Saudi Arabia could introduce a system for its millions of expatriates that would be similar to the Green Card system in the US.
The announcement, made by Deputy Crown Prince Mohammad Bin Salman Al Saud in an interview with Bloomberg, would help the kingdom generate new revenues for the national economy.
No details were given by Prince Mohammad, but with around nine million foreigners living in the vast kingdom, making up one-third of the total population, the system would be a source for the country as it seeks to implement an ambitious package of new reforms and measures that will considerably improve its non-oil revenues and “raise at least an extra $100 billion a year by 2020, more than tripling non-oil income and balancing the budget.”
“It’s a large package of programs that aims to restructure some revenue-generating sectors,” Prince Mohammad told Bloomberg.
The emulation of the American Green Card system would be alongside more steps to restructure subsidies and the imposition of a value-added tax and a levy on energy and sugary drinks as well as luxury items, the deputy crown prince reportedly said.