Beauty has an address ~ Oman
Non-Omanis(exclusive of GCC Nationals)are allowed to own the following types of real estate in the integrated tourism complexes approved by the government in the different governorates and regions of the Sultanate:
- Built real estateWhether villa, apartment or shop.
- Reclaimed plots
Conditions of ownership
- Individuals and companies who are granted land according to the law of the Organization of the Usufruct of the Sultanate’s land and wish to establish an integrated tourism project can sell built units or land after obtaining the permission from Ministry of Tourism and after paying 10% of value of the built units or 20% of the value of the land to the Ministry of Housing, Electricity and Water.
- Land bought in integrated tourism projects should be built within a period of 4 years from the date of registration . This period can be extended for a further 2 years if compelling reasons have caused the delay. However the buyer cannot dispense of the land before the elapse of the above mentioned period.
Advantage of Owning in Tourism Complexes
- Re-selling:The owner has the right to dispense of the built real estate at any time.
- Inheritance:Real estate ownership can be transferred to the heirs of the owner according to the laws of the owners country of domicile.
- Exemption from income tax:The investor in tourism sector is eligible for an exemption from income tax for five years , extendable for another period of 5 years.
- Other advantages:
- In the unlikely event of real estate being expropriated for public use the owner is eligible for fair compensation in accordance with the regulations in this regard.
- The owner whose real estate has been expropriated is allowed to own another real estate.
- If a decision to expel the owner is issued, the owner has the right to dispense of the real estate according to the lows and regulations applied in the Sultanate.