Saudi Arabia has introduced a pathway for foreigners to gain residency through investment, aligning with its Vision 2030 plan to diversify its economy and attract international talent. Known as the Premium Residency program, it offers different tiers to cater to a range of applicants, from high-net-worth investors to talented professionals. Here’s a breakdown of what residency by investment in Saudi Arabia entails.
1. Overview of Saudi Arabia’s Residency by Investment Program
Saudi Arabia’s Premium Residency program has a range of options designed for entrepreneurs, investors, and individuals with specialized skills. This initiative, launched to drive economic growth and cultural exchange, provides qualified residents with multiple benefits. These include the right to live and work in the Kingdom without the sponsorship of a local employer and the ability to invest in and own property.
2. Key Tiers of the Premium Residency Program
There are two primary residency types under this program:
- Limited Duration Residency: This renewable residency costs SAR 100,000 annually and requires proof of the applicant’s financial stability.
- Unlimited Duration Residency: Permanent residency is available with a one-time fee of SAR 800,000. Applicants must meet specific financial requirements and show evidence of long-term financial solvency.
The Premium Residency program has recently expanded to include specialized categories, which appeal to different professional and investor profiles.
3. Requirements for Saudi Residency by Investment
To qualify, applicants need to meet the following general requirements:
- Valid Passport: Applicants must hold a passport with at least six months’ validity.
- Proof of Financial Solvency: Bank statements showing sufficient funds are required.
- Clean Criminal Record: A background check to verify no prior criminal activity.
- Health Insurance: Applicants need valid health insurance coverage.
Additional documentation may be needed depending on the specific residency type applied for, such as proof of investment in Saudi Arabian ventures.
4. Specialized Residency Categories
To further attract talent and investment, Saudi Arabia offers unique residency options beyond financial investment:
- Entrepreneur Residency: Designed for startup founders who obtain an entrepreneurship license from the Saudi Ministry of Investment. Startups need funding from accredited venture capital sources, and entrepreneurs may also qualify if their projects meet employment creation goals.
- Special Talent Residency: Professionals in healthcare, science, and research fields can gain residency if they meet salary and experience requirements. This category also includes high-level executives with contracts and salaries above SAR 80,000.
- Gifted Residency: Saudi Arabia welcomes talented individuals in arts, sports, and culture through its Gifted Residency program, offering five-year residency for those nominated or awarded by relevant Saudi ministries.
5. Advantages of Residency by Investment in Saudi Arabia
Premium Residency holders enjoy benefits, including:
- Family Inclusion: Residency extends to spouse and children under 25.
- Visa Flexibility: Entry and exit privileges without the need for a re-entry visa.
- Real Estate Ownership: Right to own property and invest in Saudi real estate.
- Business Ownership and Saudization Exemptions: Exemptions from the Saudization program, Nitaqat, which mandates local employment quotas, for up to three years in certain categories.
6. How to Apply
To begin the application process, prospective applicants can consult with the Saudi Ministry of Investment or utilize consultants specializing in Saudi residency programs. The Premium Residency Center in Saudi Arabia also provides resources and guidance on eligibility and submission.
Saudi Arabia’s Residency by Investment program represents a unique opportunity for foreign investors, skilled professionals, and entrepreneurs to live and work in the country, with privileges designed to encourage economic contribution and cultural integration.
