Why invest in Oman?
After successfully fulfilling their Vision 2020 with new developments in the country, its new lenient laws are even more welcoming and attract foreign investors. They have diversified, industrialized, and privatization the business sectors for their next goal in Vision 2040. They are also adopting a sustainable circular economy which would generate new businesses and economic opportunities, and it is growing steadily since 2000.
Oman is the pioneer in E-government solutions and the first country to use electronic identity cards for its citizens, and it ranks as the 18th most internet-ready country in the world. No wonder the GCCC voted Oman to be the IT Hub in the Middle East. In fact, the brand Onsor is Oman’s own smartphone and laptop brand launched just recently. And do you know that Oman has manufactured their own self-charging electric car? It’s called Mays iE1.
Economic & political stability
Because Oman stays neutral amidst the political drama in the region, it is able to maintain a healthy relationship with everybody and this benefits its economy. There is no war, sanction, famine, or immigration crisis as they have strict border control.
Diverse Free-Market Economy
Oman is not relying on natural gas and oil anymore, they have started exploring alternative energy resources, as well as tech-driven manufacturing activities, imports of live stocks, aquatic, base metal, and mineral products, and textiles.
From 2004-2021, Oman recorded only a 2.7% inflation rate, because Oman holds the significant value of US dollars which helps maintain the currency at its rate for as long as it is producing oil.
There is no personal income tax in Oman, including income from capital gains, wealth, death or property. And the corporate tax is only 15% annually. The vat is at 5% only which by global standards is the lowest rate implemented in the world. This makes Oman one of the lowest tax countries in the world.
Real estate properties in Oman are good investments now that there is an oversupply of properties in the market. NOW, It is a good time to invest! The prices dropped to half the market value in the last two years due to the pandemic. The properties are beautifully, and quality built.
Language is not a barrier because everyone speaks fluent English in Oman. And yes, you don’t need to study Arabic.
Tourism and Tranquility
Another reason to invest in Oman is because it is a beautiful country. It is one of the most- promising industries now that more and more influencers talked highly about it. It is the 4th safest country in the world to travel to.