Stay up to date with the latest market news
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.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
Stay up to date
|_ga||2 years||The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.|
|_ga_34E12VSHW6||2 years||This cookie is installed by Google Analytics.|
|_gat_gtag_UA_66458947_1||1 minute||Set by Google to distinguish users.|
|_gat_UA-66458947-1||session||A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.|
|_gid||1 day||Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.|
|cookielawinfo-checkbox-statistics||1 year||This cookie is set by the GDPR Cookie Consent plugin to store the user consent for the cookies in the category "Statistics".|