In the UAE, Bahrain, and now also Oman, the Golden Visa has become a tool to attract foreign capital and strengthen the local economy. What the three states share is the desire to use Golden Visas not only as a prestigious benefit but also as a strategic means of diversifying their economies. The UAE has led in this field since 2019, offering five- or ten-year residence permits to investors, entrepreneurs, professionals in high demand (engineers, doctors, scientists), and outstanding students—without requiring a local sponsor. The visa provides many advantages, including the ability to bring family members, freedom of movement outside the country, and access to health and education services.
Bahrain has launched a residency program that allows individuals to live and work in the country and is also open to real estate investors. This step was designed to distinguish the small kingdom amid the growing competition in the Gulf, although it faces similar challenges, such as creating real economic value for the local economy in addition to questions about the effectiveness of such a move in a state with more limited resources.
Oman is officially joining the trend and this month will launch a residency program for five or ten years. The initial requirement is an investment of at least 250,000 Omani rials—about $650,000—in real estate, commercial entrepreneurship, or in a long-term bank deposit. This step comes against the backdrop of Muscat’s improved financial situation, a decline in government debt, and growth in bond issuance and investments in renewable energy. However, the challenge for Oman is how to turn the program into an effective tool for attracting quality and innovative capital, rather than merely expanding traditional real estate investments, while maintaining financial stability and a unique economic identity compared to its Gulf neighbors.
The Gulf states seek not only to diversify their economies and provide the local economy with needed professions but also to become an international hub for professional knowledge. At the same time, the structure of the program, investment options, and requirements from applicants differ between the three states. The states should balance the desire to attract investors with public and international criticism that residency is being turned into a financial product. Added to this are concerns about money laundering, as well as questions about how much the inflowing capital creates real economic value and not just speculative activity in the real estate market.
In the UAE, Bahrain, and now also Oman, the Golden Visa has become a tool to attract foreign capital and strengthen the local economy. What the three states share is the desire to use Golden Visas not only as a prestigious benefit but also as a strategic means of diversifying their economies. The UAE has led in this field since 2019, offering five- or ten-year residence permits to investors, entrepreneurs, professionals in high demand (engineers, doctors, scientists), and outstanding students—without requiring a local sponsor. The visa provides many advantages, including the ability to bring family members, freedom of movement outside the country, and access to health and education services.
Bahrain has launched a residency program that allows individuals to live and work in the country and is also open to real estate investors. This step was designed to distinguish the small kingdom amid the growing competition in the Gulf, although it faces similar challenges, such as creating real economic value for the local economy in addition to questions about the effectiveness of such a move in a state with more limited resources.
Oman is officially joining the trend and this month will launch a residency program for five or ten years. The initial requirement is an investment of at least 250,000 Omani rials—about $650,000—in real estate, commercial entrepreneurship, or in a long-term bank deposit. This step comes against the backdrop of Muscat’s improved financial situation, a decline in government debt, and growth in bond issuance and investments in renewable energy. However, the challenge for Oman is how to turn the program into an effective tool for attracting quality and innovative capital, rather than merely expanding traditional real estate investments, while maintaining financial stability and a unique economic identity compared to its Gulf neighbors.
The Gulf states seek not only to diversify their economies and provide the local economy with needed professions but also to become an international hub for professional knowledge. At the same time, the structure of the program, investment options, and requirements from applicants differ between the three states. The states should balance the desire to attract investors with public and international criticism that residency is being turned into a financial product. Added to this are concerns about money laundering, as well as questions about how much the inflowing capital creates real economic value and not just speculative activity in the real estate market.