KSA’s new permanent residency permit fixed at SAR 800,000

The Kingdom of Saudi Arabia has issued a new permanent residency permit (iqama) system in the country. It is similar to the American green card system, and the price for this permit has been set at SAR 800,000 ($213,333).

To give some perspective, a one-year temporary iqama costs expats SAR 100,000 ($26,666).

The scheme has been announced in line with the long term visions of the country, to attract wealthy individuals, highly-skilled expats, entrepreneurs, startups and investors; in order to strengthen the country’s economy as it looks to diversify away from oil.

The iqama will be offered in two categories – an extended iqama valid for an unlimited period, and a second with a one-year validity which will be subject to renewal.

This residency scheme that comes around the same time as the UAE’s announcement of residency permits to investors.

Read more about the permit here.