Non-Omani citizens were allowed to own freehold properties in integrated tourism complexes (ITCs) and some designated areas. These areas were specifically developed to attract foreign investment and tourism.
What is an ITC?
RESIDENCY AND VISA
Buying a property in Oman allows Non-Omani citizens and direct family (wife, children and parents) to obtain a residency in Oman. As soon as the property is registered in Ministry of Housing and the title deed is issued, a residency will be granted with a visa for 2 years (renewable)
Why to Invest in Oman?
Economic Stability: Oman has a relatively stable economy compared to some other countries in the region. The government has taken steps to diversify the economy, reducing its dependence on oil revenue. This diversification can create opportunities for growth in various sectors, including real estate.
Infrastructure Development: Oman has been investing in infrastructure development, including transportation, utilities, and tourism-related projects. This can increase the overall attractiveness of the country and potentially lead to higher property values in certain areas.
Tourism Potential: Oman is known for its natural beauty, historical sites, and cultural heritage. The government is actively promoting tourism, which can drive demand for short-term and long-term rental properties, especially in popular tourist destinations.
Expatriate Population: Oman has a significant expatriate population, including a sizable workforce in industries like oil and gas, construction, and tourism. Expatriates often seek rental properties, creating a stable rental market.
Foreign Ownership Regulations: Oman has relatively liberal regulations regarding foreign ownership of property, making it easier for non-Omanis to invest in real estate.
Tax Benefits: Oman has no personal income tax, which can be an advantage for property investors who generate rental income.
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Projects
Muscat Bay
Muscat Bay is an upscale luxury lifestyle community. Nestled between the pleasant natural cove at the foot of the Al Hajar Mountains, and not too far from downtown, Muscat Bay is a residential haven for those who are looking to get away from city life and enjoy pleasant moments with the family in a home surrounded by the natural beauty of Muscat.
Life at Muscat Bay takes you out of the bustling city and centres you in the tranquillity of the deep blue sea at the beachfront and locked against the terrains of the Al Hajar Mountains. Muscat Bay places you in an exquisite integrated community to experience serenity and leisure, a result of years of planning and acute attention to detail. Muscat Bay provides incredible amenities and features that encapsulate resort village living, perfect for families and couples who are in pursuit of a 5-star lifestyle, but don’t want to tread too far away from the city either.
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Zen Residences By Muscat Bay
PEACEFULNESS, HARMONY, SERENITY, COMFORT, TRANQUILITY
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