Residency Available to Expats in Saudi Arabia for $213,000

Christopher Zenios28/06/20191min
Saudi Arabia has announced that they will now grant residency for those who invest a certain amount of money in the country. The country has offered permanent residency at the cost of 800,000 riyals ($213,000) The country has also provided an alternative cheaper option, a one-year renewable residency at the price of 100,000 riyals ($26,665.24).

For those who wish to invest in Saudi Arabia and gain residency, they must meet criteria set by the country. This includes a valid passport, the applicant aged 21 or over, proof of financial solvency, a clean criminal record and clean medical record (proof of no communicable disease).

Once an applicant has met the criteria and invested, the residency will provide many benefits such as recruitment of workers from abroad for the investors business, ownership of real estate (residential, commercial or industrial), exiting and entering the kingdom freely and engagement in business in accordance with foreign investment law to name just a few.

The program is expected to draw about $10bn in annual revenue by 2020, strengthening the Saudi Arabia economy.

The crown prince commented in an interview with Al Arabia TV that citizens rights will not be undermined, rather it will serve their interests as the Residency will be an important source of revenues to boost the economy alongside the creation of jobs in the public sector.

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at [email protected] for editorial related questions.

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