Saudi launches special residency scheme to boost revenue

Saudi Arabia yesterday launched a new special residency scheme aimed at luring wealthy expats as the petro-state seeks to boost nonoil revenue. The scheme offers a permanent residency for 800,000 riyals ($213,000) and a oneyear but renewable residency costing 100,000 riyals (27,000), according to the online portal for registrations.

The scheme will allow expats to do business without a Saudi sponsor, buy property and sponsor visas for relatives, the website said. Analysts say the programme will largely benefit wealthy Arabs who have lived in Saudi Arabia for years without permanent residency or multinational companies seeking to do long-term business in the kingdom.

The move appears aimed at boosting non-oil revenue as the kingdom seeks to diversify its economy. It was approved by the Saudi cabinet last month, but the portal began accepting applications on Sunday. Saudi Arabia is currently home to some 10 million overseas workers.