Expats can now own properties outside ITCs

Expats can now own properties outside ITCs

Muscat: Expatriates can now own properties in Oman outside integrated tourism complexes (ITCs) following a ministerial decision issued by Dr Khalfan bin Saeed Al Shuaily, Minister of Housing and Urban Planning. The new decisions enable foreign investors to own properties worth over OMR250, 000, and is split into two tiers of ownership: Investors who buy properties above OMR500, 000 are offered first-class residency, while those who buy properties valued between OMR250, 000 and OMR500, 00 are given second-class residency. "The main difference between these two categories of ownership is that first-class residency enables investors to buy residential, commercial, and industrial properties, but second-class residency is limited only to residential units," he said. "Furthermore, the new law does enable expatriates to own properties outside the ITCs, but only if these properties are valued above OMR 250, 000," he added. "Should an expatriate wish to buy a house that costs less than this amount, they can do so through the existing ITC projects or usufruct schemes." Ownership rights of expatriates must be in line with Royal Decree No. 29/2018 and Ministerial Decision No. 292/2020, which detail areas where expatriates cannot own property and the executive regulations concerning foreign ownership of real estate.