Business & Money | Tuesday 14 May, 2019 2:32 am |

The Consultative Assembly of Saudi Arabia has approved a draft law regulating the issuance of residence permits for highly-skilled and wealthy foreign nationals without the need for a sponsor. 

 

In a move to attract foreign investors and entrepreneurs, the Consultative Assembly of Saudi Arabia (Shura Council) has approved a draft law regulating the issuance of residence permits for highly-skilled and wealthy foreign nationals without the need for a sponsor or employer. 

 

According to initial announcements, eligible foreign nationals will be able to obtain a residence permit for up to one-year (renewable) or for an unlimited period of time. Qualifying applicants will be required to prove sufficient financial resources, no criminal record and medical fitness. 

 

Beneficiaries of the program will be allowed to sponsor visitor visas for their relatives, employment visas for domestic workers, own property and travel without restrictions from and to Saudi Arabia, among other benefits. 

 

Further details of the law along with executive regulations are expected to be announced in the coming months. 

 

How Fragomen can assist?

 

Fragomen will continue monitoring the situation and will revert with additional information as developments occur.