SAUDI GREEN CARD THROUGH INVESTMENT
Saudi Arabia's senior Shoura Council official revealed the eligibility of candidates for Saudi green card, first is, foreign investors who can get green card through investment and the second those expat experts who are highly qualified in their field. This announcement on Arab news restricted those all expatriates, who dreamt for Saudi green card to stay in the kingdom.
The rules and regulations of green card will announce soon said by Fahd bin Jumaa, A vice president of Economic Committee, As the Various ministries are still studying to finalize the permanent residence card for foreigners. Recommended : Saudi Green Card in Deatil
- Kingdom is expecting to generate 10 billion dollars annually by attracting foreigners to invest in kingdom and by reducing the remittances of expats, As currently Saudi Arabia is the second largest country to send remittances after United States of America. Similar : No Tax on remittances of Expats
- Approval and finalization of Saudi green card from ministries and Shoura council has yet to done, Green card will be available for foreign investor and highly qualified expats within 5 years period of time. You May Also Like : Treatment of Expats in Government Hospitals
- Green card will allow expats to own the businesses and properties, It is also expected to abolish the current Kafala or sponsorship system. Many expatriates and foreigners are going to take advantage of this by applying green card through investment in kingdom. Related : Transfer Iqama without Kafeel
- It is possible expatriates need to pay Zakat and Value Added Taxes, once they are a member of Saudi green card. The Saudi green card will be similar to the United States permanent residence model. Popular : First time VAT & SIN Tax in Saudi
Image Courtesy : Arab News