Saudi Arabia has launched Premium Residency
scheme. The scheme is aimed at boosting investment and non-oil revenues by
attracting wealthy expats.
The scheme offers a permanent residency for
800,000 riyals and a one-year renewable residency costing 100,000 riyals.
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.
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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