Saudi Arabia introduces a suite of five novel residence permits designed to attract foreign nationals by providing a host of benefits, such as the waiving of expatriate fees, the freedom to travel without visas, and the right to own property within the nation’s borders.
Permit holders will gain eligibility to bestow ‘premium residency status’ upon family members, participate in commercial ventures, execute monetary transfers without incurring fees, and bring over relatives to the kingdom.
These residency options are categorized to appeal to various groups, including skilled individuals, investors, entrepreneurs, and those interested in real estate. Each category comes with a one-time charge of 4,000 riyals. Standard prerequisites for application, like possessing a valid passport, an updated medical certificate, and evidence of legal residency for applicants already in Saudi Arabia, will be enforced.
Professionals in high-demand sectors such as healthcare and science can apply for a special talent residency lasting five years, provided they earn a minimum monthly income of 35,000 Riyals, or for researchers with at least 14,000 Riyals monthly. High-ranking corporate personnel must demonstrate an executive role with a monthly income of no less than 80,000 Riyals to qualify for this category.
The skilled residence permit, effective for five years, is split into two sub-categories. The first requires a nomination for or receipt of a recognized award from the Saudi Ministry of Culture and Sports, or compliance with eligibility requirements set by these Ministries.
Investors seeking permanent residency are obliged to invest 7 million Riyals domestically, resulting in the creation of at least 10 jobs within the first two years, with an investment license to be issued upon approval. Entrepreneur Residency Class applicants may nominate two employees for special talent status.
The initial Entrepreneur Residency category, which is valid and renewable for five years, demands adherence to existing criteria and a minimum of 30 months spent in Saudi Arabia over a five-year period. A minimum investment of 400,000 from an accredited entity is required, with the applicant maintaining at least a 20% stake in a new enterprise.
The second category for direct permanent residence stipulates the generation of at least 10 jobs in the first year and an additional 10 or more in the second, alongside an investment of no less than one and a half crore Riyals and evidence of a 10% business venture stake.
Real Estate Residency is linked to property ownership or usufruct rights, demanding possession of real estate valued at a minimum of 4 million Riyals, unencumbered by any debts, present or future.
Back in 2019, the kingdom initiated a limited-term, one-year residency program, requiring an annual fee of 100,000 riyals and proof of financial solvency. For an indefinite residence period, the fee escalates to eight lakh Riyals, with a similar requirement of financial stability for applicants.