In a strategic move to draw in global investors and skilled professionals, Saudi Arabia has launched a series of new visa categories. The Premium Residency initiative stands out among these, providing long-term residency visas that aim to boost investment within the nation, capitalizing on its geographical advantage at the nexus of three continents.
Here’s what investors need to know about the premium residency scheme:
- Family residency: The scheme allows investors to live in Saudi Arabia with their parents, spouses, and children up to the age of 25.
- Employment mobility: There is an ease of movement across establishments for investors.
- Exemption from fees: Premium residency holders, as well as their dependents and companions, are not liable to pay expatriate fees.
- Unrestricted travel: Visa-free exit and re-entry to Saudi Arabia is permitted for investors and their families.
- Visa privileges for visitors: Holders of premium residency can secure visit visas for their relatives.
- Fast-tracked airport services: Investors and their families are privy to exclusive airport tracks designated for citizens.
- Private sector work rights: Holders of this residency, along with their spouses and dependents, are entitled to work in the private sector and change employers freely.
- Business under investment law: Business activities can be conducted in line with the Investment Law’s regulations.
- Property rights: The privilege to own and lease real estate is extended to investors.
Additional advantages of the premium residency visa include:
Immediate permanent residency: Investors are granted permanent residency right away.
To qualify for the Investor Residency programme, applicants must fulfill certain requirements:
- Valid investment license: A valid license to conduct business within Saudi Arabia is mandatory.
- Investment threshold: An economic investment of at least SAR7 million in the Kingdom is required.
- Employment generation: A minimum of 10 new jobs must be created by the investor.
The Investor Residency programme conditions include:
- Capital investment: A minimum investment of SAR7 million is expected to be injected into the Saudi economy within the initial two years of residency.
- Employment contribution: The creation of at least 10 jobs within the first two years is expected to bolster economic growth and employment.
The application process involves a one-time fee of SAR4,000 and can be carried out through the official premium residency platform.