The green card status will entitle resident expats to various benefits, which have so far been restricted to Saudi citizens, in return for an annual fee of SR14,200 (US$3786).
Once implemented, the new system will ensure expatriates, who meet the conditions, get permanent residence and enable them to own real estate.
A holder of the green card will also be allowed to run his own business, receive a monthly pension, have access to government-funded health and educational services, in addition to the right to change jobs.
According to well-informed sources, the green card status will enable the beneficiary to obtain visas for immediate family members, two visas for domestic workers and win extra points to get Saudi nationality, in addition to other privileges.
The Green Card initiative launched under Saudi Vision 2030 is likely to encourage many expats to benefit from it, and may even encourage small and medium-sized investors to do business in the Kingdom, analysts say.