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US Green card like system in Saudi Arabia

US Green card like system in Saudi Arabia

Apr 13,2016

Saudi Gazette reported that the Deputy Prime Minister and Minister of Defence’s planning to offer a US Green Card-like system, which would offer permanent residency to the nearly 10 million expats in the Kingdom.

The Green Card-like program would allow employers to hire more foreign workers above their official quotas for a fee could create $10 billion a year each,” said by deputy crown prince in an exclusive interview.

He included the new authority under the Cabinet supervises the implementation of the system. Which will have representatives from the ministries of economy and planning, interior, labour, commerce and industry, and finance, as well as Saudi Arabian Monetary Agency, Saudi Arabian General Investment Authority and General Organization for Social Insurance.

The new system would bring a lot of economic and social profits. Expats will pay what the Saudis pay including Zakat, value added tax along with insurance premiums. They would be permitted to own real estate and run trade, industry and service firms.”

The programme is a part of Saudi Arabia’s economic diversification plan, in a proposal to generate non-oil revenue streams amidst falling oil prices.
While the Green Card system would create $10 billion – another $10 billion is anticipated to be originated from the fees imposed to exceed foreign worker quotas.

The measures could raise at least an extra $100 billion every year by 2020, which will more than triple non-oil income and balance the budget, a report by Bloomberg.

US Green Card is a lawful permanent residency which would permit a person to live and work there.

 

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