Saudi Arabia has said expats can now apply for perminant residency, in a new programme designed to attract foreign investment. The price of expat permanent residency in the Kingdom? A cool US$213,000 (800,000 Riyals).
There is also a cheaper option, which gives you 12-months of permanent residency for just US$26,000 (100,000 Riyals), Arabian Business reports.
Would-be investors need only purchase a premium residence, which would allow them to buy further property and do business without a Saudi sponsored visa, switch jobs, enter and exit the Kingdom at will and also sponsor visas for family members.
As well as paying the fee, applicants must be 21-years-old, provie financial solvency, have no criminal record and recieve a clean bill of health.
The bill – which was first approved back in May – is the altest sign that the Gulf re-thinking the role of foreigners in their countries. Morever, it is a landmark move in a country like Saudi Arabia, which has some of the world’s most restrictive residency rules.
Earlier this year, the United Arab Emirates approved a plan that let wealthy foreigners apply for a ten-year visa.
