Saudi Arabian Government last week launched a special Permanent residency scheme which is aimed to attract wealthy Foreign Individuals as Saudia seeks to diversify its Revenue away from Oil.
The PR scheme provides a permanent residency for 800,000 riyals or US$ 213,000 (~Rs. 33,200,000). While another offer gives 1-year renewable residency which costs 100,000 riyals or US$27,000 (Rs. 4,200,000) according to the online registration portal.
Saudi Arabia currently has around 10 million foreign workers, many of whom are under restrictive residency rules. The new Program is launched at a time when a large number of foreign workers are leaving or have left the kingdom amid rising costs after the government imposed taxes/fees on families of overseas workers and restricted foreigner’s employment in certain areas.