ownership of non-Omanis is prohibited include the governorates of Musandam, Al Buraimi, Al Dhahirah, Al Wusta, Dhofar (except for the Wilayat of Salalah), the wilayats of Liwa, Shinas, Masirah, Al Jabal Al Akhdhar, Jabal Shams and any other mountains of strategic importance determined by the competent authorities, islands, locations near palaces, security and military authorities and archaeological and old heritage lanes or streets, lands and real estate are allocated for agricultural use in all governorates.
This ban does not include lands and real estate located in Integrated Tourism Complexes (ITC) in all governorates of the Sultanate of Oman. This decision comes as a continuation of previous decisions in this context which allowed the sale of residential real estate units to non-Omanis using the usufruct system in multi-storey residential and commercial buildings, the ownership system in integrated tourist complexes and the system of ownership of the two Gulf countries outside the prohibited places.
“The decision was made with a focus on increasing the actual contribution of the real estate sector in economic diversification, creating a competitive business environment which attracts investors and expanding real estate development projects,” the statement added.
TRANSFERS
To facilitate the procedures for transferring the ownership of land and real estate between individuals and companies, the ministry has decided to extend the deadline for collecting the fee, when individuals transfer the ownership of land and real estate registered in their names to the names of the companies fully owned by them, for an additional six months ending on 9/8/2022 to support individuals and companies in this aspect, considering the economic conditions.
In October 2020, the government allowed expatriates who have stayed in the Sultanate of Oman for at least two years are allowed to own flats and offices in Muscat.
Among the areas under the usufruct scheme for expatriates were are phases one, two and three in Bausher, phase two in Al Khuwair and Wattayah, phases one and two in Ghala Heights, in addition to phase five of South Al Mawaleh, phase two of Al Khoudh and phase seven of South Al Mabella in Al Seeb. Al Misfah (phase two) was included. In the Wilayat of Al Amerat, phase one of Al Hashiyah, Al Amerat and Al Mahaj and Al Nahdha (phases two, three, four and five) will fall under this scheme.
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