Daijiworld Media Network - Riyadh (SHP)
Riyadh, Jun 24: A new residency scheme for expatriates was launched by Saudi Arabia on Sunday, June 23. This scheme is similar to the green card system which is commonly followed in other countries.
The new scheme is launched with an aim to attract the wealthy and high-skilled expats. It offers two types of residencies, a permanent one for 800,000 Saudi riyals (Dh 784,000) and the other with a year, but renewable residency for 100,000 Saudi riyals.
An online portal was opened for the interested individuals to apply. The scheme had been approved by the cabinet last month.
Through this scheme, expats will have the ability to own properties. Along with the benefits of owning properties, the foreign expats can do business in the kingdom.
In a report, it was found that over 10 million expats work and reside in Saudi Arabia under a system where they are required to be sponsored by a Saudi employer. Besides, they were also required to have an exit and re-entry visa issued whenever they want to leave the country.