The Ministry of Commerce and Industry and the promotion of investment in the Sultanate of Oman by announce an investor's investor program, which gives investors and foreign retirees, the right of long residence in the Sultanate.
According to Arab Net, it will be initiated in September next through the Investment Services Center in the Ministry electronically after completing all the procedures for the project.
The program aims to facilitate the granting of accommodation for investors wishing to invest in the Sultanate so that the duration of 5 or 10 years are renewable, with obligations and regulatory controls, as well as supporting complementarity efforts to enhance the investment environment in the Sultanate and bring qualitative investments in accordance with clear controls.
The Sultanate of Oman seeks to increase its revenues to strengthen its public financial, at a time when the budget deficit during the first quarter of this year was 751 million riyals equivalent to about $ 2 billion.
Revenue also fell 30% due to Kovid 19 pandemic and oil prices fell.
In this context, the Sultanate of Oman plans to impose an income tax paying by high entry holders in the framework of plans to reduce the deficit.
Public expenditure has declined by about 3% in the first quarter on an annual basis by containing efforts in government units.
The Standard & Poor's Credit Dating Agency (CD) has confirmed last month.
