Saudi Arabia has recently introduced a new “Premium Residency” program, aiming to attract investors, entrepreneurs, and talented individuals to contribute to the country’s economic growth and development. This initiative offers a variety of categories, each designed to cater to specific requirements and durations of stay.
Business Investor Category
Aspiring entrepreneurs seeking active investment opportunities in Saudi Arabia can avail themselves of the Business Investor category. To qualify, applicants must obtain an investment license, commit to investing a minimum of SAR 7 million (US$1.9 million) in economic activities, and hire at least ten employees within the country.
Property Investor Category
Those interested in real estate can utilize the Property Investor category. This path requires individuals to invest at least SAR 4 million (US$1.1 million) in residential properties, with the evaluation being conducted by accredited Saudi appraisers.
Entrepreneur Category
The Entrepreneur category targets innovative minds seeking to establish startups in Saudi Arabia. With two sub-categories available, applicants must obtain an entrepreneurial license and meet the following criteria:
a. Category 1: Invest a minimum of SAR 400,000 (US$106,000) in approved entities and create at least ten jobs.
b. Category 2: Invest a minimum of SAR 15 million (US$4 million) in approved entities and fulfill the same employment requirements as Category 1.
Privileged Residency Category
For individuals looking to settle in Saudi Arabia for a limited period or indefinitely, the Privileged Residency category provides the opportunity. The length of stay depends on the fee paid by the applicant.
Established Talent Category
To attract talents and specialists in sports, culture, and the arts, the Established Talent category has been introduced. Eligibility for this category requires nomination for or the receipt of specified awards, financial solvency, and a recommendation from the Ministries of Sports or Culture.
Exceptional Competence Category
Professionals with extensive experience in fields such as science, administration, or research may apply under the Exceptional Competence category. Eligibility criteria vary according to the specific field, including employment contracts, minimum wages, educational degrees, work experience, and meeting a minimum points system.
Benefits
Applicants, regardless of the category chosen, will receive numerous benefits as part of the Premium Residency program. These include:
- Residency for the applicant, their parents, spouse, and children under 25.
- Freedom to move between facilities.
- Exemption from financial fees imposed on expatriates.
- Visa-free entry and exit.
- Possibility of obtaining visitor visas for relatives.
- Designated entry and exit lanes at ports and airports.
- Right to work in the private sector.
- Approval to own real estate in Saudi Arabia, among others.
Conclusion
Saudi Arabia’s Premium Residency program constitutes an important step toward attracting investors, entrepreneurs, and talented individuals to foster economic growth and diversification in the country. By offering various categories with specific requirements and duration options, the program aims to facilitate the ease of doing business and promotes innovation, while providing a range of benefits to successful applicants.