Saudi Arabia has relaxed its immigration rules opening up the country to attract foreign investment through investors, entrepreneurs and innovators.
Saudi Arabia’s Council of Ministers have approved the creation of a residence scheme for qualified international expatriates who invest in property, create jobs and for research/innovation.
Under the proposed plan there will be two types of schemes offering residence permits
- Permanent residence permit
- Residence permit scheme annual renewals.
The Special Privilege Iqama will be issued to persons who have ties to Kingdom irrespective of nationality. The one time permanent permit will cost SR 800,000 ($213,333) and temporary residence valid for one year will cost SR 100,000 ($26,666)
A Special Privilege Iqama Center will be setup as the sole competent body to regulate and manage everything and decisions are made within 90 days
The residence permit will enable expats in Saudi Arabia with additional privileges such as visas for their families and own real estate in the Kingdom.
This new scheme will encourage and enable people across the globe to choose Saudi Arabia as a long-term destination to invest, work and build their lives, playing a role in future economic development of the Kingdom.
The country has lifted of foreign ownership restrictions in many sectors, giving investors the chance to access previously untapped opportunities in the large, growing country.
Saudi Arabia is undergoing a series of social and economic reforms that aim at realizing the Kingdom’s economic potential under Vision 2030.
Several visa categories have been proposed by Saudi Arabia. These include
- First tourism visa to make the Kingdom a tourist destination
- Specialized visas for events such as Formula E motor races, the Winter at Tantora Festival in Al Ula and the Saudi International Golf Tournament.
Specialized Entrepreneur License, launched last year allows international entrepreneurs to launch a fully foreign-owned start-up company in Saudi Arabia.
These recent reforms have led to a 70% spike in the number of new foreign business licenses issued by SAGIA in Q1 2019, when compared to the same period last year.
Other GCC countries Qatar, Bahrain and UAE have similar schemes for investors.
