The Saudi cabinet approved the scheme last month, but the online portal to apply was only opened to the public on Sunday
Saudi Arabia launched on Sunday their new special residency scheme similar to green card systems applicable in other countries, aimed at attracting wealthy and high-skilled expats.
The residency scheme offers two types of residencies, a permanent one for SAR800,000 ($213,321.96) and a one year but renewable residency for SAR100,000 ($26,665.24).
The scheme was approved by the Saudi cabinet last month, but on Sunday the online portal to apply was opened to the public.
The residencies would allow foreign expats free movement, ability to own properties and to do business in the kingdom.
Currently over 10 million expats work and live in Saudi Arabia under a system that requires them to be sponsored by a Saudi employer and be issued an exit and re-entry visa whenever they want to leave the country.