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Saudi Arabia Charges Foreigners $213,000 for Permanent Residency

  • Website launched for foreigners to register for new program
  • Program won’t require sponsorship to buy property, do business
Real estate in Dhahran, Saudi Arabia.

Real estate in Dhahran, Saudi Arabia.

Photographer: Simon Dawson/Bloomberg
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Saudi Arabia has opened applications for a permanent residency program designed to attract foreign investment to the kingdom, but it will cost a hefty 800,000 riyals ($213,000).

There’s also a cheaper option, with a one-year renewable residency costing 100,000 riyals. The so-called premium residencies will allow foreigners to buy property and do business without a Saudi sponsor, switch jobs and exit the kingdom easily and sponsor visas for family members, according to the website for registrations.