Expats in Oman to soon own property
By IAR DeskThe move comes as part of the country’s Tanfeedh plans for economic expansion,
Photo: Trade Arabia
Muscat: Plans are underway to allow expats in Oman to own hundred percent of their own property, the government has announced.
Expats in Oman may soon be able to own hundred per cent of their own property. The government has announced that plans are afoot to translate this into a reality, the Omani media reported. The move was announced as part of the country’s Tanfeedh plans for economic expansion, which is being overseen by the state’s Implementation, Support and Follow-up Unit (ISFU).
Both the he Ministry of Housing and the Ministry of Legal Affairs will be collaborating with the Tanfeedh plans. This year is expected to see the leasehold of properties by foreign nationals, as well as the scope of this initiative.
The IFSU in its 2018 Annual Report is said to have mentioned that Foreign ownership of property will attract foreign capital to the local market and replenish the domestic real estate market. Overall, this will have a positive impact on the investment environment in the Sultanate.”
The Times of Oman quoted the report as saying “ISFU offered their guidance throughout the process and strongly encouraged the initiative owner to pursue the issuance of the ministerial decision and follow up the issuance of the royal decree.” “In 2019, the aim is to issue the regulatory decision to allow leasehold of properties for foreign individuals and define the permitted scope.”
The report also lists several challenges which will have to be overcome to see this initiative passed through.
“There were several challenges to overcome to see this initiative passed, the first of which was a debate on whether the directive would be issued in the form of a ministerial decision or a royal decree,” said the ISFU report. “A ministerial decree would only allow leasehold of properties without actual ownership. Conversely, a royal decision permitting foreign ownership of properties is the sole approach for foreigners to own freehold real estate outside of Integrated Tourism Complexes (ITCs).”
Currently, expats and foreigners were only allowed to own properties in certain areas of the country. However, expats can own 70 per cent in companies with Omani partners owning 30 per cent. In Special Economic Zones, expats can own 100 per cent of the companies.
Once expats are able to own hundred per cent of their own properties, life will not only become easier for them, but this move is also bound to attract more foreign investment in the Sultanate.
