Oman introduces long-term visas for foreign investors

Oman will start granting long-term residence visas to foreign investors, state media said on Wednesday, as the Gulf state pursues wide-ranging reforms to fix its shaky finances.

The move to offer renewable 5- or 10-year residency visas echoes moves by neighbour the United Arab Emirates in recent years to offer longer-term residencies and recently, even citizenships, to investors and certain professionals. Non-citizens in Gulf Cooperation Countries usually have renewable visas valid for only a few years tied to employment. In the era of lower oil prices and economic diversification away from hydrocarbons, states are looking to retain residents and their families who can contribute to the economy.