Saudi Arabia, a country whose 40 percent of its population are foreigners, is further amplifying its efforts to attract talent and investments. It has recently expanded its Premium Residency Program to include five new visa categories. These cater to various groups, including real estate owners, entrepreneurs and individuals with special talents. Ultimately, the goal is to bolster its economic diversification efforts.
Saudi Arabia, the biggest economy in the Middle East, is expected to grow 4.1 percent in 2024, according to the newest World Bank update. In 2023, the government estimated that its non-oil growth for the said year was around 6 percent, outpacing the entire economy.
What is a premium residency visa?
The Premium Residency Program, in line with the Crown Prince Mohammed bin Salman’s Saudi Vision 2030, offers long-term residency without needing a local sponsor. This move is a significant shift from previous residency rules in the country.
The program was first launched in 2019. Dr. Majid bin Abdullah Alkassabi sits as the chairman of the board of the Premium Residency Center (PRC).
Apart from long-term residency, it exempts holders from certain fees. Holders additionally enjoy visa-free travel and the right to own real estate and businesses. It also extends family sponsorship rights, allowing for the inclusion of family members under the residency. For dependents, the maximum age has been recently extended to 25. All these benefits are part of Saudi Arabia’s Vision 2030 initiative, aimed at attracting global talent and investment to diversify its economy.
What are Saudi Arabia’s premium residency visas?
One of the ultimate goals of the Saudi Vision 2030 is to develop a knowledge-based, diversified economy. Initially, Saudi Arabia’s premium residency program came in two forms. The first one is a one-year residency program with an annual fee of SAR100,000 and proof of financial stability. The second one is a a permanent residency option with unlimited duration at a cost of SAR800,000 and proof of financial well-being.
Expanding the program, the government has introduced five new visas that entice foreigners to live in the biggest economy in the Middle East.
Special Talent Residency
This product targets high-level professionals in healthcare, science, and research. The goal is to attract those with unique skills to contribute to technology and knowledge exchange. The applicant must have an approved employment contract and a Bachelor’s degree or higher.
Moreover, professionals in healthcare or science must have a minimum monthly income of SAR35,000; and SAR14,000 for researchers. Furthermore, executives applying for this status must hold an executive-level job contract and earn more than SAR80,000 monthly.
Gifted Residency
This type of residency visa focuses on integrating skilled professionals into Saudi Arabia’s cultural and sports sectors. The eligibles include those who have been nominated or have received awards from the country’s Ministry of Culture and Ministry of Sports. Furthermore, they must meet a minimum financial solvency requirement.
Investor Residency
This is designed for investors looking to capitalize on Saudi Arabia’s business environment. It offers permanent residency for applicants who will invest SAR7 million and create at least 10 jobs within two years of application.
Entrepreneur Residency
This is for entrepreneurs and innovators wanting to launch and grow start-ups in Saudi Arabia. It has two specific categories.
- Category 1: For those who have secured a minimum investment worth SAR400,000 and have 20 percent ownership in the start-up. Holders will be granted a five-year residency, which can be renewed once, provided they continue to meet the eligibility criteria and reside in the country for at least 30 months during the initial five-year period.
- Category 2: For those with at least a SAR15 million investment and 10 percent ownership in the start-up. This provides permanent residency on the condition that the holder creates a minimum of 10 jobs in the first year and at least 10 more in the second year.
Real Estate Owner Residency
This option is for people with residential property in Saudi Arabia valued at SAR4 million or more — with no existing or future mortgages. It offers them a high quality of life and chances to invest profitably in the real estate market. The length of their residency depends the duration of their property ownership.
How to apply for a premium residency in Saudi Arabia?
Do you want to enjoy long-term or even permanent residency in Saudi Arabia? The application is fairly simple. While your application requires several documents, you can submit it online.
Step 1: Register at the Premium Residency portal
On the Saudi Arabia Premium Residency portal, click on the “Register now” option to create an account. Fill out the registration form with your personal information. You must include your full name, passport details, email address and phone number. Next, you must verify your email address and phone number.
Step 2: Complete the application form
Now that you have an account, log in and click on the “Request Premium Residency” option. Here, you can fill out the application form. You will be asked for various details such as personal information, information about your family, education, occupation, finances and other general information.
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Step 3: Submit your documents
Next, you must upload supporting documents. These include scans of your passport, ID, birth certificate, marriage certificate, bank statement, employment contract and various other relevant documents, depending on which type of visa you’re applying for.
Be careful in reviewing and submitting your application. Ensure everything you have added to your application is correct and you meet all eligibilities. Note that a one-time application fee of SAR4,000 is required for each category.
Step 4: Wait for the approval
After submitting your application, the PRC will process it and check if you will be approved. Once approved, your residency visa will now be issued.
Final thoughts
Saudi Arabia aspires to attract more talent and investments in a bid to boost its economy. Its premium residency visas, in line with Vision 2030, offer long-term stays and business opportunities without a local sponsor. With the program’s recent expansion, the country is paving the way for a more vibrant and diverse economic landscape.
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