Saudi launches residency scheme to boost revenue

The scheme will allow expats to do business without a Saudi sponsor, buy property and sponsor visas for relatives.

Permanent and renewable residency schemes being offered. File

Saudi Arabia on Sunday launched a new special residency scheme aimed at luring wealthy expats as the petro-state seeks to boost non-oil revenue.

The scheme offers a permanent residency for 800,000 riyals ($213,000) and a one-year 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 MNCs seeking to do long-term business .

The move appears to be aimed at boosting non-oil revenue as the kingdom seeks to diversify its economy.

Though it was approved by the Saudi Cabinet last month, the portal began accepting applications on Sunday.

Saudi Arabia is currently home to some 10 million overseas workers.