Saturday April 20th, 2024
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Premium Residency Eligibility Expanded in Saudi Arabia

The Premium Residency allows foreign nationals to live, work, and own businesses and property in the Kingdom without a sponsor.

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Premium Residency Eligibility Expanded in Saudi Arabia

The Kingdom of Saudi Arabia has expanded the eligibility categories for its Premium Residency application, streamlining the process for residents interested in applying for the visa program.

The Saudi Premium Residency, a permit allowing foreign nationals to live, work, and own businesses and property in the Kingdom without a sponsor, initially lacked defined categories for applicants. In a recent announcement, the Kingdom introduced five new application categories for the permit.

The specified categories encompass skilled individuals (specialists, executives), talents (cultural, sports), business investors, entrepreneurs, and property owners.

Those granted the Saudi Premium Residency can choose between a renewable extended one-year duration or an unlimited period of stay, depending on their selected plan during the application process.

The unlimited plan is priced at USD 213,320 (SAR 800,000), and the one-year plan at USD 26,665 (SAR 100,000), both requiring upfront payment.

Applicants falling under the five new categories for Premium Residency will be charged USD 1,066 (SAR 4,000).

Introduced in 2019, this permit aims to attract affluent foreigners and investors, contributing to the economic growth of Saudi Arabia. The Saudi Premium Residency extends the privilege to the cardholder's immediate family, exempting them from dependent fees for residence in Saudi Arabia. Family members are granted the right to live, work, invest, and freely switch employment or employers within the country.

Within the premium scheme, individuals are authorized to own property, encompassing residential, commercial, and industrial real estate throughout Saudi Arabia, with the exception of Makkah, Medinah, and the border regions.

Moreover, Premium Residency bestows the right upon individuals to own and license vehicles and various modes of transportation within the country.

Premium residents enjoy the freedom to leave and re-enter Saudi Arabia at their discretion.

Furthermore, holders of Saudi Premium Residency are entitled to invest in the Saudi Capital Market.

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