What is the Saudi Arabia Premium Residency?
The Premium Residency Center was established in conjunction with a Royal decree, with the approval of the Council of Ministers, on the Premium Residency System. It is an independent administrative and financial agency, associated with the Economic Affairs and Development Council. The system coordinates with all sectors and state agencies to implement the Premium Residency System, which is distinguished for those who wish to obtain a distinctive residence in Saudi Arabia through its electronic services system, its various departments, and its direct contact with customers from everywhere.
Saudi Arabia has launched new categories under its long-term Premium Residency (PR) System, offering self-sponsored long-term residency permits to a wider range of foreign nationals.
Foreign nationals can apply under one of the these categories:
- Special talent (including executives, healthcare, and scientific professionals);
- Gifted individuals in culture, the arts.
- Sport professional
- Investors and entrepreneurs; including real estate owners.
The expansion of the PR – which is likely to increase the number of highly skilled individuals, entrepreneurs, and investors residing long-term in Saudi Arabia continues the country’s current trend of seeking to attract and retain foreign investment and talent.
In early 2024, Saudi Arabia broadened the Premium Residency program by streamlining the application process and expanding the eligibility criteria. This enhancement introduced five new options (called products), attracting a broader spectrum of individuals, including real estate owners, business investors, entrepreneurs, exceptional talents, and skilled professionals.
Eligibility Criteria
To qualify for Premium Residency in Saudi Arabia, applicants must meet certain requirements. These requirements vary depending on the specific Premium Residency product being applied for. They include criteria such as a minimum age for the main applicant, specified investment amounts, or obtaining a recommendation from a relevant authority. However, there are general eligibility criteria that all applicants must fulfill, regardless of the residency product. These criteria include:
1. The main applicant and any family members included in the application must have valid passports with a minimum validity of six months at the time of application.
2. The main applicant must demonstrate financial solvency and the ability to support themselves and their family members during their stay in Saudi Arabia. This can be proven through bank statements and other financial documents.
3. All applicants and their families must have a clean criminal record. The applicant must also consent to allow the Saudi Premium Residency Center to conduct background checks with the relevant authorities in their country of residence.
4. Applicants and their family members must be clean from transferable diseases. This healthy situation should be issue within the last six months by a licensed medical center in Saudi Arabia or a center certified by Saudi diplomatic missions abroad.
5. If applying from within Saudi Arabia, the applicant must provide proof of legal residency in the kingdom.
Saudi Premium Residency Options
The Saudi Premium Residency program offers seven options, officially termed Premium Residency Products, designed to cater to the varying needs of individuals seeking residency in the Kingdom of Saudi Arabia. Offering both a Limited Duration Premium Residency with the option for renewal and a Permanent Premium Residency, these products allow applicants to choose the option that best suits their individual goals and preferences. The Saudi Premium Residency products include:
1- Limited Duration Premium Residency
The Limited Duration Premium Residency is issued for one to five years with renewal options. It costs 100,000 Saudi Riyals annually (about 26,670 USD). Opting for a longer duration qualifies for a 2% fee reduction with advance payment. This option suits investors or businessmen with specific-term projects in Saudi Arabia. Applicants must be at least 21 years old.
2- Unlimited Duration Premium Residency
This permit provides permanent residency in Saudi Arabia for a one-time fee of 800,000 Saudi Riyals (approximately 213,340 USD). The main applicant must be at least 21 years old. It’s ideal for those seeking long-term residency without annual renewal, making it attractive for individuals aiming to relocate permanently or maintain residency in the country.
3- Real Estate Owner Residency
Foreign investors can obtain a Premium Residency in Saudi Arabia by owning or holding usufruct rights to residential properties worth at least four million Saudi Riyals. The property must be residential, developed, and appraised by TAQEEM-accredited valuers. Purchasing properties through financing or mortgaging them, before or after obtaining residency, is not allowed. The duration of Premium Residency matches the period of property ownership.
4- Investor Residency
This option provides foreign investors with the opportunity to invest in Saudi Arabia while simultaneously obtaining permanent Premium Residency, offering a dual benefit. Saudi Arabia, known as one of the largest markets in the region and a compelling investment environment due to its robust economy and positive growth indicators, offers diverse fields and activities for investment. To qualify for this option, the applicant must hold an investment license in Saudi Arabia and, within the first two years, invest at least 7 million Saudi Riyals and create a minimum of 10 job opportunities in the country.
Read more: Investment License Types in KSA.
6- Special Talent Residency
The Saudi Premium Residency program targets professionals in executive leadership, healthcare, science, and research, offering them residency in Saudi Arabia. It’s valid for 5 years with renewal and potential conversion to permanent residency, exempting from the Nitaqat program. There are two pathways: one for research, science, and healthcare professionals requiring a bachelor’s degree, 3 years of experience, a recommendation letter, 3 research papers, and specific salaries. The second pathway is for executives, requiring a recommendation letter and a minimum salary of 80,000 Saudi Riyals.
Benefits of the Saudi Premium Residency
1. The residency holder and immediate family, can reside in Saudi Arabia without paying the dependent fee. They can live, work, invest in the country, and freely change employment. Family members who don’t qualify for residency can come with a family visit visa.
2. With Premium Residency in Saudi Arabia, you can own property (residential, commercial, industrial) nationwide except in Mecca, Medina, and border regions. In Mecca and Medina, you can acquire property through a 99-year lease. Premium Residency also allows ownership and licensing of vehicles and transportation modes in Saudi Arabia.
3. Saudi PR holders can invest in the Saudi Capital Market. With Premium Residency, you can work in private organizations, and you are eligible to switch your job or employer without needing to deal with sponsorship procedures. You can also apply for a SAIGA license, which gives you the right to open a 100% foreign-owned offshore entity in Saudi Arabia and open your own business in the Kingdom.
4. With the “Saudi Green Card”, individuals can recruit foreign domestic workers and arrange their residency with a housemaid visa, or a domestic worker visa. Another benefit is that in the event of the Saudi Premium Residency holder’s passing, their family members who have been granted Premium Residency will retain their “UAE green card” rights and benefits.
Saudi Premium Residency Cost
The cost of obtaining a Saudi Premium Residency permit varies by category. For example, the Limited Duration permit costs 100,000 Saudi Riyals annually, while the Unlimited Duration permit is a one-time fee of 800,000 Saudi Riyals. Other categories like Business Investor, Real Estate Owner, Entrepreneur, Special Talent, and Gifted Residency have a one-time fee of 4,000 Saudi Riyals. Additionally, there is a 170 USD application processing fee for all categories
Duration of Residence Linked to Real Estate
The highlight of the program is that the duration of the premium residence is linked to the ownership of real estate, providing long-term stability for investors. With a one-time payment, residents not only invest in a property but also a future prosperous kingdom of Saudi Arabia.
Electronic Platform
To facilitate access to this opportunity, the Premium Residence Center has developed a new electronic platform. This tool ensures a simplified application process and advanced digital services that meet the highest international standards, improving the experience for applicants worldwide.
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The launch of the real estate option in Saudi Arabia’s premium residency program is an open door to growth and stability for foreign investors. With tangible benefits, clear criteria, and a route to long-term residence based on property. The kingdom is positioned as an attractive destination for international real estate investment. This effort reflects a continued commitment to innovation and welcoming global talent on Saudi soil.
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