Saudi Cabinet approves Green Cards for Expatriates
Finally the Saudi Cabinet has today approved a plan to give "Green Card" to the expatriates working in the kingdom of Saudi Arabia.
The cabinet further endorsed sweeping reforms in order to reduce the depence on oil in the next only four years.
Business diversification in all sectors, in the country, would be central to these reforms.
Given this development, one should rightly expect similar reforms in other GCC countries as well.
Things are now changing faster than before, and the increasing oil glut is forcing many to reduce reliance thereon, since they know that the oil products are heading towards the final departure.
Equinox: Kuwait considered this five years ago and didn't follow up.
Saudi needs this because it has a massive population and needs to generate revenue.. The smaller GCC states do not need this
This initiative would impact the other GCC states and surely they would come out quickly on it.
Investing in an absolute monarchy where the king can change laws at will? Good luck.
Residency and nationality don't go along with the concept of expatriates in this region . I think you're dreaming , but let's wait and see
Money is just one power of expatriates, they carry many more potentials. They include seasoned professionals, engineers, doctors, educators, bankers and many more, who can contribute towards the kingdom by their experience, expertise and skills.
There should be a "GCC Green Card", if they want to harness the full potentials of expatriates. The expatriates should also be given a path towards dual residency.
The point you're missing us that it is aimed at attracting a minority with money to invest in a business .. It will not help the majority
This is a multi purpose and strategic move to attract the expatriates, and if there is going to create more burden on them instead, then this scheme would be defeated by itself, which a scenario, the wise and brave Deputy Crown Prince would never allow.
We are very excited and support this
Equinox: Yes, this is a good move - But please look at the finer details since your post is misleading
The Green Card will be available in about five years. It is aimed mainly at expatriates willing to invest in the country. they will have to pay higher taxes and will be charged if they want to employ non-Saudi workers. Yes, they will be able to buy property - but full details are still sketchy