Saudi Arabia Sets Fees for Long-Term Residency Options

Saudi Arabia has published the official costs for foreigners seeking long-term residency in the kingdom, detailing fees for both a renewable annual option and a permanent stay arrangement. The renewable option requires an annual payment of 100,000 Saudi Riyals (approximately ₦44.6 million), while the permanent residency option entails a one-time fee of 800,000 Saudi Riyals (around ₦357 million).

This permanent residency allows foreign nationals to live in Saudi Arabia indefinitely without the need for annual renewal payments. The scheme is designed to attract high-net-worth individuals and skilled foreign nationals, offering benefits beyond standard work or visit visas.

Notably, holders of this residency can reside in Saudi Arabia without being tied to a single employer, marking a significant shift from the traditional kafala sponsorship system. This initiative aligns with Saudi Arabia's Vision 2030 economic diversification strategy, aimed at attracting foreign talent and investment.