SPA's statement did not give further details on the new scheme, which was approved by the advisory Shura council earlier this month.
Local media said the plan would allow wealthy and high- skilled foreign expats to choose between defined and renewable residency or permanent stay in return for a high, one-off fee. It would also allow them 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 sponsorship system that requires them to be sponsored by a Saudi employer and be issued an exit/re-entry visa whenever they want to leave the country.