Economy
Saudi Arabia Starts Offering Permanent Residency for $213,000

(Bloomberg) — Saudi Arabia has opened applications for a permanent residency program designed to attract foreign investment to the kingdom, but it will cost a hefty 800,000 riyals ($213,000).
There’s also a cheaper option, with a one-year renewable residency costing 100,000 riyals. The so-called premium residencies will allow foreigners to buy property and do business without a Saudi sponsor, switch jobs and exit the kingdom easily and sponsor visas for family members, according to the website for registrations.
As well as the paying the high fee, applicants must be at least 21 years old, prove financial solvency and have a clean criminal record and bill of health.
The program approved in May is the latest sign of how the quest for non-oil revenue is prompting Gulf nations to rethink the role of foreigners in their societies. It’s a landmark move in a region where many overseas workers are subject to some of the world’s most restrictive residency rules.
The United Arab Emirates approved a plan to allow wealthy foreigners to apply for a 10-year stay, while Qatar passed a law that’ll grant some permanent residencies.
The idea for a long-term Saudi residency program was first floated in 2016 by Crown Prince Mohammed bin Salman, as a part of his plan to reduce the economy’s reliance on oil and boost foreign direct investment. At the time, he estimated the program would generate about $10 billion in annual revenue by 2020.
While Saudi Arabia is seeking to encourage the affluent to stay, monthly fees imposed on foreign workers and their families, along with sluggish economic growth, have prompted hundreds of thousands of expatriates to leave. The levy is designed to spur private businesses to hire Saudi nationals.
https://www.businessliveme.com/top-10-most-expensive-locations-for-expats/
-
OER Magazines2 months ago
OER, February 25
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, February 2025
-
Economy1 month ago
Is Gold a Good Investment in 2025? A Deep Dive into the Precious Metal’s Future
-
Banking & Finance2 months ago
Sohar International Appoints Abdul Wahid Mohamed Al Murshidi as Chief Executive Officer
-
News2 months ago
Shell Oman Marketing Company Hosts the 1st Lubricants Technology Conference in Muscat
-
News2 months ago
Oman Explores Semiconductor & EV Investments with EONH Private Holdings & Jetour Global
-
News1 month ago
Nothing Phone 3a and 3a Pro launches in the Middle East
-
Food & Dining2 months ago
Al-Futtaim IKEA’s Iftar Buffet Is Back, Offering Classic Comfort and Bold New Tastes
You must be logged in to post a comment Login