On 14 April 2023, the Government of Saudi Arabia announced the launches of four new special economic zones (SEZs) across the country that offer the chance for foreign investors to have a stake in the world’s fastest-growing economy.
The newly launched SEZs are:
- King Abdullah Economic City (KAEC) SEZ.
- Jazan SEZ.
- Ras Al-Khair SEZ.
- Cloud Computing SEZ.
Key incentives offered by the SEZs:
- Permanent 0% withholding tax on repatriation of profits.
- 5% Corporate Income Tax rate for a maximum period of 20 years.
- Exemption from customs duties on capital equipment and inputs.
- 0% Value Added Tax (VAT) on intra-SEZ goods.
- Flexibility and support for foreign talent during the initial five years.
- Exemption from expat levy fees for employees and their families within the SEZs.