Saudi Launches Permanent Residency Scheme For Expats

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Saudi Arabia on Sunday launched a new special residency scheme aimed at boosting investment and non-oil revenues, attracting wealthy and high-skilled expats.

The residency scheme offers two types of residencies, a permanent one for SAR800,000 ($213,321.96) and a one year but renewable residency for SAR100,000 ($26,665.24).

The scheme was approved by the Saudi cabinet last month, but on Sunday the online portal to apply was opened to the public.

The residencies would allow foreign expats free movement, ability to own properties and to do business in the kingdom.

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