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Saudi rolls out permanent residency to expats for $213,000

The Kingdom of Saudi Arabia has announced that expats can now apply for permanent residency in a new program designed to attract foreign investment. 

The price?  A hefty US$213,000.

The Premium Residency Center (PRC) begins its services on Sunday by receiving and processing the applications electronically and applying the Premium Residency System issued by royal decree with the approval of the Council of Ministers headed by the Custodian of the Two Holy Mosques, King Salman bin Abdullaziz Al Saud.

The cheaper option that gives an expat 12 months of permanent residency will cost SAR 100,000 ($27,000).

Aside from the fee, applicants must be 21-years-old, provide financial solvency, have no criminal record, and receive a clean bill of health.

According to PRC, if you are a holder of premium residency, you have the rights and privileges like:

1)Residence in the Kingdom with his/her family i.e. spouse(s), and children (not exceeding 21 years of age)

2)Visit visas for relatives

3)Recruitment of domestic workers from abroad according to his/her needs

4)Ownership of real estate for residential, commercial, and industrial purposes in Saudi Arabia except for Mecca, Medina and border areas

5)Usufruct rights on real property located in the cities of Mecca and Medina for a period not exceeding 99 years

6)Ownership of private means of transportation and other movables

7)Working at private establishments with the ability to change jobs. This shall extend to family members

8) Exiting and entering the Kingdom at his/her own accord

9)Use of lanes designated for Saudis at the Kingdom’s exit and entry points

10)Engagement in business activities, in accordance with the Foreign Investment Law

Visit www.saprc.gov.sa for further details.

Photo courtesy: Pixabay

Staff Report

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