permanent residency

Saudi Offers Permanent Residency for USD 213,000

Saudi Offers Permanent Residency for USD 213,000

The Middle East has been known for being extremely conservative on immigration laws, especially those that deal with permanent residency. Ten years ago, gaining permanent residency in countries in the region was not up for any kind of discussion.

However, upon seeing the benefits of acquiring “high-profile” foreign nationals in light of the current economic situation in the region, Gulf countries are now considering getting help from foreign nationals in the form of gaining economic favours in exchange for residency status – but not without a price.

Saudi Offers Permanent Residency for USD 213,000

Saudi Gov’t Launches Special Residency Scheme to Attract Foreign Investments

In this light, the Kingdom of Saudi Arabia has announced that expats can now apply for permanent residency in a new program designed to attract foreign investment, as shared in a report by the Business Recorder.

The new scheme, though, does not come without a cost. The special permanent residency status is priced at a whopping USD 213,000 (SAR 800,000), whereas a cheaper alternative offers the same status for up to a year only, which is priced at USD 27,000 (SAR 100,000).

The special residency scheme is aimed at luring wealthy expats as the oil-rich Gulf state seeks to boost income from non-petrol sources.

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

Furthermore, economic analysts claim that the programme will largely benefit wealthy Arabs who have lived in Saudi Arabia for many years without permanent residency or multinational companies seeking to do long-term business in the kingdom.

The decision was approved last month, but the programme has only begun accepting applications last Sunday (June 23) through the government’s official special permanent residency portal.

Other than the fee, applicants must be at least 21-years-old; can provide financial solvency; have no criminal record, and receive a clean bill of health.

As per the PRC, holders of premium residency are entitled to rights and privileges which include:

1) Residence in the Kingdom with his/her family i.e. spouse(s), and children (not exceeding 21 years of age)

2) Visit visas for relatives

3) Recruitment of domestic workers from abroad according to his/her needs

4) Ownership of real estate for residential, commercial, and industrial purposes in Saudi Arabia except for Mecca, Medina and border areas

5) Usufruct rights on real property located in the cities of Mecca and Medina for a period not exceeding 99 years

6) Ownership of private means of transportation and other similar

7) Working at private establishments with the ability to change jobs. This shall extend to family members

8) Exiting and entering the Kingdom at his/her own accord

9) Use of lanes designated for Saudis at the Kingdom’s exit and entry points

10) Engagement in business activities, in accordance with the Foreign Investment Law

In recent years, Saudi Arabia has seen a massive exodus of foreign workers amid rising costs after the government imposed fees on dependents and restricted foreigners from working in certain sectors, to provide job opportunities to more Saudi nationals.

ALSO READ: Saudi Arabia Reaffirms Commitment in Support of Women Empowerment

UAE Announces Charges for New Long-term & Multiple-entry Visas

UAE Announces Charges for New Long-term and Multiple-Entry Visas

As the UAE government has recently announced, permanent residency status can now be availed by certain expat groups, as part of the government’s initiatives to open the country’s economy to foreign nationals with highly specialized skills and talents that would benefit the economy and society in the long run.

With the new residency status now ready for the taking, many expats have been on the lookout for updates regarding the visa that would accommodate for this change. Expats mainly have been eyeing the costs for these visas, because those eligible to apply may bring their family with them during their stay in the country for the long term.

UAE Announces Charges for New Long-term and Multiple-Entry Visas

UAE Government Rolls Out New Long-Term Visa Costs

As mentioned, long-term residency visas with 10-year validity, which have been rolled out earlier this year, can now be obtained for as low as AED 1,150, the UAE government announced on Sunday (May 26), as shared in a report by the Gulf News.

Based on the eligibility requirements announced earlier, investors in public investment or senior professionals working with the investors, as well as exceptional talents and researchers in various domains, qualify for the 10-year visas.

Investors and professionals who fall under the approved categories can apply to issue or renew the 10-year visa for AED 1,150 (AED 150 for the application and AED 1,000 for issuance). Family members of the applicants can also avail long-term visas at the same cost.

Just last week, two Indian business leaders based in the UAE became the first Indian expats to receive 10-year UAE resident visas.

Vasu Shroff, chairman of the Regal Group of Companies, and Khushi Khatwani, managing director of the Khushi Group of Companies and Al Nisr Cinema Film, were the first Indian expats to benefit from the long-term visa scheme, as well as their families.

In an interview with Gulf News, Vasu Shroff shared that the visa charges are affordable compared to other developed countries.

He noted that he paid a total amount of AED 1,350 for each visa, and this includes service charges. The amount was very affordable for any 10-year visa. Shroff pointed out that the multi-entry visa in the UK costs at least AED 5,000. Noting how this will greatly benefit expats who have been living in the UAE for a long time already, Shroff thanked the government and commended its initiative to retain and attract investors, which makes their lives easier and hassle-free in the UAE.

The 10-year visa scheme was launched back in January and some Arab scientists and experts in the medical field were the first ones to receive it.

ALSO READ: How to Apply for a Spousal Visa in the UAE

UAE Rolls Out Permanent Residency Status to High-Profile Expats

UAE Rolls Out Permanent Residency Status to High-Profile Expats

The UAE, for this year, has launched its theme, “Year of Tolerance” which promotes unity in cultural diversity, considering its high expat population, which for the longest time has truly benefited its economy and progressive society in general.

ALSO READ: Sponsoring Parents (Residence Visa for Father/Mother) in UAE

And when talks about tolerance are brought up on the table, the importance of inclusion and equality also surfaces. And for the longest time, the Middle East has been a great work destination for expats, but nothing more than that because of the lack of opportunity to avail permanent residency. However, this is going to change, particularly in the United Arab Emirates.

UAE Rolls Out Permanent Residency Status to High-Profile Expats
Credits: WAM

UAE Permanent Residency Now Available to Investors, Businessmen, Specialized Talents

With the announcement of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, regarding the new ‘Golden Card’ scheme granting residency to investors, businessmen, and other high-profile residents, a welcome boost to the UAE’s increasing economy is to be expected, as shared in a report by the Khaleej Times.

This development is believed to attract existing businessmen, entrepreneurs, and highly-skilled and qualified professionals and students, to convert their status and obtain the Golden Card.

According to Osama Al Rahma, CEO of Al Fardan Exchange and vice-chairman of Foreign Exchange and Remittance Group (FERG), the permanent residency (PR) scheme is a first in the country, and will be very encouraging for the expat community and will reinforce their confidence in the country’s governance and economy.

The announcement can be seen as a very progressive change for the country, benefiting resident investors, particularly those who have been in the country for a long time, as they are now able to enjoy greater security and stability of doing business in the UAE.

“Through this initiative, investors will be able to plan long-term strategies for their businesses and invest more in existing businesses, thus allowing capital to remain within the UAE,” explained Al Rahma.

The creation of the new residency status is considered a win-win situation for qualified expats and the UAE government, as the country gets to retain a high quality pool of talents, and benefit from their contributions at the same time.

ALSO READ: [Guide] Cancelling a Residence Visa in UAE