Saudi Arabia’s Council of Ministers on Tuesday approved the creation of a residency permit scheme for qualified international expatriates.
This move is expected to support the attraction of leading global entrepreneurs, innovators and investors, the Saudi Arabian General Investment Authority (SAGIA) said in a statement.
“Our aim is to attract innovators from across the world to live and work in Saudi Arabia – and this reform will play a significant role in doing so,” HE Eng. Ibrahim Al Omar, Governor of SAGIA, said.
The residency permit will enable international expatriates in Saudi Arabia to gain access to a range of additional privileges alongside their residency, including allocating visas for their families and enabling them to own real estate in the Kingdom.
There will be two separate forms of the program, one acting as a permanent residence permit, and one which is renewable on an annual basis.
“We want to attract people who will build a foundation and a network in Saudi Arabia, and who will play a role in the future development of the economy and benefit from the growth opportunities it presents,” Omar added.
This move follows the lifting of foreign ownership restrictions in many sectors, giving investors the chance to access previously untapped opportunities in a large and growing G20 economy.
In 2018, SAGIA also launched a specialized Entrepreneur License, which allows international entrepreneurs to launch a fully foreign-owned start-up company in Saudi Arabia.
The launch of this program also follows the introduction of specialized visas for events such as Formula E motor races, the Winter at Tantora Festival in Al Ula and the Saudi International Golf Tournament.
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