Saudi Arabia denies imposing charges on expat remittances

Saudi Arabia’s Ministry of Finance has re-confirmed its abidance to the free transfer of capital including expatriates’ remittances, provided “it is done through the recognized legal channels and in accordance with the established world class standards and practices.”

“This will enhance foreign investors' confidence, in the Kingdom’s economy and financial systems. This is in line with Vision 2030 which will bolster the competitive edge of the economy and its appeal to foreign investment,” the ministry said in a statement on Monday in response to baseless and unfounded reports to the contrary by some media outlets.

The ministry had previously denied such rumors, especially, in a statement made by its official spokesman, on January 2017, in which he denied, by and large, any move to impose such charges on expatriates' remittances.