Saudi Arabia has introduced an appealing residency-by-investment option known as the Premium Residency Program. Aimed at high-net-worth individuals, investors, and skilled professionals, this program offers flexibility for expatriates looking to live, work, and invest in the Kingdom without a traditional sponsor.
Key Benefits of Saudi Premium Residency
The Premium Residency program offers significant benefits for expatriates, such as:
- Permanent Residency for Investors: With a one-time investment fee, qualified applicants and their families receive long-term residency rights.
- Family Inclusion: Dependents, including spouse, children, and parents, can join the primary applicant in Saudi Arabia.
- Work and Business Privileges: Residency holders can work, open businesses, and own real estate without a local sponsor.
- Exemption from Expatriate Fees: Premium residency holders and their dependents are exempt from annual expat fees.
- Visa-Free Exit and Entry: Premium residency holders can travel in and out of Saudi Arabia without needing additional visas.
Types of Premium Residency Options
Saudi Arabia offers several options for investors, each tailored to different financial and business circumstances:
- Limited Premium Residency: For those seeking temporary residency, this option requires an annual fee of SAR 100,000 (around USD 26,000).
- Unlimited Premium Residency: This permanent residency option requires a one-time fee of SAR 800,000 (around USD 213,000), providing indefinite residency with no renewal requirements.
- Real Estate Investment Residency: Investors can qualify by owning residential property worth at least SAR 4 million (approx. USD 1.1 million). This residency is valid as long as the property is maintained.
- Entrepreneur Residency: This path targets entrepreneurs with start-ups funded by approved Saudi investors. With a minimum investment requirement, entrepreneurs can obtain either a five-year renewable residency or a path to permanent residency if they create 10 jobs annually.
- Talent Residency: Reserved for individuals in priority fields like science, research, or leadership, this pathway allows for a renewable five-year residency with potential for permanent status.
Eligibility Requirements
Applicants for Premium Residency must meet specific requirements, including:
- Investment Commitment: Depending on the residency type, investments can range from SAR 400,000 (for entrepreneurs) to SAR 7 million (for business investors).
- Financial Solvency: Applicants must demonstrate financial stability, often requiring proof of substantial funds and income.
- Background Checks: Candidates must undergo criminal background checks, health screenings, and meet the program’s due diligence requirements.
- Professional Qualifications: In the case of Talent Residency, individuals must have qualifications in recognized fields, relevant experience, and letters of recommendation.
Application Process for Premium Residency
The process to apply for Premium Residency is straightforward but involves specific documentation:
- Prepare Documentation: Gather personal documents, financial statements, investment records, and any required licenses.
- Submit Application: Complete the online application form on the Saudi Premium Residency Portal.
- Pay Application Fees: Pay the relevant application fee based on the residency type chosen.
- Await Approval: Processing times typically take around three months.
Who Should Consider Saudi Premium Residency?
This program appeals to a range of individuals, from investors and businesspeople looking to tap into Saudi Arabia’s booming economy to skilled professionals and entrepreneurs aiming to establish long-term ties in the Kingdom. Additionally, those seeking a residency without the need for local sponsorship or family inclusion will find this program particularly beneficial.
For more information on Saudi Arabia’s residency by investment program, you may find further details through resources on dedicated immigration and investment websites
