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Saudi Arabia approves permanent residency for first time

Saudi Arabia approves permanent residency for first time

Saudi Arabia approved a program that offers permanent residency for some foreigners.

Under the law, which allows foreigners to own property, those eligible can apply for an indefinite stay or a one-year renewable residency. The government will detail the program’s rules within 90 days.

The idea for a long-term Saudi residency program 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. The scheme will attract investors and enhance the economy’s competitiveness. The program would not abolish the sponsorship system, only exempting certain privileged foreigners from it.

About Saudi Arabia

Saudi Arabia, officially the Kingdom of Saudi Arabia, is a country in Western Asia constituting the bulk of the Arabian Peninsula. Saudi Arabia is geographically the largest sovereign state in the Middle East. It is the only nation with both a Red Sea coast and a Persian Gulf coast.

Its Capital city is Riyadh and Currency is Saudi riyal.

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