In a bid to attract foreign entrepreneurs and investors the Shura Council of Saudi Arabia approved new Green Card Residency which is a new Iqama system without any requirement of Kafeel or Saudi sponsorship.
This Green Card Residency offers multiple benefits to skilled expatriates, entrepreneurs and those who want to invest their capital in the Middle Eastern country. The benefits include:
- The right to ownership of property and transport
- The freedom of movement and exit from the Kingdom and return
- Can use designated queues at Saudi airports
- Right to employment in the private sector, commerce and industry
- The right to recruit workers
This will became a new Iqama system in comparison with the old Kafala system under which every entrepreneur required to sponsor a local kafeel.
Under Kafeel many employees faced difficulties as they required their permission for leaving the country.
Two types of Green Card Residency will be launched which will require a specific fee, including a temporary Iqama and an extended Iqama. The eligibility criteria will include valid passport, health report, credit report and no criminal record.
The registration process, method, document requirement, fees and other charges are not revealed yet.