Saudi Arabia’s Ministry of Trade and Investment published a report on the main trade and investment gains that will be made in the Saudi economy on the implementation of the foreign residency system in the Kingdom.
The main gains of the Saudi economy, from this new system of the residence, are five main axes. The first is that the system will have an attractive role for investors that contributes to eliminating trade concealment, enhancing competitiveness, developing and improving the investment environment, attracting direct investment and quality projects.
The Ministry of Commerce explained that among the other benefits of the distinctive residence system is the entry of new facilities capable of expansion and growth, and attracting innovative and creative entrepreneurs.
On Sunday, Saudi Arabia launched its unique residence center, which began receiving applications for Saudi residents through the comprehensive SABRC platform, which provides various data and services to applicants of this type of accommodation.
The Saudi Arabia Center of Excellence offers two types of accommodation, the first of which is unlimited in the Kingdom. The applicant receives the applicant after fulfilling the statutory requirements and the payment of SR 800,000 for one time.
The second is a one-year stay (renewable), which the applicant receives after fulfilling the regulatory requirements, and payment of SR100,000 per year. If the applicant wishes to grant him more than one year, he will receive a reduction of 2% Cumulatively.