Muscat:Â Expatriates who leave Oman on expiry of their work contracts can retain residential or commercial properties they buy under the country’s usufruct scheme.
Such properties can also be rented or managed through a mediation office, a law firm or a realtor irrespective of whether the owners are within or outside Oman, local media reports said, citing the Ministry of Housing and Urban Planning (MOHUP).
The ministry said more benefits are in the offing for non-Omanis who buy property in multi-storey residential and commercial buildings.
Expats can invest in buildings coming up in Amerat, Boushar and Seeb.Â
The usufruct period for such buildings can last for up to 50 years, and be extended for 99 years.Â
But the scheme has certain riders. The buildings must be constructed within the areas that have been designated for use under this scheme.
With the usufruct scheme, Oman aims to keep pace with global trends around controlling the movement of funds, and to use them to develop the real estate market in Oman.
It is expected to bring many economic benefits, including stimulating the real estate sector, and supporting investment of further projects.