Saudi launches residency plan to boost revenue

RIYADH: Saudi Arabia on Sunday 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 one-year 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.
Saudi Arabia is currently home to some 10 million overseas workers, many of whom are subjected to what labour activists describe as restrictive residency rules.
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References

1. ^{^} Saudi Arabia (timesofindia.indiatimes.com)
2. ^{^} revenue (timesofindia.indiatimes.com)
3. ^{^} Saudi (timesofindia.indiatimes.com)

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