Saudi to charge $213,000 for permanent residency in step to boost economy

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.

Along with paying high fee, applicants must be at least 21 years old, prove financial solvency and have a clean criminal record and bill of health.

The program