Saudi Arabia launched on Sunday its new premium residency scheme similar to green card systems applicable in other countries. The residency scheme offers two types of residencies, a permanent one for 800,000 Saudi riyals ($213,321.96) and a one year but renewable residency for 100,000 Saudi riyals ($26,665.24). The Premium Residency Center started receiving applications for obtaining the Saudi Premium Residency through the Sparc electronic platform (saprc.gov.sa). The scheme was approved by the 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. The Premium Residency Center is a financially and administratively independent entity associated with the Council of Economic and Development Affairs, which cooperates in achieving its objectives with government sectors to provide comprehensive services for those with Saudi Premium Residency and those wishing to obtain it. Currently over 10 million expats work and live in Saudi Arabia.