Earlier this month, Saudi Arabia’s Deputy Crown Prince Mohammad Bin Salman in talks with Bloomberg told that Saudi Arabia is planning to introduce US-style Green Card in the kingdom, this unprecedented move was one of the initiative KSA will be taking to create non-oil revenue streams amidst falling oil prices.
Since then expatriates and other stake holders are wondering that what change it will be bringing about as just minimal information was just known. Even now the Labor Minister Mufrej Al-Haqabani has not got the details about this ‘Green Card’, he told this today while speaking at a presser.
Green Card System in Saudi Arabia
According the sources, the Green card system will be a handy initiative for KSA as it will be generating $10 Billion each year, whereas another $10 Billion will be raked in by imposing the fees to the companies who would be willing to hire workers more than the official quotas.
The expats have welcomed this much-expected move, although yet now the complete mechanism of this plan isn’t yet disclosed.
KSA is home to nearly 10 million expatriates, and if this plan gets live it will be befitting both, the expats and also the KSA government.
These moves are under consideration to generate revenue from different means rather than relying on the oil business, which has not remained that same due to the fall of prices.
How the Green Card System will be affecting expatriates living in Saudi Arabia?
According to the experts, he Green Card in Saudi Arabia will be giving ‘permanent residency’ system for the expats that for a sufficient time and later the card gets expire it can be renewed easily. Prior to this the system which is right now in work allows a foreigner to work and earn in this country with getting be sponsored (Kafala System) or investing through Saudi Arabian General Investment Authority (SAGIA). It seems that with implementation of Green Card System Kafala System will get outdated and foreigner would be able to sponsor themselves own.
The expatriates having Green Card will be allowed to sale/purchase property in the kingdom, and if they would be renting they will not be wanting any sponsor or any intermediator as it was earlier being done in Kafala System.
If the expatriates with Green Card wants loan that will be quite a similar pattern for them as it is for the Saudi Nationals, and those who’ll be paying GOSI, they will also be given the pension upon their retirement by the Kingdom.