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Saudi Arabia has opened applications for a permanent residency programme, with the aim of attracting foreign investment.
The new scheme offers two options – one provides permanent residency for SAR 800,000, while a cheaper, one-year renewable residency visa is SAR 100,000.
According to the website for online registrations, the scheme will allow foreigners to purchase property, conduct business without a Saudi sponsor, change jobs and exit the kingdom with ease, and sponsor visas for family members.
Apart from paying the fee, applicants must be at least 21 years of age, prove financial solvency and have a clean criminal record and bill of health.
The idea of a permanent residency programme in Saudi Arabia was first proposed in 2016 by Crown Prince Mohammed bin Salman, as a part of his plan to lower the kingdom’s dependence on oil revenues and boost foreign direct investment.
With this announcement, Saudi Arabia becomes the latest Gulf country to offer such residencies, with the UAE already offering 10-year visas.
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