In an effort to draw in foreign expertise and capital, Saudi Arabia has announced the launch of five innovative residency programs set to commence in 2024. These schemes are tailored to attract professionals from various fields including real estate, sports, and healthcare.
The upcoming premium residency categories are:
- Exceptional Efficiency Residency
- Talent Residency
- Business Investor Residency
- Entrepreneur Residency
- Property Owner Residency
These initiatives are integral to Saudi Arabia’s ambitious plan to position itself as a leading global hub for talent and investment. The strategy aims to bolster the economy by fostering job creation and facilitating the exchange of knowledge and expertise.
Participants of these premium residency programs will have access to a suite of privileges, such as the ability to engage in business ventures, own property, and obtain work permits for both themselves and their family members.
“The five distinctive residency programs will provide their holders with the opportunity to settle and work in the Kingdom, and open doors for anyone who adds value to the national economy, making them partners in contributing to the Kingdom’s 2030 vision.”
These programs align with the Vision 2030 economic reform agenda spearheaded by Crown Prince Mohammed bin Salman, which seeks to diversify the nation’s economy away from oil reliance and enhance foreign direct investment inflows.
Additionally, the “Visiting Investor” visa program, which was expanded in the previous year to include all countries, is an element of Saudi Arabia’s ongoing efforts to improve its investment landscape. This e-visa allows for multiple entries with a validity of up to one year and is designed to facilitate the exploration of business opportunities within the Kingdom.
Furthering its commitment to Vision 2030, Saudi Arabia has also broadened its e-tourist visa scheme, incorporating six additional countries, thereby extending the reach to 63 nations. This move aims to amplify the country’s tourism sector by welcoming visitors from diverse regions.