Saudi: Applications to obtain the Saudi Premium Residency have officially started today, said state-run Saudi Press Agency.
The permanent residency programme designed to attract foreign investment to the kingdom, but it will cost 800,000 riyals ($213,000).
There’s also a cheaper option, with a one-year renewable residency costing 100,000 riyals.
The premium residencies will allow foreigners to buy property and do business without a Saudi sponsor, switch jobs and exit the kingdom easily and sponsor visas for family members, according to the website for registrations.
The applicants must be at least 21 years old, prove financial solvency and have a clean criminal record and bill of health.
Applicants are required to upload their documents and pay the necessary fees via the electronic platform "SAPRC" (saprc.gov.sa).
The Centre is a financially and administratively independent entity associated with the Council of Economic and Development Affairs. The Centre can be reached via the "SAPRC" website (saprc.gov.sa) and social media (@saudiprcen).
The idea for a long-term Saudi residency programme was first floated in 2016 by Crown Prince Mohammed bin Salman, as a part of his plan to reduce the economy’s reliance on oil and boost foreign direct investment.
At the time, he estimated the programme would generate about $10 billion in annual revenue by 2020.
The programme was approved was in May.