Saudi Arabia Introduces 5 New Categories to Premium Residency Program

Highlights

• Saudi Arabia introduces 5 new categories to premium residency program to attract global talent and reduce dependency on oil-driven revenue.
• Launched in 2019, the program now offers expanded benefits, including exemption from expat fees, visa-free travel, and property ownership, contributing to the nation’s vision of a diversified, knowledge-based economy.
• Direct permanent residency for investors contributing SR7 million and creating at least 10 jobs in the initial two years, making it an attractive option for regional and international investors.
• Two entrepreneur residency categories encourage business growth, providing fixed-term and permanent options, fostering employment and innovation.
• A residency plan linked to property ownership, stimulating investment in real estate with specific criteria for eligibility and property valuation.
• A special talent residency category attracts professionals in healthcare and science, executives, and researchers, enriching the cultural and scientific landscape.
• Restructured eligibility now includes parents as dependents, reflecting ongoing efforts to enhance the residency program and support families.
• Collaboration with strategic partners across government entities ensures a well-designed environment for premium residents to live, work, and contribute to Saudi Arabia’s vibrant future.
• The premium residency products extend beyond basic benefits, offering a holistic environment for professionals and investors, contributing significantly to the nation’s transformation and growth.
• Saudi Arabia welcomes applications from all nationalities, emphasizing its commitment to addressing skills gaps and inviting the world to join in the journey of transformation and prosperity.

Diversifying Economy: 5 new categories to premium residency program

Saudi Arabia introduces 5 new categories to premium residency program that is a strategic move to attract global talent and diversify its economy beyond oil. Launched in 2019, the program aims to provide eligible foreigners with the opportunity to live in the Kingdom, offering benefits such as exemption from expat and dependents fees, visa-free international travel, and the right to own real estate and operate a business without a sponsor.

Categories and Benefits:

1. Investor Residency:

   • Direct permanent residency for those investing SR7 million and creating a minimum of 10 jobs in the first two years.
   • Issuance of an investment license.
   • Exemption from commercial register and articles of incorporation requirements.Reading Suggestion: RTA Introduces WhatsApp Service for Dubai Driving Test Appointments

2. Entrepreneur Residency:

   • Two categories – fixed-term five years renewable for one additional term, and permanent residency.
   • Criteria include a minimum SR400,000 investment, holding at least a 20 percent share of the startup, and creating jobs.

3. Real Estate Ownership Residency:

   • Tied to property ownership or usufruct.
   • Criteria include owning a real estate asset worth a minimum of SR4 million, free of existing and future mortgages.
   • Residential, developed properties eligible.

4. Special Talent Residency:

   • Five-year option for professionals in healthcare and science earning a monthly SR35,000, or researchers with a minimum monthly salary of SR14,000.
   • Executives with an executive-level employment contract, earning monthly pay in excess of SR80,000.

5. Gifted Residency:

   • Fixed-term period of five years, split into two categories.
   • Nomination or receipt of an award approved by Saudi ministries of culture and sports.
   • Meeting minimum eligibility criteria approved by the ministries.

Application Process:

• One-time application fee of SR4,000 for each category.
• Collaboration with strategic partners for a holistic environment.
• Family members, including parents, now eligible for premium residency.
• Extended age limit for dependents to 25 years.

Vision and Impact:

• Aiming to contribute to Saudi Arabia’s vision of a diversified, knowledge-based economy.
• These new premium residency products offer a world of opportunities for professionals and investors.
• Enriching the cultural and scientific landscape while boosting economic growth.

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Closing Thoughts:

• Saudi Arabia invites applicants from all nationalities to address skills gaps in various sectors.
• These new residencies are more than permits; they are a commitment to shaping the nation’s future.