Is a tourist visa for KSA projects as risky as some say?

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Technically you aren’t allowed to work on a tourist visa so you risk being caught, deported and potentially banned. Whether Saudi authorities are able to or care enough to go after you is another question.

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What are the concrete risks? Is it mostly deportation/ban or are there financial fees or even potential jail tme

Don't do it, it's your firm's problem to solve. This is just you carrying legal responsibility personally.

In most cases nothing happens and noone ever knows, but there would always be that one off immigration officer who asks questions and then you'd have to actually lie and tourism in Riyadh every week isn't a very plausible story.

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What are the concrete risks? Is it mostly deportation/ban or are there financial fees or even potential jail tme

You’ll end up in chop chop square

Can you actually go to prison?

Don’t do it. If you really have to, at least unless you get someone sufficiently senior to get in writing that they want you to do it.

What about Schengen/ UK Visa multiple entry?

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