Saudi Arabia has expanded its visa program by introducing six new categories aimed at drawing investors, entrepreneurs, and exceptionally skilled individuals to the nation.
The newly launched “premium residency products” cater to specific groups such as real estate owners, entrepreneurs, and those with special talents contemplating a move to Saudi Arabia.
Dr. Majid bin Abdullah Alkassabi, the Chairman of the Premium Residency Centre, announced these new options in line with the vision of the Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz Al-Saud.
The six premium residency categories designed to further the kingdom’s goals include:
- Special Talent Residency
- Gifted Residency
- Investor Residency
- Entrepreneur Residency
- Real Estate Owner Residency
- Limited Duration and Unlimited Duration Residency
Those seeking either permanent or annual residency in Saudi Arabia can apply for the Limited Duration and Unlimited Duration categories, which offer a plethora of benefits in line with the desired lifestyle within the kingdom. These options underscore Saudi Arabia’s dedication to fostering an inclusive and forward-thinking society.
To be eligible for a premium visa under these categories, applicants must demonstrate financial capability, with all conditions being subject to change.
The Limited Duration Premium Residency allows for temporary residency of one to five years, renewable annually, at a cost of SAR100,000 (approximately AED97,928.85) for each year. This fee decreases by 2 percent for each subsequent year when applying for more than one year. Conversely, the Unlimited Duration Premium Residency offers permanent residency for a one-time fee of SAR800,000 (approximately AED783430.81).
Benefits include:
- Residing in Saudi with immediate family members.
- Freedom to change employers.
- Waiver from expatriate levies for dependents.
- Visa-free entry and exit for premium residency holders and their families.
- Eligibility to apply for visit visas for relatives.
- Access to citizens’ lanes at airports.
- Permission for private sector employment and mobility for the holder’s spouse and dependents.
- Ability to conduct business in accordance with The Investment Law.
- Ownership and usufruct rights over real estate.
The introduction of these visa categories reflects Saudi Arabia’s strategy to diversify its economy and attract international talent and investment, positioning itself as a hub for innovation and business.