Christopher Zenios
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.
