The Cost of Living Index in Oman is 43.5, indicating it is affordable compared to New York City. Groceries (43.8) and restaurant prices (41.2) are also notably affordable.

Oman's housing market is very affordable, with a property price to income ratio of 3.87 years. The Rent Index is 12.0, suggesting low rental costs.

With a Purchasing Power Index of 165.3, residents in Oman have excellent buying power, significantly higher than in New York City.

Oman currently does not impose personal income tax. A 5% Value Added Tax (VAT) was introduced in April 2021. There is no annual property tax, but a 3% property transfer fee applies to foreigners (1% for Omanis as of Jan 2026) and a 3% municipal tax on rental income for landlords. A 5% personal income tax on annual gross worldwide income exceeding OMR 42,000 (approx. USD 109,200) for tax residents will take effect from January 1, 2028.

Oman was ranked 21st globally in CEOWORLD magazine's 'World's Best Countries to Invest In or Do Business for 2024'. The government actively fosters a nascent but ambitious startup ecosystem through initiatives like Oman Vision 2040 and the Invest Easy platform, focusing on diversification.

Omani citizens have free access to a generally high-quality public healthcare system. A comprehensive Social Protection Fund (SPF) provides unified old-age, disability, and survivors' pensions for Omani workers, along with a Job Security Scheme offering unemployment benefits. Non-Omani employees are being integrated into the SPF for work injury, sick leave, and maternity leave insurance, with a new mandatory provident savings scheme for expats starting July 2027.

Deposits in Oman are protected up to OMR 20,000 (approximately USD 52,000) per depositor per bank under the Bank Deposits Insurance Scheme (BDIS), administered by the Central Bank of Oman (CBO). This scheme is mandatory for all licensed banks, including Islamic banks as of October 2024, and is compatible with international standards.