An Overview of the Premium Residency Program
In less than a year since its launch, Saudi Arabia has granted premium residency to 1,238 foreign investors, as announced by Saudi Minister of Investment Khalid Al Falih at the World Investment Conference in Riyadh. The program aims to attract global talent and align with the Kingdom's Vision 2030 reform agenda.
Key Benefits of Premium Residency
- The right to own property.
- Operate businesses without a sponsor.
- Visa-free travel.
- Exemptions from expat and dependent fees.
- Privileges extended to family members.
Eligibility Criteria and Application Process
The program offers two residency options: a renewable one-year permit or an unlimited-term permit. Applicants of all nationalities can apply if they meet specific criteria.
Impact on Saudi Arabia’s Investment Climate
Investment flows have tripled since the program’s inception. Saudi Arabia's GDP has grown by 70%, reaching $1.1 trillion, with non-oil sectors contributing half of this growth.
Tripling Investment Flows
Saudi Arabia's efforts to attract foreign investors have significantly boosted investment flows, reflecting the program's success in creating a global investment hub.
Contribution to Non-Oil Sectors
The premium residency program aligns with Vision 2030 by promoting economic diversification, particularly in non-oil sectors.
Vision 2030 and the Future of Global Investments
“Vision 2030 has redefined the investment climate in the Kingdom, making it a global hub for innovation and opportunity,” said Khalid Al Falih. The premium residency program is a key driver in realizing this ambitious vision.
