Cabinet Resolution Number 521 of 1440AH came into force on 25 May 2019.
The Privilege Iqama Scheme grants the right for professional foreign nationals, such as doctors and engineers, to apply for permanent or a one-year renewable residency. Successful applicants will enjoy a variety of privileges, including; the ability to stay in the Kingdom, obtain visas for their dependants, employ domestic workers, invest in property, be employed in the Kingdom and change employers without any restrictions, freely enter and exit the country, and practice commercial activities as permitted under the Foreign Investment Law.
Applicants are required to satisfy various criteria in order to be considered. Requirements include; having a valid passport, being 21 years of age or above, providing evidence of sufficient wealth, obtaining a police clearance certificate and a clear medical certificate. Death, criminal conviction or false information being provided may result in residency being revoked.
The fee for permanent residency is currently set at SAR 800,000 (US$213,333), and SAR 100,000 (US$26,666) for the one- year renewable residency.