Saudi Arabia has made significant updates to its premium residency program to attract global talent and boost economic growth. Launched in 2019, the program allows eligible foreigners to live in the Kingdom with numerous benefits such as exemption from expat fees, visa-free travel, and the ability to own real estate and run businesses without a sponsor.

New Residency Products

The new products in the premium residency program fall into five categories: special talent, gifted, investor, entrepreneur, and real estate owner. Each category has specific qualification requirements and an application fee of SR4,000 ($1,066).

Special Talent Residency

The special talent residency is a five-year option designed for professionals in healthcare and science, earning a minimum monthly salary of SR35,000, or researchers with a salary of at least SR14,000. Executives seeking special talent status need to have a contract with a monthly pay exceeding SR80,000.

Gifted Residency

The gifted residency is split into two categories and offers a five-year term. It is intended for individuals who are nominated or awarded by the Saudi ministries of culture and sports, or those who meet specific eligibility criteria approved by these ministries.

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Investor Residency

The investor residency offers direct permanent residency for those who invest SR7 million and create at least 10 jobs within two years. Applicants must provide an investment license, commercial register, and articles of incorporation. This option is particularly attractive for both regional and international investors looking to establish a corporate presence in Saudi Arabia.

Entrepreneur Residency

The entrepreneur residency has two categories:

• Category-1: Offers a fixed five-year term, renewable once, requiring a minimum SR400,000 investment and a 20% share in a startup.
• Category-2: Provides permanent residency if the entrepreneur creates at least 10 jobs in the first two years and invests a minimum of SR15 million.

Real Estate Ownership Residency

The real estate ownership residency is tied to owning a residential real estate asset worth at least SR4 million, free from mortgages. The property must be appraised by accredited valuers and should not be financed. It must be developed land, not raw or unimproved land.

Enhanced Benefits for Permit Holders

With the introduction of these new products, the premium iqama program offers several enhanced benefits:

• Exemption from paying expat and dependents fees.
• Visa-free travel.
• Right to own real estate and run a business without requiring a sponsor.
• Ability to obtain residency for family members, including parents and dependents up to 25 years old.
• Easier process for transferring services between establishments without fees.

Shoura Council Directives

The Shoura Council has issued directives to update the rules and regulations of the premium residency program. This includes:

• Collecting data on eligible individuals and marketing the premium iqama products.
• Coordinating with various entities to measure the economic, functional, and investment impacts of the residency products.
• Developing policies to ensure integration between the residency products and national programs and strategies.

Workshop Insights in Dammam

A workshop held in Dammam highlighted the features and benefits of the premium residency program. Organized by the Eastern Chamber of Commerce and Industry in cooperation with the Premium Residency Center, the workshop reviewed the residency products for non-Saudis. It emphasized their role in enhancing Saudi Arabia’s position as a global hub for talent, investment, and economic growth.

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Real-Life Impacts and Testimonials

Several professionals and business leaders have expressed their optimism about the new premium residency options. Edgard Tawk, CEO and co-founder of Eurisko, a multinational digital innovation firm, highlighted the opportunities for investors to establish a corporate presence in Saudi Arabia and designate it as their strategic headquarters. He believes the investor residency option will attract both regional and international investors.

George Haddad, founder and creative producer at Saudi-based Yellowcore Productions, sees the new residency options as a way to easily access the growing market, expand business, and capitalize on the country’s economic growth. He is optimistic about the positive impact of these new policies on the film and TVC industry.

Program Details and benefits of saudi arabia premium visa

The Premium Residency Center aims to attract and support distinguished groups of talents and investors to participate in Saudi Arabia’s development. The center provides flexible residency options, allowing eligible self-sponsored foreign nationals to obtain a residence permit for up to one year that can be renewed or for an unlimited period of time. People of all nationalities can apply for the new premium residency products, provided they meet all eligibility criteria and requirements.

The general benefits of the premium residency program include:

• Granting residency for family members.
• Exemption from expat and dependents fees.
• Visa-free international travel.
• Right to own real estate and run businesses without a sponsor.
• Easier process for transferring services between establishments without fees.
• Hosting and inviting relatives.
• Flexibility in living and working arrangements.

Special Residency Products and Categories

The seven premium residency products revolve around health, scientific and research competencies, investment, and entrepreneurship. They vary according to the standards and conditions for each product. The products include:

• Real Estate Owner Residency
• Special Talent Residency
• Gifted Residency
• Entrepreneur Residency
• Investor Residency
• Fixed-Term Residency
• Indefinite-Term Residency

These products aim to offer holders unparalleled opportunities for residing in Saudi Arabia and contributing to the national economy through job creation and knowledge transfer.

Future Prospects and Vision

Saudi Arabia’s premium residency program is a key part of the country’s vision to become a global center that embraces the best minds, talents, and investments. The program supports the national economy by creating employment opportunities, fostering the transfer of knowledge, and enhancing the country’s position as a prime destination for professionals and investors.

Mohammad Al-Sultan, CEO of the Premium Residency Center, highlighted the collaborative efforts with strategic partners across various government entities to develop these residency products. The goal is to provide a holistic environment for premium residents to live, work, and contribute to Saudi Arabia’s vibrant future.

Saudi Arabia’s premium residency program, with its new categories and enhanced benefits, offers flexible options for professionals, entrepreneurs, and investors to live and work in the Kingdom. The program supports the Kingdom’s vision of a diversified, knowledge-based economy by attracting global talent and investment. With these updates, Saudi Arabia invites the world to join in its journey of transformation and growth.