In a groundbreaking move, Saudi Arabia has unveiled five new premium residency categories designed to attract exceptional talents, catering to executives, gifted individuals, investors, entrepreneurs, and property owners.
Premium Residency Benefits:
. Granting residency to family members
. Conducting business activities
. Exemption from expatriate levy for the holder and dependents
. Visa-free travel to and from the Kingdom
. Property ownership privileges
. Seamless transitions between establishments without fees
. Hosting and inviting relatives with ease
Evolution of Premium Residency:
Approximately five years ago, Saudi Arabia initiated the premium residency system, starting with two categories—permanent residency (SR800,000) and renewable one-year residency (SR100,000). Now, with the addition of five new categories, the total options have expanded to seven, aligning with Saudi Arabia's Vision 2030 goals to attract exceptional talents for accelerated economic growth.
Categories and Criteria:
1. Special Talent Residency: Two pathways for health and scientific talents/researchers and executives, each with specific salary and experience requirements.
2. Gifted Residency: Candidates must either be nominated for or win specified exceptional awards or meet eligibility criteria set by the ministries of Sports or Culture, along with financial solvency requirements.
3. Investor Residency: Criteria include issuing investment licenses, presenting a commercial register and founding contract, and a minimum investment of SR7 million in economic activities in the Kingdom.
4. Entrepreneur Residency: Divided into two categories with distinct investment and ownership requirements, along with recommendations from the investing entity.
5. Real Estate Owner Residency: Requires ownership or benefit from real estate assets worth at least SR4 million in Saudi Arabia, along with additional criteria.
Impact on Economic Growth:
This strategic move is in line with Vision 2030, aiming to boost foreign direct investment. Over the past six years, direct foreign investment has surged from SR27 billion in 2017 to SR122 billion last year. The new residency program is expected to further elevate the contribution of foreign direct investment to the GDP from 3.8% to 5.7%.
Application Details:
. Limited Duration Residency: Minimum financial solvency and an annual fee of SR100,000.
. Unlimited Duration Residency: A one-time payment of SR800,000.
General Application Requirements for All Categories:
. Valid passport
. Successful medical examination
. Regular residency (for current residents in the Kingdom)
. One-time fee of SR4,000 (except for limited duration and unlimited duration residencies).
