Saudi Arabia has introduced five additional offerings to its premium residency program, an initiative designed to attract international professionals and investors. This expansion is part of the Kingdom’s broader strategy to reduce its reliance on oil revenues by diversifying its economy.
Launched in 2019, the premium residency program grants eligible foreign nationals the ability to live in Saudi Arabia and enjoy benefits such as exemption from expat and dependents fees, visa-free travel, and the freedom to own property and operate businesses without a local sponsor.
The goal of the program is to stimulate economic growth by creating jobs, sharing knowledge, and attracting investment, as stated by the Saudi Press Agency.
Specific requirements
The new residency packages are categorized to cater to special talents, gifted individuals, investors, entrepreneurs, and real estate owners, each with distinct qualification criteria. The application fee is set at SR4,000 (approximately $1,066) for each category.
Mohammad Al-Sultan, CEO of the Premium Residency Center, shared his vision with Arab News, emphasizing the program’s role in establishing Saudi Arabia as a prime hub for talent and investment. He noted the collaborative effort with government entities to develop comprehensive residency products that allow premium residents to thrive in Saudi Arabia.
Al-Sultan highlighted recent enhancements to the program, including the inclusion of parents as dependents for premium residency holders and extending the dependent age limit to 25 years.
Benefits
Premium residency holders can now sponsor family members, manage businesses, transfer funds without charges, and invite relatives to the Kingdom.
While each residency category has a specific validity period, all holders must comply with the program’s terms and conditions. General application requirements include a valid passport, a recent medical certificate, and legal residence in Saudi Arabia for applicants within the country.
Investor
The investor residency option grants permanent residence to those investing SR7 million and creating at least 10 jobs in the first two years. Applicants must secure an investment license and provide a commercial register and articles of incorporation.
Edgard Tawk, CEO of Eurisko, and George Haddad, founder of Yellowcore Productions, expressed enthusiasm for the opportunities these new offerings present for investors and professionals in the creative industries, such as film and television production.
Entrepreneur residency
Entrepreneurs can secure residency by investing in local startups and providing employment opportunities. There are two categories: a five-year renewable term for a minimum SR400,000 investment and a permanent residency option for creating at least 20 jobs over two years with a minimum SR15 million investment.
Real estate ownership
The real estate ownership residency is linked to the possession of property worth at least SR4 million, without any mortgages, and must be residential and developed. The property must also be appraised by the Kingdom’s Taqeem authority.
Saudi Arabia initially offered limited-duration residencies but now includes a permanent residency option with proof of financial solvency.
Special talent
Special talent residency is available to healthcare and science professionals, researchers, and executives based on their income levels and employment contracts.
Gifted residency
For gifted individuals in culture and sports, a five-year residency is available, requiring nomination, an award, or meeting specific eligibility criteria.
International professionals, like Todd Albert Nims and Mohsin Ali Khan, have expressed their excitement about the new premium residency options and their potential to contribute to the Kingdom’s growth across various sectors.