Muscat: The Oman government on Wednesday granted its long-term residency visa to United Arab Emirates (UAE) based-Indian radiologist and businessman Shamsheer Vayalil Parambath and LuLu group chairman and vice-chairman of the Abu Dhabi chamber M. A. Yusuff Ali.
Shamsheer Vayalil Parambath took to Twitter and expressed his gratitude towards the Oman government and said, “Deeply humbled and privileged to be one of the first recipients of the long-term residency visa granted by the Oman government. In this proud moment, I express my sincere gratitude to the leadership of Oman and HE Qais Bin Mohammed Al Yousef for bestowing me with the honor.”
Also, Yusuff Ali took to Twitter and wrote, “Greatly honoured & humbled to be one of the first recipients of the long term residency granted by @Tejarah_om. Very thankful to His Majesty Sultan Haitham Bin Tariq Al Said, Sultan of Oman & the Govt. for considering me for this recognition @OmanNewsAgency.”
He further adds, “As one of the leading retailers in the Sultanate, we have no doubt that this long-term residency which is in line with #OmanVision2040 will attract more international investors, create more employment opportunities and further boost the economy in this great country.”
The Oman government on Wednesday has activated the investor residence programme, which grants foreign investors and retirees long-term residency in the Sultanate, Oman News Agency (ONA) reported. The application to this will be begin to receive from October 3, 2021 through the ministry’s investment services center electronically.
The Indian entrepreneurs received 10-year residency visa from Qais Bin Mohammed Al Yousef, minister of commerce, industry and investment promotions at a ceremony held at Muscat today. In the first batch of the investor program an investor residence visa was handed over to the first 22 investors of different nationalities, in the presence of government officials.
The program aims to attract and promote qualitative investments that contribute to the growth of the domestic product and create job opportunities to supplement the Omani economy, and are in line with the objectives of the Oman 2040 Vision.
The Oman government’s program also aims to facilitate granting residency to investors wishing to invest in the country for periods ranging from 5 to 10 years, subject to extension according to specific controls and procedures, provided that these residencies are not permanent
Upon obtaining the residency, the investor is granted encouraging advantages and incentives, provided that the controls are adhered to throughout the specified residency period.
In the month of June 2021, the Sultanate said it would offer long-term residence visas to foreign investors; as part of its attempts to provide a more attractive environment for foreign investments, it explained that it will start activating the program during this September.
Government data from 2020 showed that expatriates make up about 42 percent of Oman’s population.