Shoura Council to study Green Card plan

Shoura Council to study Green Card plan
Updated 27 April 2016

Shoura Council to study Green Card plan

Shoura Council to study Green Card plan

JEDDAH: The Shoura Council is expected to have in-depth discussions on the planned Green Card for expatriates soon after other government bodies study it, according to several members of the consultative body.
This comes in the wake of Deputy Crown Prince Mohammed bin Salman announcing Monday that the new residence system would be introduced for Muslims and Arabs within the next five years as a source of revenue.
Fahd bin Juma’a, a member of the special committee set up to discuss the Vision 2030, told Arab News the deputy crown prince was expected to hold a special meeting with committee members about the details of the new economic plan. “His announcement only focused on the headlines of the new vision. But we are still waiting to learn about the government’s procedures.”
Awad Al-Assiri, a Shoura Council member, told Arab News that the plan would be discussed at the body’s full sessions, in the same way other legislation is studied before being passed to the Cabinet for approval.
“The green card will attract foreign investment to the Kingdom. Many expatriates will take advantage of the new program. At the same time, the Kingdom will benefit from the fees paid by expats to have a green card,” he said.
The system is expected to generate around $10 billion annually through reduced remittances and other sources, besides bringing in billions of dollars in foreign investment, say economic experts.
The plan will abolish the existing sponsorship system, with expatriates required to pay zakat and possibly value-added tax. The card will also allow them to own property and undertake business activities.