Saudi Premium Residency: A New Era of Opportunity for Foreigners
Introduction
Saudi Arabia, the largest economy in the Middle East, is embracing a bold transformation. As part of its Vision 2030, the Kingdom is shifting away from oil dependence, aiming to become a global hub for business, tourism, and innovation. One of the most exciting developments in this transformation is Saudi Premium Residency (SPR), a game-changing initiative designed to attract global talent, entrepreneurs, and investors. The SPR offers an incredible opportunity to be part of Saudi Arabia’s evolving economic landscape.
What is Saudi Premium Residency (SPR)?
Have you been considering expanding your business internationally? SPR could be the key to entering the Saudi market. Launched in 2019, SPR provides foreign nationals with the chance to live, work, and invest in Saudi Arabia without needing a local sponsor. Before SPR, expats were required to have an employer or a Saudi sponsor to reside and work in the Kingdom. Now, with SPR, that restriction is gone, offering unprecedented autonomy and flexibility to foreign nationals.
There are two types of SPR:
- Permanent Residency: A lifelong residency with no renewal required.
- Temporary Residency: A renewable residency that provides the same benefits but requires an annual renewal.
Key Features of SPR
1. No Sponsor Requirement
One of the most attractive features of SPR is that it eliminates the need for a sponsor. Traditionally, expatriates in Saudi Arabia depended on their employers or local sponsors to live and work in the country. With SPR, however, foreign nationals can now enjoy greater freedom, as they no longer need a sponsor to stay, work, or invest in the Kingdom. This flexibility opens doors for professionals and entrepreneurs seeking independence in their careers.
2. Work and Business Opportunities
SPR holders can work for any employer in Saudi Arabia, removing the limitations tied to a single employer or sponsor. If you’re a skilled professional, this newfound freedom lets you explore career opportunities without being tied down. Additionally, SPR holders can establish and own businesses in Saudi Arabia, offering significant investment prospects in sectors such as real estate, technology, tourism, and healthcare—key areas of the Kingdom’s Vision 2030 goals.
3. Family Sponsorship
Another key benefit of Saudi Premium Residency is the ability to sponsor family members for residency. If you’re looking to bring your spouse, children, or other dependents to Saudi Arabia, SPR makes it possible. Family members enjoy similar privileges, including access to healthcare, education, and the freedom to work or study in the Kingdom, making it a great option for expatriates wanting to relocate with their loved ones.
4. Property Ownership
Prior to the SPR initiative, property ownership in Saudi Arabia was limited to Saudi citizens. Now, foreign nationals holding SPR can invest in both residential and commercial properties. This is a golden opportunity for foreign investors, particularly in the growing Saudi real estate market. Whether for personal use or investment, property ownership is an appealing feature of SPR.
5. Travel Flexibility
Typically, expatriates in Saudi Arabia need an exit/re-entry visa to travel abroad. However, SPR holders enjoy the freedom to travel in and out of the Kingdom without the need for this visa. This enhanced flexibility makes it much easier for foreign nationals to travel internationally for work, leisure, or family commitments.
6. Access to World-Class Services
Premium Residency holders also gain access to Saudi Arabia’s high-quality healthcare and education systems. With the Kingdom’s significant investments in healthcare infrastructure and top-tier educational institutions, SPR holders can rest assured that they and their families will have access to excellent services.
SPR Application Process
To apply for Saudi Premium Residency, applicants must meet a few basic eligibility requirements:
- Age: Applicants must be 21 years old or older.
- Criminal Record: A clean criminal record is required.
- Health: Applicants must be in good health, free from contagious diseases.
- Financial Stability: Applicants must demonstrate the ability to financially support themselves and their dependents while living in Saudi Arabia.
The SPR application process involves submitting required documents, including a valid passport, proof of financial solvency, and a clean criminal record. Applicants must also undergo a medical examination and pay the corresponding fees, which range from 100,000 SAR to 800,000 SAR.
How Al Taasis Can Help
At Al Taasis, we offer expert support throughout the entire Saudi Premium Residency process, ensuring a seamless and efficient application. For business owners and investors, we provide invaluable guidance on setting up businesses and navigating Saudi Arabia’s legal and regulatory environment. Additionally, we assist with family sponsorship applications, property ownership, and tax planning. Our deep knowledge of Saudi laws and regulations ensures that we can offer tailored advice for your unique needs. Whether you’re setting up a business or buying property, we guide you through every step.
