Opening a bank account
in Oman
for foreign property buyers
A comprehensive guide to opening a bank account in Oman as a foreign property buyer. From document requirements to ITC-linked advantages, understand the process before you invest.
Banking overview
Opening a bank account as a foreign property buyer in Oman
Whether you're purchasing property for investment, residency, or lifestyle, having an Omani bank account simplifies every aspect of property ownership. From receiving rental income to paying service charges and utilities, a local account is an essential foundation for your Oman property journey.
Key considerations
Residents vs non-residents
Your banking options and requirements differ significantly based on your residency status. Residents enjoy straightforward access, while non-residents face additional requirements—though ITC property owners have a distinct advantage.
For Oman residents
Straightforward account opening with residence visa
Access to full range of personal and business accounts
Mortgage eligibility with competitive rates
Full digital banking and card services
For non-residents
Additional documentation required (bank reference letter)
May need to visit Oman in person for account opening
ITC property ownership can facilitate account opening
Sohar International known for assisting ITC non-resident buyers
Last updated
December 2025. Information reflects current banking requirements including new 2025 Banking Law and IBAN requirements.
Essential for property buyers
Why you need an Omani bank account
A local bank account isn't just convenient—it's often essential for managing property ownership in Oman. Here's why most property buyers open an account as part of their purchase process.
Banking partners
Major banks for foreign property buyers
Oman's banking sector is well-developed with several banks experienced in serving foreign property buyers. Each has strengths depending on your specific situation.
Bank Muscat
Oman's largest bank with the most extensive branch network. Comprehensive services for residents and clear pathways for foreign investors.
Largest branch and ATM network in Oman
Dedicated expat banking services
Full mortgage offerings for residents
Strong online banking platform
Bank Dhofar
Known for expat-friendly services and competitive mortgage rates. Strong presence in Muscat and major ITC developments.
Expat-focused banking packages
Competitive mortgage rates
Good service in English
Branches near major ITCs
National Bank of Oman
National Bank of Oman offers solid personal banking with good coverage. Part of Commercial Bank of Qatar group.
Wide branch network
Competitive savings rates
International banking connections
Corporate and personal accounts
Sohar International
Particularly noted for assisting non-resident ITC property buyers. Has been reported to open accounts for ITC purchasers without requiring a resident card.
ITC property owner friendly
May assist non-residents with property purchase docs
Modern digital banking
Competitive foreign currency services
Documentation
Required documents for account opening
Documentation requirements vary by bank and your residency status. Prepare these documents before visiting a bank branch.
For Oman Residents
Valid passport
Original and copy, 6+ months validity
Residence visa/card
Valid Omani residence permit
Proof of Oman address
Rental agreement or utility bill
Employment letter
Or salary certificate from employer
Passport photos
Recent photos, white background
Application form
Completed at the bank
For Non-Residents
Valid passport
Original and copy, 6+ months validity
Proof of home country address
Utility bill, bank statement, or lease
Bank reference letter
From your home country bank
Purpose of account statement
Explain property purchase/investment intent
Source of funds documentation
Bank statements showing investment capacity
Property documents (if applicable)
ITC purchase contract can facilitate account opening
FATCA forms (US persons)
W9 or W8BEN for US tax residents
ITC property owners
The ITC property owner advantage
Purchasing property in an Integrated Tourism Complex (ITC) like Al Mouj, Muscat Hills, or Azura Beach provides a significant banking advantage. Some banks—notably Sohar International—have been reported to open accounts for non-resident ITC property buyers using their property purchase documents as supporting documentation.
Step by step
Account opening process
The account opening process varies by bank and your status, but typically follows these steps. Plan for 1-2 weeks from initial application to fully active account.
Choose your bank
Before visitResearch banks based on your needs. Consider branch locations near your property, mortgage requirements, and experience with foreign buyers. Sohar International is often recommended for non-resident ITC buyers.
Gather documentation
1-2 weeksPrepare all required documents including passport, proof of address, bank reference letter (non-residents), and any property documents. Ensure documents are recent and properly attested if required.
