Everything You Need To Know about Saudi Arabia’s Golden Visa
2023-06-12
Whether you’re considering a startup in the technology sector, a venture in the energy field, or an investment in the burgeoning tourism industry, this new visa service is tailored to make your journey into the Saudi Arabia investing environment smoother.
Application Process for Saudi Premium Residency Visa
To be eligible for this visa, applicants must be able to certify specific requirements:-
- Be at least 21 years of age
- Clear criminal record
- Evidence of financial means
- Clean health record
- Evidence of skills and experience
The application process is done through the applicant’s home country and within the Kingdom of Saudi Arabia. There are two options to select for this process:-
- Permanent Residency – requires a minimum bank balance of 213,000 USD in your bank account.
- Yearly renewable residency – requires a balance of 26,660 USD in your account each year to continue to apply
Family members are also eligible to apply with the principal applicant without showing any additional financial requirements.
At Centuro Global, we assist clients with these applications and provide other options for residing or working in the Kingdom of Saudi Arabia. Our experience expands over 25 years of supporting immigration applications and expediting cases directly with the government. We have a team of experts who can answer your queries and help avoid challenges or delays with the application process for Saudi Premium Residency.
Understanding the Saudi Premium Residency Visa
– A partnership between Saudi Arabia’s Ministry of Foreign Affairs and the Ministry of Investment, the ‘Premium Residency’ visa is aligned with the goals of the Saudi Vision 2030 strategy, which calls to diversify the economy away from oil and to position the Kingdom as a leading investment power with attractive competitiveness.
– Applicants who are nationals of select countries will benefit from this service in its first phase. There are plans to expand the availability of this visa service to citizens from other countries in the upcoming stage.
– From 1 January 2024, the Kingdom has indicated that only multinational companies headquartered in Saudi Arabia can secure government contracts and benefit from several exemptions and fee waivers. Companies will need an RHQ License to conduct business in KSA. Here’s how to apply for one.
– According to the Saudi Central Bank, foreign investments in Saudi Arabia increased by 20% in 2022 to SR2 4 trillion ($640 billion), up from SR2.36 trillion in 2021. The Kingdom’s industrial sector is among several witnessing a significant influx of foreign investments, which comprise 37 per cent of the industry’s total funding.
We will keep you updated on further changes or requirements for this visa. If you have any queries about travelling to the Kingdom of Saudi Arabia, don’t hesitate to get in touch with us at hello@centuroglobal.com
