We accompany you in this article to learn about the ownership law in the Sultanate of Oman by listing a set of decrees, laws, and ministerial decisions with their exact details. Through this article, you can learn about the legal rights of foreign investors in real estate in the Sultanate of Oman, the areas where ownership is permitted, the prohibited areas, and the details of other legal.
We recommend that you read the article well and understand all the information contained therein.
Ownership Law in the Sultanate of Oman - the most important decrees
The Sultanate of Oman regulates procedures and permits for foreigners to own property on its territory, whether they hold Gulf and Arab nationalities or others, in accordance with a number of royal decrees and ministerial decisions issued during the past years, the most important of which are:
Ministerial Decision No. 58/2022, which regulates the rights of non-Omani investors to own property in the Sultanate and obtain a residence card of the first or second category
The foreign capital investment law in the Sultanate of Oman, and it is considered one of the oldest laws of ownership for foreigners in the Sultanate.
The law prohibiting the ownership of foreigners in the Sultanate of Oman in some areas, which is a Royal Decree No. 29/2018
Royal Decree 9/2020 to regulate the foreign purchase of apartments and residential floors within the territory of the Sultanate of Oman.
These decrees and decisions are among the most important laws that a foreign investor must review in order to know the details of his rights to own property within Omani lands, and all relevant information. In the following paragraphs, we have prepared a sufficient explanation for each of these laws.
The latest ownership laws for non-Omanis in the Sultanate - 58/2022
To get acquainted with this law, you should see the following:
Text of Law 58/2022
This law states that:
A non-Omani investor wishing to obtain a first-class residency card has the right to request a certificate from the Land Registry Secretariat proving that he has purchased one or more housing units with a total value of not less than (500,000) five hundred thousand Omani riyals, or with a value not less than (250,000) two hundred and fifty thousand Omani Rials if he wishes to obtain a second category residence card.
In all cases, that unit or housing units must be in the places licensed for ownership by non-Omanis.
A non-Omani investor who has a first-class residence card has the right to own one real estate for residential, commercial or industrial use outside the places licensed to be owned by non-Omanis, provided that the ownership of the real estate is not in the places stipulated in the law prohibiting the ownership of lands and real estate by non-Omanis in some of the aforementioned places.
What is a first-class residence card?
A residence card granted to the investor with immediate family members, without specifying the number or age of the individuals.
It is extracted after owning a property outside the Integrated Tourist Areas (ITC) for residential, commercial or industrial purposes, with a value of at least 500 thousand Omani riyals.
Its holder can employ up to three domestic workers as a “service” without the need for a sponsor to obtain it.
It is considered a permit to practice economic activities or work inside the Sultanate.
It also gives its owner the authorization to open a bank account.
Through it, the investor has the possibility of obtaining visit visas for family members.
He can also enter the lanes designated for Omani citizens at airports and ports.
What is the second category residence card?
An investor card that gives its holder the right to live in the Sultanate of Oman with immediate family members of the first degree without any restrictions on the number of individuals, although children over the age of 25 may not be included.
It is granted after owning a property or several properties with a value of at least 250,000 RO
It gives the investor the ability to employ up to three domestic workers without the need for a sponsor to hire them.
It is also a suitable option for conducting economic activities or working within the Sultanate.
It grants its owner the privilege of opening a bank account in the Sultanate of Oman.
It is also an opportunity to obtain visitor visas for relatives.
It allows its bearer to use lanes designated for Omani citizens at airports and ports.
The oldest Omani law for foreign ownership - 102/1994
The Ownership Law in the Sultanate of Oman No. 102/1994 is known as the Foreign Capital Investment Law, and it is a law in the Sultanate of Oman that provides the legal framework for foreign investment in the country.
The law also allows foreign investors to establish companies and invest in various sectors of the economy, subject to certain restrictions and regulations.
With regard to real estate ownership, the law allows non-Omanis to obtain long-term leases for up to 50 years, with the possibility of renewal for an additional 25 years, in specific areas called Integrated Tourism Complexes (ITC).
The law also allows the establishment of joint ventures between Omanis and non-Omanis to invest in real estate projects in the country.
By law, foreign investors are required to obtain approval from the Ministry of Commerce and Industry before making any investments in the country.
In addition, the law provides for the protection of foreign investments from nationalization or confiscation by the Omani government.
It is important to note that the Foreign Capital Investment Law is subject to certain restrictions and regulations, and it is recommended to consult with legal experts and relevant authorities before making any investment decisions.
Areas in which non-Omanis are prohibited from owning property - 29/2018
This law stipulates that non-Omanis are prohibited from owning land and real estate for all uses in the following governorates:
Dhofar, except for the state of Salalah