Saudi Arabia has launched "premium residency" programs for investors

January 11, 2024

Saudi Arabia continues to actively attract investment and talent to the country. This time, the kingdom has launched a package of 6 programs called Premium Residency. These programs allow investors, entrepreneurs and professionals in various categories to obtain a long-term or permanent residence permit in Saudi Arabia.

Real Estate Investor
Business Investor
Businessman
Privileged accommodation
Recognized talent
Exclusive competence
Participants in premium residency programs receive a number of important benefits. Among them:

Residence permit for yourself, parents, spouses and children under 25 years of age
The right to freely leave the country and return back
No need to pay a number of financial fees for foreigners
The possibility of visa-free entry to Saudi Arabia
Simplified passage through border and customs control
Work permit in the private sector
The right to own real estate in the territory of the Kingdom
Now, in more detail about each of the 6 premium residency programs.

A program for real estate investors

To obtain residency under this program, you need to buy residential real estate in Saudi Arabia in the amount of at least 4 million Saudi riyals (about 1.1 million US dollars). At the same time, important conditions:

The property should be already built, not under construction
The purchase should not take place with a mortgage or other loan programs
The cost must be confirmed by accredited appraisers of Saudi Arabia
Residency under this program is provided for the entire period of ownership of real estate.

A program for business investors

This program is aimed at those who are willing to invest in business development in Saudi Arabia.

Criteria for obtaining residency:

Get an investment license in Saudi Arabia
Invest at least 7 million Saudi riyals (approximately 1.9 million US dollars) over 2 years
Create at least 10 new jobs
If these conditions are met, the business investor immediately receives a permanent residence permit during the first two years.

A program for entrepreneurs

This program is aimed at entrepreneurs who want to launch an innovative startup in Saudi Arabia.

Conditions for obtaining residency:

Receive investments in the amount of 400,000 to 15 million Saudi riyals (from 106,000 to 4 million US dollars) from investors accredited in Saudi Arabia;
Maintain a stake in the company of at least 10-20%, depending on the amount of investment;
Create 10 to 20 new jobs within 1-2 years.
Depending on the volume of investments and the number of jobs created, entrepreneurs initially receive a 5-year residence permit, which can then become permanent.

Privileged Living Program

This program is aimed at those who want to settle in Saudi Arabia, but do not plan to conduct active economic activity.

Conditions of receipt:

Confirm the availability of sufficient financial resources
Pay the state fee
The fee for a 5-year residence permit is 100,000 Saudi riyals (about $27,000).

To obtain lifetime residency, the fee will be 800,000 riyals (approximately 213,000 US dollars).

A talent program

This program provides an opportunity to obtain residency for cultural and artistic figures who have achieved outstanding success in their professional field.

Conditions:

To be nominated for significant international awards in the field of culture and art
Or meet the established qualification standards
Get a recommendation from the Ministry of Culture of Saudi Arabia
Confirm the availability of sufficient financial resources
Initially, a 5-year residence permit is issued, which can then become permanent.

A program for highly qualified specialists

Under this program, residency can be obtained by professionals with outstanding achievements in the fields of science, medicine, research and management.

Basic requirements:

Higher education, academic degree
Work experience of at least 3 years in the professional field
High salary level from 25,000 USD per year
Recommendation from an employer in Saudi Arabia
At the end of 5 years of stay in the country, if the conditions are met, you can obtain a permanent residence permit.

Thus, Saudi Arabia has launched a large-scale campaign to attract investments, entrepreneurial initiatives and professional talents by providing residency. These programs are interesting both for citizens of neighboring Arab countries and for residents of the whole world. They provide an opportunity to obtain a long-term or permanent residence permit in Saudi Arabia if certain investment, entrepreneurial or professional criteria are met.