Introduction

In 2019, Saudi Arabia initiated a premium residency system with two main options: a lifetime residency for SR800,000 ($213,000) and a yearly renewable residency for SR100,000 ($26,000). Recently, the system has been broadened to include five additional categories: special talent, gifted, investor, entrepreneur, and real estate owner, making a total of seven categories. This expansion aligns with Saudi Arabia’s Vision 2030, a plan focused on attracting skilled individuals to boost economic growth.

Over the last six years, Saudi Arabia has seen a significant increase in foreign investment, growing from SR27 billion in 2017 to SR122 billion in the previous year. The enhanced residency program is expected to play a crucial role in increasing foreign direct investment’s share of the GDP from 3.8% to 5.7%, furthering the Kingdom’s ambitious economic objectives.

Special Talent Residency in Saudi Arabia

Saudi Arabia’s five-year special talent residency is designed for top-tier healthcare, science, and research professionals, aiming to attract individuals with unique skills that can enhance technology and knowledge exchange in the Kingdom. Applicants must meet specific criteria based on their professional field and income to be eligible.

Healthcare and science professionals interested in this residency must earn a minimum monthly income of SAR35,000. Researchers are required to have a monthly salary of at least SAR14,000. For executives aiming for special talent status, it’s essential to have an executive-level employment contract with a monthly income exceeding SAR80,000.

Applicants must also hold a Bachelor’s degree or higher and have an approved employment contract. This initiative targets high-level professionals, drawing expertise that can significantly contribute to Saudi Arabia’s evolving sectors.

Real Estate Residency in Saudi Arabia

The Real Estate Residency option in Saudi Arabia is tailored for individuals owning residential property in the country valued at SAR 4 million or above, with the key condition being that the property must be free from any current or future mortgages. This residency offers a high-quality lifestyle and opens up profitable investment opportunities in the Saudi real estate market.

The duration of this residency is directly linked to the period of property ownership. Applicants must own a residential real estate asset worth at least SAR4 million without any associated real estate financing to qualify. The property must be developed and habitable, ruling out undeveloped or unimproved land. Furthermore, the property must be independently appraised and verified by accredited valuers from Saudi Arabia’s Taqeem authority. The residency status conferred through this plan is intrinsically tied to the ownership or usufruct of the property, emphasizing the Kingdom’s focus on attracting stable and long-term investments in its real estate sector.

Gifted Residency in Saudi Arabia

The Gifted Residency in Saudi Arabia is a specialized five-year program divided into two distinct categories aimed at integrating talented individuals into the country’s cultural and sports sectors. This residency is designed for those who have either been nominated for or have received recognition from the Saudi Ministry of Culture and the Ministry of Sports.

In the first category, applicants must be either nominees or recipients of awards sanctioned by these ministries. Alternatively, they must satisfy specific eligibility criteria set by the same authorities. A key aspect of this residency is the emphasis on financial solvency, ensuring that applicants are economically stable.

This initiative reflects Saudi Arabia’s commitment to enriching its cultural and sports landscapes by attracting and retaining individuals with exceptional talents in these fields. The program is structured to encourage the participation of gifted professionals, offering them a pathway to contribute to the Kingdom’s dynamic cultural and sporting environment.

Investor Residency in Saudi Arabia

Saudi Arabia offers a unique opportunity for investors through its Investor Residency program. This initiative is tailored for those looking to invest in the country’s growing economy. To qualify, applicants must invest a substantial amount of SAR7 million and are expected to create at least ten jobs within the first two years of their application. The process involves obtaining an investment license, which is a green light for conducting business in Saudi Arabia.

Additionally, applicants need to provide essential business documents such as a commercial register and articles of incorporation. This program is a strategic move by Saudi Arabia to attract significant investments and create jobs, contributing to the Kingdom’s economic development. It’s an appealing option for investors seeking to become permanent residents and expand their business ventures in the Kingdom.

Entrepreneur Residency in Saudi Arabia

The Entrepreneur Residency program in Saudi Arabia offers two distinct categories for ambitious business founders. Both categories are designed to encourage entrepreneurial activity in Saudi Arabia, attracting individuals ready to invest, create jobs, and contribute to the Kingdom’s economic growth.

The first category offers a five-year residency, which can be renewed for another term as long as certain conditions are met. Entrepreneurs must spend at least 30 months in Saudi Arabia within those five years and secure a minimum investment of SR400,000 from an accredited source. Additionally, they should own at least a 20% stake in their startup.

The second category provides permanent residency right away but with different requirements. Entrepreneurs must create at least ten jobs in the first year and maintain or exceed this number in the second year. A significant investment of at least SR15 million is necessary, and the entrepreneur must hold a minimum of a 10% share in their business venture.

Saudi Premium Residency Benefits

Introducing five new premium residency categories in Saudi Arabia brings a wealth of opportunities for professionals and investors. This initiative is part of the Kingdom’s goal to establish itself as a leading destination for talent and investment, in line with its vision for a diverse, knowledge-based economy. Premium residents are offered a comprehensive environment to live, work, and contribute to Saudi Arabia’s dynamic future.

Key benefits of holding a premium residency in Saudi Arabia include:

• Family Inclusion: Premium residency holders can extend this status to their family members, including parents, spouses, and children under 25.
• Business and Employment Flexibility: Holders can start and run businesses, move between employers, and work in the private sector. This flexibility extends to their spouse and dependents.
• Financial Advantages: They can transfer money without fees and are exempt from certain expatriate fees.
• Travel Ease: Premium residency holders and their families can leave and return to Saudi Arabia without a visa. They also have the right to obtain visit visas for relatives.
• Airport Privileges: Use dedicated airport tracks similar to those for citizens and GCC nationals.
• Property Rights: They can own and have the usufruct (beneficial use) of real estate.

Each category of premium residency comes with its specific validity period and set terms and conditions. Generally, applicants must have a valid passport, a recent medical certificate, and, if applying within Saudi Arabia, legal residency status.

These benefits significantly enhance the attractiveness of Saudi Arabia for those seeking to invest, work, or settle in the country, aligning with the Kingdom’s broader economic and social objectives.

Obtain Your Premium Residency in Saudi Arabia with Al Taasis

Al Taasis is an invaluable resource for those seeking premium residency in Saudi Arabia. Whether you are an investor, entrepreneur, or professional in a specialized field, Al Taasis can provide tailored guidance to help you meet the specific criteria for your desired residency category. We can assist with preparing necessary documents, investment guidance, and legal and regulatory compliance advice. Our support can be particularly beneficial in leveraging the full benefits of premium residency, ensuring a smooth transition to life and work in Saudi Arabia.

Contact us to know more about the prerequisites of your business journey.