A matter of a few weeks ago, Saudi Arabia had announced its latest residency scheme, and officially launched it on June 23rd 2019. An online platform has been created to allow people to apply for “premium residency”, for short term and long term visas.
So what does that entail? A Saudi Green Card is essentially a residency visa that allows expats and their family units in Saudi Arabia long term visas and lifestyle privileges that were reserved only for Saudi nationals. Including the ability to apply for visas on behalf of extended family members, and to leave and return to Saudi without the approval of a sponsor.
This particular visa will also allow those in possession of one to purchase properties and land for residential, industrial and commercial purposes, but outside of Medina, Mecca and bordering areas. One of the most significant perks of the Saudi Green Card is the ability for expats to be employed at private companies without requiring a sponsor, as well as being allowed to resign from a current company to take up a new offer at another, without having to leave the kingdom to return under the agreement of a new sponsor.
The cost of the new premium residency visa comes with two options; the first is an annual visa, which costs around USD $26,600 per anum. The second option is a permanent residency which comes with a price tag of USD $213,000, and all expats who are applying must be “at least 21 years old, prove financial solvency and have a clean criminal record and bill of health." Saudi Arabia’s new residency scheme for expats, especially those who have established businesses within the kingdom, promises to provide them with a higher level of stability and security surrounding their investments in the Saudi economy.
In the past, the chance that an expat could lose their job and sponsor, rather swiftly, would deter them from making any significant investments in the kingdom, and would often make investments in their native countries instead, despite the number of years they had been living in Saudi. With the kingdom’s new Green Card, the government are now trading stability for investments with expats.
Falling under the Saudi Crown Prince, Mohammed Bin Salman’s Vision 2030 initiative, this scheme has been in the pipeline since 2016 and has swiftly come into fruition.
