With 40% of its populace being expatriates, Saudi Arabia is reinforcing its efforts to draw in talent and investments by extending its Premium Residency Program with five novel visa categories. These new offerings aim to attract real estate owners, entrepreneurs, and individuals boasting unique talents, aligning with the nation’s economic diversification goals.
As the largest economy in the Middle East, Saudi Arabia is poised for a 4.1% growth in 2024, based on the latest data from the World Bank. The government’s projection for 2023 showed a robust 6% non-oil growth, exceeding the overall economy’s expansion rate.
Insights into the Premium Residency Visa
Aligned with Crown Prince Mohammed bin Salman’s Saudi Vision 2030, the Premium Residency Program represents a revolutionary shift from past residency regulations, offering long-term residency without the necessity for a local sponsor since its inception in 2019. Chaired by Dr. Majid bin Abdullah Alkassabi, the Premium Residency Center (PRC) oversees the program.
Beyond extended residency, visa holders are exempt from specific fees, enjoy visa-free travel, and possess the right to own businesses and real estate. The program also facilitates the sponsorship of family members, with recent amendments raising the maximum age for dependents to 25. These perks support Saudi Arabia’s Vision 2030, which focuses on attracting global talent and investments to diversify the economy.
Exploring Saudi Arabia’s Premium Residency Visas
At the heart of Saudi Vision 2030 lies the ambition to cultivate a knowledge-based, diversified economy. The premium residency initially came in two forms: a one-year residency with an annual fee and proof of financial stability, and a permanent residency offering without time constraints.
The kingdom has now introduced five new visas aimed at encouraging foreign nationals to settle in the Middle East’s largest economy.
Special Talent Residency
This category seeks to attract top-tier professionals in healthcare, science, and research, aiming to bolster technology and knowledge exchange. Applicants require an approved employment contract and at least a Bachelor’s degree, with specified income thresholds depending on their profession.
Gifted Residency
Focused on the cultural and sports sectors, this residency visa welcomes skilled individuals recognized or awarded by Saudi’s Ministry of Culture and Ministry of Sports, alongside meeting financial requirements.
Investor Residency
Targeting investors, this visa offers permanent residency to those prepared to invest in the Saudi business landscape, with the expectation of creating jobs within two years of their application.
Entrepreneur Residency
Entrepreneurs and innovators aiming to develop start-ups in Saudi Arabia can choose from two categories within this visa type, depending on their investment amount, ownership stake, and job creation commitments.
Real Estate Owner Residency
Individuals owning residential property in Saudi Arabia, worth a specified amount and free of mortgages, are eligible for this residency option. The duration of their residency is tied to the period of property ownership.
How to Apply for Premium Residency in Saudi Arabia?
Those interested in long-term or permanent residency can apply through an online process. It begins with registration on the Saudi Arabia Premium Residency portal, followed by completing an application form and submitting necessary documents. After an application review and a one-time fee, the PRC processes the request, potentially leading to visa issuance.
Concluding Reflections
Saudi Arabia’s initiative to attract a diverse pool of talent and investments aligns with Vision 2030, offering foreign nationals the opportunity for long-term stays and business ventures without local sponsorship. With the expansion of its premium residency visas, the country is actively shaping a dynamic economic environment.