Expatriates can now own properties in Oman worth up to OMR 500,000
Muscat: Expatriate investors can now own real estate in Oman worth up to half a million Rials, following a ministerial decision issued by Dr Khalfan bin Saeed Al Shuaili, the Minister of Housing and Urban Planning.
Expat investors who buy housing units valued between OMR 500,000 and OMR 250,000 will receive a first-class residence card, while those who own homes valued below OMR 250,000 will receive a second-class residence card, from the Real Estate Registry Secretariat.
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Investors who own homes that enable them to acquire first-class residence cards also have the right to own a single property outside those areas licensed for expatriate ownership.
The ownership of properties by expatriates must be done without showing prejudice to Royal Decree No. 29/2018 and the executive regulations issued under Ministerial Resolution No. 292/2020, which list those areas where expatriates in the Sultanate are prohibited from owning real estate.
Source : timesofoman.com