12 January 2024
Saudi Arabia has added five new products to its premium residency program in a bid to further boost the country’s ongoing economic transformation by creating employment opportunities and fostering the transfer of knowledge.
The five new premium residency products, ‘Entrepreneur’, ‘the Real Estate Owner Residency’, ‘Special Talent’, ‘Gifted’, and ‘Investor’, will offer holders unparalleled opportunities for settling in Saudi Arabia.
The Premium Residency Program, which was first implemented approximately five years ago, allowed eligible self-sponsored foreign nationals to obtain a residence permit for up to one year (renewable) or for an unlimited period of time. The premium residency grants individuals benefits such as exemption from paying expat and dependents fees, visa-free travel, and the right to own real estate and run a business without requiring a sponsor.
Applications for the new premium residency products are open to all nationalities. Candidates who meet all eligibility criteria, requirements and objectives are encouraged to apply.
Top view of the city of Riyadh, Saudi Arabia
The five new visa products announced have been developed in collaboration with the Premium Residency Center and strategic partners across an array of government entities. They offer a wide range of benefits to holders. These include the ability for Saudi premium residency holders to conduct business, become property owners, obtain work permits for holders and family members, license vehicles, and many more advantages the Premium Residency Center provides in cooperation with government partners.
This introduction of these new products aligns with Saudi Arabia’s Vision 2030 goals, aiming to attract the required talents to accelerate economic growth. Saudi Arabia has seen a consistent increase in direct foreign investment over the past six years, taking it from SR27 billion in 2017 to SR122 billion last year. The Saudi Arabia premium residency program is expected to boost further the goal of increasing the contribution of foreign direct investment to the GDP from 3.8% to 5.7%.
The Special Talent residency caters to executives and professionals who specialise in healthcare, science, and research. It aims to attract individuals with unique skills and experiences who can contribute to knowledge and technology transfers and enrich Saudi Arabia’s cultural landscape.
For professionals specialising in healthcare and science, they must earn at least a monthly SR35,000, and researchers must have a minimum monthly salary of SR14,000.
Eligibility Criteria:
Employment contracts in Approved entities with priority specialisations
Bachelor’s degree or higher
More than three years of work experience in related priority specialisations
Endorsement letter from the employer
For executives seeking special talent status,
Eligibility Criteria:
Employment contract for executive level, with a total minimum monthly salary of SAR 80,000
Endorsement letter from the employer
Duration: 5 years residency, renewable for one additional term, subject to meeting
product eligibility criteria
Path to Permanent Residency:
Maintaining product eligibility criteria
Completing a residency of 30 months within a period of 5 consecutive or non-consecutive years
The Gifted residency aims to integrate skilled professionals and talented individuals into Saudi Arabia’s vibrant and growing cultural and sports sectors.
This Gifted premium residency category covers a fixed-term period of five years and is split into two categories.
In the first case, applicants will need to be nominated or be a recipient of an award approved by the Saudi Ministries of Culture and Sports.
Alternatively, they must fulfil the minimum eligibility criteria approved by the two ministries.
Eligibility Criteria:
Meeting the minimum financial solvency requirement (ensuring the ability to bear the cost of living in Saudi)
Obtaining an endorsement from either the Ministry of Culture or the Ministry of Sports, depending on the applicant’s field.
Duration: 5 years residency, renewable for one additional term, subject to meeting
product eligibility criteria
Path to Permanent Residency:
When continuously meeting the eligibility criteria for the product
Having a residence for a period of 30 months during five years, either consecutive or non-consecutive
Receiving an endorsement to have a permanent residency from the Ministry of Culture or Ministry of Sports as a prerequisite for obtaining permanent residency.
The Investor residency is designed for investors looking to capitalise on Saudi Arabia’s thriving business landscape and generate high-impact returns from across the economy.
Eligibility Criteria:
Issuing an investment license
Providing commercial register and articles of incorporation
Investing a minimum of SAR 7 million in economic activities in Saudi in accordance with the Investment Law
Path to Permanent Residency:
Direct permanent residency conditioned on:
1. Injecting SAR 7 million during the first two years
2. Creating 10 jobs during the first two years
The Entrepreneur residency is intended for aspiring entrepreneurs and owners of innovative projects who are eager to launch and develop their start-ups in Saudi Arabia, contributing to the nation’s ambitious economic transformation journey.
Entrepreneur residency is divided into two categories, each with its investment and ownership requirements and recommendations from the investing entity.
Category-1: Applicants must have obtained a minimum SR400,000 investment from an accredited organisation and hold at least a 20 per cent share of the startup.
Category-2: Applicants must have a minimum SR15 million investment from an accredited organisation and hold at least a 10 per cent share of the startup.
Eligibility Criteria:
Holding an entrepreneur license from the Ministry of Investment
Provide an endorsement letter from the investment entity
Duration:
Category-1: A fixed-term residency for five years, renewable for one additional term, subject to continuous meeting of the eligibility standards of and maintaining a residency for a total of 30 months within a span of 5 years.
Category-2: Permanent residency directly, conditioned on creating at least 10 jobs in the first year and at least 10 jobs in the second year.
This category will also allow applicants to nominate two members of staff for Special Talent Residency.
The Real Estate Owner residency is designed for wealthy foreigners who are real estate owners and are looking to enjoy Saudi Arabia’s exceptional quality of life while benefitting from its promising real estate market, which has undergone rapid and comprehensive development in recent years.
Eligibility criteria:
Own real estate assets worth a minimum of SAR 4,000,000 in Saudi Arabia
The property must be free from existing and future mortgages
Property ownership or utilisation must not be associated with real estate financing
Real estate owned must be residential, developed, and not from undeveloped or unimproved land
The property asset must be appraised by accredited valuers from the Kingdom’s Taqeem authority.
Duration: Tied to real estate ownership or usufruct
General application requirements for all categories include;
A valid passport with passport details
Passing a medical examination
Regular residency (for those applying from within Saudi)
A one-time fee of SR4,000, except for the limited duration and unlimited duration residencies.
And various other relevant documents
Saudi premium residency holders will now be able to
Expansive red sands and spectacular sandstone rock formations, Hisma Desert – NEOM, Saudi Arabia
Approximately five years ago, Saudi Arabia launched its premium residency system with a one-year limited-duration residency program with an annual fee of SR100,000 and the requirement to prove financial solvency. Meanwhile, unlimited-duration residency costs SR800,000 for permanent residency, again with proof of an applicant’s financial health.
The Saudi premium residency program is meant to attract foreign investment in Saudi Arabia in the wake of faltering oil prices, which were causing an economic decline. Additional information regarding the program is expected to be released in the coming months, and Centuro Global will provide updates as they become available.
This alert is for informational purposes only. If you have any questions or would like to request a premium residency product, please contact us here.
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