In a significant move, a royal decree has amended Saudi Arabia's Premium Residency Law, bringing notable changes to the eligibility criteria and residency options. The age limit of 21 years for holding Premium Residency has been waived, and two types of residency are introduced: permanent and fixed-term.
1. Age Limit Waiver: The amended law eliminates the age restriction of 21 years for Premium Residency applicants.
2. Family Definition: The definition of "family" under Article 1 has been revised to include spouses, children, and parents, as specified by regulations.
3. Freedom of Movement: Subparagraph H of Paragraph 1 of Article 2 grants freedom of movement for the residency holder and their family without the need for a visa.
4. Types of Residency: Article 3 is amended to distinctly categorize Premium Residency into permanent or fixed-term, with associated products proposed by the Council.
5. Financial Compensation: Premium Residency types will include financial compensation, determined by the Council of Economic and Development Affairs.
6. Application Process: Article 5 outlines the Premium Residency Center's role in studying applications, considering approval, and issuing decisions in accordance with the law and regulations.
7. Financial Compensation Payment: Subparagraph A of Paragraph 1 of Article 6 requires payment of financial compensation approved by the Council of Economic and Development Affairs.
8. Effectiveness of Premium Residency: Paragraph 3 of Article 6 empowers regulations to determine the implementation and issuance procedures of Premium Residency.
9. Revoked Articles: Articles 8, 10 (Paragraph 1), and 11 (Paragraph 2) have been canceled, impacting the holder's status as a resident for tax purposes, exclusive rights and benefits, and eligibility for Saudi citizenship.
10. Applicability of Laws: Paragraph 3 of Article 10 stipulates that, aside from specific rights and benefits, all laws, regulations, and instructions applicable to non-Saudi residents apply to Premium Residency holders and their families.
