As part of Saudi Arabia’s plan to expand their economy and shift the focus on other income sources rather than the petrol, a new scheme has been created in the country and provided by the government that allows people to receive permanent residency. This new scheme allows expats in the country who are premium residence and have spent a lot of time in the country for business purposes to keep staying with any sponsor.
The new program allows people to buy properties in the country and own businesses which then will be aided by purchasing the Saudi Arabian residency. However, this comes with a huge price, where the government has quoted this scheme to reach a value of 800,000 riyals ($213,000). Other options provided by the government are worth only 100,000 riyals which has to be renewed annually.
This new program will allow the applicant to stay in the country for as long as they want without any sponsorship. They will be able to work in and out of the country and move freely without applying for a visa nor getting an invitation. There are still little limitations including a minimum price to reach which is 21 years old. Furthermore, they need to have a financial income statement that proves their wealth and of course a clear stake for any criminal acts is a must. The government anticipates that this program will allow the country to gain a total of about $10 billion in annual revenue by 2020.