ITC areas in Oman are large-scale tourism development projects aimed at attracting foreign investment and enhancing tourism infrastructure. Examples include Al Mouj, Sifah, Muscat Hills, and Yiti Sustainable City.
Property Ownership for Non-Omani Nationals
• According to Ministerial Decision No. 109/2022, foreign nationals can own property for up to 99 years in ITC areas of Musandam Governorate.
• In addition to Musandam, long-term ownership is also permitted for foreigners in specific residential-recreational projects like Al Mouj, although official regulations may vary for other governorates.
Benefits of Ownership in ITC Areas
1. Long-term ownership rights (up to 99 years) for foreigners.
2. Possibility of obtaining investment residency subject to specific conditions related to property value (some PR models).
3. Inflation advantage: User feedback on social media indicates that some projects like Al Mouj have maintained their initial investment value well, while others have shown less price growth.
▎Important Investment Points in ITC
• The return on investment varies among projects. For example, some users have reported that property values in Sifah, Yiti, or Salalah have not yielded significant returns, whereas Al Mouj has performed well.
• For investment residency (PR), it is often recommended to choose completed projects (ready-to-move) to reduce pricing and execution risks.
• Projects like Muscat Hills and Al Mouj are recommended as options with a stable rental market and better liquidity.
New Legal Outlook for Special Economic Zones (SEZ/FZ)
• In 2025, Royal Decree No. 38/2025 approved the new law for Special Economic Zones and Free Zones; this law will come into effect on April 8 or 13, 2025, and will unify the legal framework for free and economic zones in Oman.
• The areas included are Duqm SEZ, Sohar FZ, Salalah FZ, Al Mazunah FZ, and other regions under the supervision of OPAZ.
• Tax advantages:
– A 10-year tax exemption (renewable) for specific activities.
– Customs facilitation, exemption from import/export taxes, 100% foreign ownership, integrated services (one-stop-shop).
– Tax exemptions do not include certain industries such as financial institutions, insurance, land transport, and maritime services.
This law is primarily focused on industrial and developmental economic zones and does not directly address ITC projects; however, it may provide similar legal support or benefits for major tourism projects in the future.
Summary Table
| Topic | Explanation |
|——————————–|———————————————————————————————–|
| Foreign Ownership in ITC | Up to 99 years in projects like Musandam and Al Mouj |
| Investment Residency | Possible with purchases in specific projects subject to transaction value |
| Return on Investment | Significant fluctuations between projects; Al Mouj shows better performance while some projects yield less |
| New Legal Framework | Unified law for SEZ/FZ (from April 2025) for industrial/commercial developments |