Visit branch in Oman
Same dayMost banks require in-person verification at a branch. Bring original documents for verification. Some banks have priority services for property buyers—ask your property advisor for introductions.
Complete KYC verification
1-5 daysBanks conduct Know Your Customer checks as required by Central Bank of Oman. This includes verifying identity, source of funds, and intended account use. Answer questions honestly and completely.
Fund initial deposit
1-3 daysMake your initial deposit as required by the account type. Minimum deposits vary by bank and account. International transfers to fund the account are standard.
Activate digital banking
Same daySet up online banking, mobile app, and any cards. Ensure you have access before leaving Oman if you're a non-resident. Test all features including international transfers.
Account options
Types of bank accounts available
Omani banks offer various account types to suit different needs. As a property buyer, you'll typically need at least a current account for transactions.
Current Account
Standard transactional account for day-to-day banking. Essential for property payments, receiving rent, and paying bills.
Best for
All property buyers—essential for transactions
Cheque book facility
Debit card with international access
Direct debit for utilities
Online and mobile banking
Savings Account
Interest-bearing account for holding funds. Useful for service charge reserves or holding rental income.
Best for
Building reserves, holding rental income
Competitive interest rates
Easy transfer to current account
No/minimal fees
Regular statement and tracking
Foreign Currency Account
Hold funds in USD, GBP, EUR or other currencies. Useful for international investors managing exchange rate exposure.
Best for
International investors, currency management
Multiple currency options
Competitive exchange rates
Hedge against OMR fluctuation
International transfer efficiency
Financing
Mortgage options for foreign buyers
Several Omani banks offer mortgages to foreign property buyers, particularly those with resident status. Terms are typically favourable compared to many international markets.
Typical mortgage requirements
20-30% down payment
Proof of income (salary cert or bank statements)
Minimum income threshold (varies by bank)
Credit report from home country
Valid residence visa (for most banks)
Property valuation
Life insurance coverage
Debt-to-income ratio requirements
Common questions
Frequently asked questions
Quick answers to common questions about banking in Oman for foreign property buyers.
Can I open an account without visiting Oman?
+
Generally no—most Omani banks require in-person verification for account opening. However, some banks may offer preliminary remote application processes. You should plan to visit Oman for final account opening.
How long does account opening take?
+
Typically 1-2 weeks from initial application to fully active account. The branch visit and initial setup can be same-day, but KYC verification and card issuance may take additional time.
Are there minimum balance requirements?
+
Yes, most accounts have minimum balance requirements to avoid fees. These vary by bank and account type—typically OMR 50-500 for current accounts. Ask about fee waivers for property buyers.
Can I access my account from abroad?
+
Yes, all major Omani banks offer online and mobile banking with international access. You can manage transfers, payments, and view statements remotely. Ensure you set up all access before leaving Oman.
What are the 2025 banking law changes?
+
Oman enacted a new Banking Law (Royal Decree 2 of 2025) on January 1, 2025, modernizing the financial sector. IBAN became mandatory for all domestic transfers from July 1, 2025. These changes improve transaction reliability and align with international standards.
Can I get a credit card?
+
Residents can typically obtain credit cards subject to income requirements. Non-residents may have limited options. Debit cards with international access are available to all account holders.
What currencies can I hold?
+
You can hold OMR (Omani Rial) in standard accounts and various foreign currencies (USD, GBP, EUR, etc.) in foreign currency accounts. The OMR is pegged to USD at approximately 0.385.
Do I need an account for each property?
+
No, one account can manage multiple properties. However, some investors prefer separate accounts for different properties to simplify accounting and tracking.
Continue learning
Related resources
Explore these guides to complete your understanding of property investment in Oman.
Buyer's guide
Buying property in Oman
Complete guide to the property purchase process in Oman for international buyers.
Residency
Visa and residency guide
Understanding residency routes including Golden Visa through property investment.
Costs
Property costs and taxes
Breakdown of all costs involved in purchasing and owning property in Oman.
Lifestyle
Living in Oman
What to expect from life in Oman as an expat or property owner.
Ready to start?
Get expert guidance on
your Oman property journey
Our team can connect you with banking partners and guide you through every step of the property purchase process.