Saudi Arabia Just Issued Its First Permanent Residencies For Expats
This initiative, created by the Crown Prince Mohammed bin Salman, has been in the works since 2016
The Kingdom of Saudi Arabia has just recently granted 73 individuals, of non-Saudi nationality, permanent residency without need of a sponsor. This action is a part of a new program “to attract overseas investment by enabling selected people to buy property and do business”, says Bloomberg. It was only a month ago that the country also announced their ‘new tourist visa’ as a part of the ‘the Kingdom’s Vision 2030.’ New tourists will now be able to enter the country for 90 days maximum, and take in the sights and culture of Saudi, which have never been discovered before.
The tourist visa, and now this permanent residency program, aim to improve the country’s economy, and to reduce its dependency on oil. For expatriates and locals alike, it also means increasing the tourism and livelihood of the country. New events are already popping up in Saudi Arabia in preparation for the newcomers; their very own ‘Coachella’ for example.
According to Bloomberg, “the kingdom received thousands of applications after offering permanent residency for 800,000 riyals (Dhs 783,546) or a one-year renewable permit for 100,000 riyals (Dhs 97,943).” Apparently, the first applicants to receive these permanent residencies come from everywhere around the world and have occupations such as investors, engineers, and doctors.
If you’ve visited Saudi and enjoyed it so much [with this new premium residency] you now also have the opportunity to move there!