Saudi Arabia introduces five new premium residency categories
The move is set to attract global talents…
Saudi Arabia is constantly rolling out plans to boost residency programs and tourism, and now the country has introduced five new premium residency categories to the existing Premium Residency System.
Saudi Premium Residency Center launches 5 new products to attract the best minds and investments and empower the national economy.#SaudiPremiumResidency pic.twitter.com/cjbpBOm6og
— Foreign Ministry 🇸🇦 (@KSAmofaEN) January 10, 2024
According to Saudi Gazette, the premium residency allows the holder to grant residency to family members, conduct business activities, and exempt them from the expat fee for themselves and their dependents.
Previously, there were only two categories of premium residency available, costing a total of SR800,000 ($213,000) and another for one year, renewable, at SR100,000 ($26,000).
The five new categories include a real estate residency that requires ownership or benefit from real estate assets worth at least SR4 million in Saudi Arabia, along with other criteria, and an entrepreneur residency, which is divided into two categories. The two subcategories include investment and ownership requirements and recommendations from the investing entity.
There’s also a special talent residency, for which residents can go down two pathways: one for health and scientific talents and researchers, and another for executives.
The fourth new category is gifted residency, for which candidates have to be nominated for or win specified exceptional awards or meet the minimum eligibility criteria set by the ministries of sports or culture.
Lastly, there will also be an investor residency program that offers direct permanent residency to those willing to invest a minimum of SAR7 million and generate at least 10 jobs within the first two years.
For more details on the residency requirements and to apply for premium residency, you can head to saudiembassy.net.
Visit: saprc.gov.sa