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Saudi Arabia attracts wealthy and high-skilled expats through its new permanent residency permit fixed at SAR800,000

MAGNiTT News 1 year ago - Mon, May 20, 2019, 6:53 AM

Saudi Arabia attracts wealthy and high-skilled expats through its new permanent residency permit fixed at SAR800,000
Author: MAGNiTT

By Gulf Business

SOURCE: Gulf Business - Saudi Arabia attracts wealthy and high-skilled expats through its new permanent residency permit fixed at SAR800,000


The fee for Saudi’s new permanent residency permit (iqama) – similar to a green card scheme – has been fixed at SAR800,000 ($213,333), local daily Saudi Gazette reported.

Meanwhile a one-year temporary iqama will cost expats SAR100,000 ($26,666), the report quoted unnamed sources as saying.

Last week, the Saudi cabinet approved the special residency scheme aimed at attracting wealthy and high-skilled expats.

The law, which was earlier passed by the Shoura Council, will grant the special iqama holders residency without the need for a Saudi sponsor.

Under the law, the holder of such an iqama will have family status, can recruit workers, own and lease property and transport in the kingdom, can obtain visit visas for relatives, can freely enter and exit the country and will also have the use of designated queues at airports.

Two categories will be offered – an extended iqama valid for an unlimited period, and a second with a one-year validity which will be subject to renewal.

Eligible expatriates must have a valid passport with a credit report, adequate financial resources, a health report and no criminal record.

A separate centre is being set up to handle the cases under the new scheme, which has also been tasked with preparing the executive regulations of the law.

The centre, which will have financial and administrative independence, is expected to soon announce all the details related to scheme, Saudi Gazette reported.

Currently over 10 million expats work and live in Saudi Arabia.


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