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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.
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.
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Sarah-Jane Carter
BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing
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