Saudi launches residency scheme to boost revenue

  1. Saudi Arabia has launched Premium Residency scheme. The scheme is aimed at boosting investment and non-oil revenues by attracting wealthy expats.
  2. The scheme offers a permanent residency for 800,000 riyals and a one-year renewable residency costing 100,000 riyals.
  3. The other rights and privileges offered by the scheme are: a) Residence in Saudi Arabia with one’s family, b) Visit visas for relatives, c) Ownership of real estate for residential, commercial and industrial purposes, in areas other than the cities of Makkah and Madinah and border areas, d) Ownership of private means of transportation and other movables, e) Working at private establishments with the ability to change jobs, f) Engagement in business activities in accordance with the Foreign Investment Law, g) Exiting and entering the country at one’s own accord.
  4. Saudi Arabia is currently home to some 10 million overseas workers. At present, expat workers are typically sponsored by a Saudi employer and are required to get visas to exit and enter the country.

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