Definition of 'Exit Visa'
A government-issued document granting an individual permission to leave a country. When people talk about visas, they are usually talking about entrance visas. Many countries do not require exit visas; a few that do are Cuba,Russia, Belarus, Saudi Arabia and Qatar. Travelers should be thoroughly familiar with a foreign country's entry and exit requirements before attempting a visit.
Generally, business visitors with commercial visas are required to obtain exit visa before leaving so that the local government can verify that all taxes were paid on income earned in the country.
Investopedia explains 'Exit Visa'
A traveler with an expired, lost or stolen visa may face not only the problem of being unable to leave the country, but also problems securing lodging and moving throughout the country. Waits of three to 20 business days to obtain an exit visa after overstaying one's visa are common. Travelers overstaying their visas could also be fined, jailed or deported.