Expats upbeat about new Saudi residency scheme

Saudi Arabia’s Council of Ministers last week issued a new residency permit scheme for skilled and wealthy expatriates residing in the Kingdom.

The residency permit will enable expatriates in Saudi Arabia to gain access to a range of additional privileges alongside their residency, including allocation of visas for their families and enabling them to own property in the Kingdom.

The move is expected to attract leading global entrepreneurs, innovators and investors.

The move has been lauded by the kingdom’s expatriate community.

Read: New expat residency permit to drive foreign investment: SAGIA

Andrianna Dafnis, managing partner at Global Think Group, who has been living in Saudi Arabia for six years, said the decision is “very exciting”.

“For me, this move is very exciting. It gives me the choice to invest in property in the country. I will be able to own a house with no sponsor or employer,” she said.

Meanwhile Paul Melotto, CEO of Alraedah Finance, has similar views. “I have been living in Saudi Arabia for ten years and this a very interesting development,” he said.

“Me and my wife, who is a Saudi national, are committed to the Kingdom and its future and will be planning long-term investments soon,” Melotto added.

However, an oil and gas professional residing in the Eastern Province Argaam spoke to, says the long-term benefits of the residency scheme are yet to be known.

“There are questions that need to be addressed by the government before the picture is clear about whether the move is beneficial for the expats or not,” he said.

This move follows the lifting of foreign ownership restrictions in many sectors, giving investors the chance to access previously untapped opportunities in a large and growing G20 economy.

Would you apply for residency in the Kingdom following the new scheme?

— Argaam Plus (@ArgaamPlus) May 16, 2019

Write to Paromita Dey at paromita.d@argaamplus.com