RIYADH: Saudi Arabia on Sunday launched a new special residency scheme aimed at boosting investment and non-oil revenues. It was approved by the Saudi cabinet last month, but the portal began accepting applications on Sunday. The scheme offers a permanent residency for SAR800,000 riyals ($213,000) and a one-year but renewable residency costing 100,000 riyals, according to the online portal for registrations. The scheme will allow expats to do business without a Saudi sponsor, buy property and sponsor visas for relatives, the website said. ------- READ MORE Saudi cabinet approves new expatriate residency scheme No sponsor? No problem: Saudi Shoura Council approves new ‘green card’ residency ------- Analysts say the program will largely benefit wealthy individuals who have lived in Saudi Arabia for years without permanent residency or multinational companies seeking to do long-term business in the Kingdom. The move is aimed at boosting non-oil revenue as the Kingdom seeks to diversify its economy as part of its Vision 2030 plan. Saudi Arabia is currently home to some 10 million overseas workers. Expat workers are typically sponsored by a Saudi employer and are required to get visas to exit and enter the Kingdom.