Driven by low tax rates and innovative residency and citizenship programmes, countries in the Gulf Cooperation Council (GCC) have become the preferred choice of investors and individuals looking for relocation or residency.
Leave alone new investors, Arabs with citizenship in European countries are migrating to the Gulf countries. Reasons cited by experts vary from “ease of doing business” to “golden visas,” which provide residency for investors, entrepreneurs, and highly skilled workers.
In addition to this, the region’s modern infrastructure, affluence, abundant natural resources, and better quality lifestyle make it an attractive prospect for foreign investors.
“Some immigrants had previously been living in Gulf countries before moving to Europe and chose to leave Europe after failing to integrate”, points out a Media Line, an American news agency.
Statistics quoted by the agency that extensively reports on Middle East events, show a surge of over 30 per cent in the number of European citizens of Arab origin in some Gulf countries.
“The number of European immigrants of Arab origin began to increase in 2023 and at the beginning of 2024," the report indicates, adding, “many left European countries due to economic problems and high taxes, seeking the luxurious lifestyles available in the Gulf”.
Called foreign friendly, the innovative golden visas under the residency by investment programme in Oman, UAE, Saudi Arabia, and Qatar offer long-term visas to international investors of high net worth by guaranteeing them access to a high standard of living along with the ability to live, work, study, and travel visa-free.
Driven by Vision 2040, Oman, a country that boasts of setting the highest standards in quality of life under its grand skyline and relaxed entry requirements to its territory, launched the prestigious Golden Visa programme in 2021, with a range of benefits to attract foreign investors, entrepreneurs, and skilled professionals.
It may be noted that Oman does not offer a golden visa or citizenship by investment programme similar to those offered elsewhere. Such golden passport programmes often allow individuals to “obtain citizenship or residency rights through substantial investment, typically in real estate and national development funds”.
One of the major advantages of the Oman's Golden Visa is the opportunity it provides for individuals to establish and expand their businesses in the country. As experts point out, investors and entrepreneurs can benefit from the Sultanate of Oman's strategic location, business-friendly policies, and strong economy.
The fact is that residency-based investment programmes are growing in the Gulf countries as more governments diversify their economies to reduce their dependence on oil and gas sectors.
Along with the long-term residency comes the recent creation of a common travel area and tourist visas that are similar to the Schengen Zone. The implementation of this decision will dissolve the requirement for different visas when visiting different GCC member countries.
The new tourist visa that comes as part of the Gulf Strategy for Tourism 2023–2030 will make visitors eligible to use a single tourist visa in order to visit Oman, the UAE, Bahrain, Kuwait, Qatar, and Saudi Arabia.
That’s not all. Oman continues to remain a country with one of the lowest taxes and easiest tax compliance regulations as part of its efforts to stay relevant and ensure foreign investors remain interested in the region.
According to a ranking published by expat insurance firm William Russell, Oman, Kuwait, Bahrain, and the UAE are the top four affordable tax-free countries to relocate to in 2024.
Among these, Oman comes in at the top with a relocation score of 7.92. Oman is the cheapest country to purchase or rent an apartment, as it has the lowest monthly living costs. It is also the third-cheapest country for monthly utility bills.
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