Saudi Arabia has recently expanded its Premium Residency program by incorporating five new categories, signaling a strategic move to attract global talents, investors, entrepreneurs, and property owners. This development is in alignment with the objectives outlined in Saudi Arabia’s Vision 2030, emphasizing economic diversification and the infusion of foreign expertise to fuel growth.
Among the newly introduced categories is a special talent residency, catering to health and scientific professionals, researchers, and executives. This reflects a targeted approach to attract individuals with specific skill sets and expertise, each category having defined salary and experience requirements.
Gifted Residency:
The gifted residency category, spanning a fixed term of five years, distinguishes itself with two pathways. Individuals can either be nominated for or win recognized awards from the ministries of culture and sports or meet predetermined eligibility criteria. This initiative seeks to acknowledge and attract outstanding individuals in the arts and creative fields.
Investor Residency:
The investor residency option offers direct permanent residency to those willing to invest a minimum of SR7 million and generate at least 10 jobs within the first two years. This move aims to encourage foreign investment, providing incentives for entrepreneurs to contribute to job creation and economic development.
Entrepreneur Residency:
The entrepreneur residency category is divided into two segments, with each having specific investment and ownership prerequisites. The first category entails a fixed-term residency of five years, renewable once, requiring a minimum SR400,000 investment and a 20% stake in a startup. The second category offers direct permanent residency, contingent on a minimum SR15 million investment and the creation of at least 10 jobs in the initial year.
Real Estate Owner Residency:
The residency plan tied to property ownership or usufruct necessitates ownership of real estate assets worth a minimum of SR4 million. Stringent criteria include ownership of developed residential property, absence of mortgages, and appraisal by accredited valuers. This category encourages investment in the real estate sector, fostering economic growth.
Benefits of Premium Residency:
Beyond the specific requirements for each category, the Premium Residency program offers a range of benefits, including visa-free international travel, family residency without dependent fees, and the right to own property and conduct business activities. These perks are designed to attract and retain a diverse pool of talents and investors, contributing to the overall economic transformation.
In its bid to position itself as a global space for talent and investment, Saudi Arabia’s introduction of these new Premium Residency categories represents a forward-looking strategy. By offering tailored pathways for professionals, entrepreneurs, and investors, the Kingdom aims to accelerate economic growth, foster innovation, and enrich its cultural and scientific landscape. This revamped program is poised to play a pivotal role in realizing the ambitious goals outlined in Vision 2030.
