In a strategic move to attract global investors and skilled professionals, Saudi Arabia has introduced a suite of six new visa categories known as “premium residency products.” These initiatives are specifically designed to encourage individuals who own real estate, entrepreneurs, and those with exceptional talent to consider making the kingdom their new home.
The announcement was made by Dr. Majid bin Abdullah Alkassabi, who chairs the Premium Residency Centre. This development aligns with the vision laid out by Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al-Saud, aiming to further the kingdom’s economic and social objectives.
The six innovative Premium Residency options include Special Talent Residency, Gifted Residency, Investor Residency, Entrepreneur Residency, Real Estate Owner Residency, and Residency with Limited or Unlimited Duration.
For those interested in the Real Estate Owner category of the Premium Residency Visa, here is a step-by-step guide:
Applying for the Saudi Arabia Premium Residency Visa as a Real Estate Owner
The eligibility criteria for the real estate owner visa, as per the official Premium Residency website, are as follows:
- The applicant must own or have usufruct rights to residential real estate assets valued at a minimum of SAR 4,000,000 within Saudi Arabia.
- These properties must be free from any current or future mortgages and cannot be linked to real estate financing.
- The real estate should be fully developed, excluding undeveloped or unimproved lands.
- Assets must be evaluated by accredited appraisers within the Saudi Authority for Accredited Valuers “Taqeem.”
Note that these requirements may be subject to modifications.
Holders of this residency are obligated to pay a one-time fee of SAR 4,000 and the duration of the residency is contingent upon the ownership or usufruct period of the property.
The Perks of Holding a Premium Residency Visa
- Residence in Saudi Arabia for the visa holder and family, including parents, spouses, and children under the age of 25.
- The ability to transition between employers without hindrance.
- Exemption from expatriate levies applied to dependents and companions.
- Visa-free exit and re-entry for the holder and their family.
- Eligibility to apply for visit visas for relatives.
- Access to citizen-dedicated tracks at airports.
- The right to work in the private sector and move between establishments, extended to the holder’s spouse and dependents.
- Opportunity to conduct business in accordance with The Investment Law.
- The right to own and utilize real estate.