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Special Residency Scheme Launched by Saudi Arabia to Boost Revenue
June 24, 2019
This Sunday, a special residency scheme was launched by Saudi Arabia as it looks to attract wealth expats who may contribute to the nation’s revenue in exchange for permanent residency.
Under the new scheme, permanent residency can be bought for 800,000 riyals or 213,000 USD. Otherwise, a one-year residency that can be renewed can also be bought for 100,000 riyals or $27,000.
Experts believe that the scheme will help rich Arabs who live in Arab without permanent residency and companies who wish to do business in the Gulf nation.
Photo credit: Secretary of Defense on Visualhunt /CC BY
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