Keys to the Kingdom: Saudi Arabia's New Premium Residency Program
In the new globalized reality of 2024, the Saudi monarchy wishes to simplify residency visas and other paperwork for those who can contribute to the economic and cultural well-being of the Kingdom. On January 10, 2024, Saudi Arabia launched its new “Premium Residency” program, which caters to Investors, Entrepreneurs, and those whom the Saudi government deemed to have special talents.
There are 6 categories listed under the KSA Premium Residency program, of which, 2 belong to Investors (Business and Property), 2 belong to Talents/Exceptional skills, and the remaining 2 are Entrepreneur and Privileged Residency. Each of the 6 categories has different requirements and caters to different walks of life. The validity of the visas and their duration also varies – however, if you belong to any of the aforementioned six categories, they all will reap the same residency benefits.
These benefits include, but are not limited to:
1) Residency in the Kingdom of Saudi Arabia for parents, spouses, and children (under the age of 25) of the visa-holder.
2) Freedom to enter and exit the Kingdom of Saudi Arabia without a visa.
3) The right to own real estate in all areas of Saudi Arabia. For Muslims, this includes Islam’s Holy Cities of Mecca and Medina--for more information about policies related to visiting and looking at acquiring real estate in these sacred cities and the best times of year to do so, please study the Saudi Ministry of Hajj and Umra's social media page.
4) The right for the visa-holder, spouse, and children to work in the private sector freely without complications regarding paperwork.
5) The relatives of the visa-holder (outside of the immediate family members) being able to be issued visitor visas by KSA immigration authorities.
6) Exemption of the visa-holder from the financial fees and taxes imposed on expatriates and their immediate relatives.
7) Freedom to travel in Saudi Arabia
This article will explain in detail the 6 categories that were listed to be eligible for the Premium Residency program.
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1 – Business Investor
To be eligible in this category, you will have to obtain an investment license in KSA, and within two years invest the equivalent of 7 million Saudi Riyals or $1.9 Million in legal economic activities in Saudi Arabia, and have 10 employees working under your firm or business on Saudi soil.
The duration of the stay for the visa is permanent, but it is contingent on meeting the eligibility of criteria within two years.
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2- Property Investor
To be eligible in this category, you will have to acquire real estate (of a residential nature) worth at least 4 million Saudi Riyals, or $1.1 Million. The property must be fully owned by the prospect holder and is not subject to any finance or mortgage, its value must also be assessed by accredited Saudi employees who specialize in such appraisals. In order to qualify the property must also be an existing and finished home or multi-family condo building, and not a development project under construction.
The duration of the stay for the visa is valid for as long as the applicant has ownership of said property.
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3- Entrepreneur
There are two sub-categories for this category.
Category 1 has fewer steps than Category 2, the difference between Category 1 and 2 will be highlighted at the end of this section.
For Category 1, you need to obtain an entrepreneurial license from the Ministry of Investment, and then obtain an investment round(s) from a Saudi-approved entity for economic activities in the Kingdom that is no less than 400K Saudi Riyals, or the equivalent of $106,000, and to retain 20% shares in the company or firm that you are leading.
For Category 2, it shares the same step concerning obtaining a license from the Saudi government. However, here is where the differences start, you need to obtain an investment round(s) of no less than 15 million Saudi Riyals, or the equivalent of $4 million, and instead of retaining 20% of shares like the first category, you only need to retain 10%. However, you should also be responsible for the creation of 10 Saudi jobs in the first year in the start of your activities, and employ another 10 people in the second year.
The duration of stay also varies, for category 1 you get an immediate residence permit, and if you still meet the criteria once it ends, you can easily renew it, the only condition is spending over 30 months on Saudi soil, for category 2 however, you get immediate permanent residency, if you have met the criteria.
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4- Privileged Residency
There are two categories for this visa, which targets those who wish to live on Saudi soil indefinitely, and for a limited set of time, it can also vary based on the fee paid by the applicant.
The eligibility criteria here is rather simple: you need to prove to the Saudi government that you are financially solvent and have the necessary means to pay for it, and then make a payment in the corresponding category.
If the applicant wishes to stay for a fixed amount of time, it varies from one to 5 year permits, all of which are subject to renewal if the applicant wishes to do so. The fee for the first year is over 100K Saudi Riyals (or $27,000), every year after that is subject to 2% visa renewal discount.
If the applicant wishes to stay indefinitely, however, then the residency permit fee is over 800K Saudi Riyals or $213,000.
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5- Established Talent
The only criteria here is to be a talented individual in the cultural, sports, and artistic fields, such as content creators, soccer players, basketballers, and other sports/cultural talents, including singers and musicians.
There are two paths for this category. The first path is being nominated or awarded with recognition in a competition that is recognized by the Saudi government, and to demonstrate minimum financial solvency (the benchmark amount of which was not stated in the guidelines), and obtaining a recommendation from the Saudi Ministry of Sport or the Kingdom’s Ministry of Culture.
The second path is meeting the requirements put by the Ministry of Culture and the Ministry of Sports (which is not yet specified), otherwise, it is identical to the first path.
For now, the visa is valid for 5 years and is subject to be renewable, as long as the applicant has spent 30 months on Saudi soil, the residency permit in this category can also become permanent if the applicant still meets the criteria.
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6- Exceptional Competency/Skills
this category targets those who are competent and skillful in technical fields, such as research, administration, science, and other innovative fields.
The eligibility criteria here is rather simple, but it also varies according to your occupation.
If you are a researcher, then you need to have a contract with an entity that is recognized by the Saudi government and have a wage of no less than 14K Saudi Riyals (or $3,740), have a bachelor's degree (or higher education), and at least 3 years of experience in your field of work, and a letter of recommendation from your employer to the Saudi government. There is also a “minimum points system” that was not discussed in the original statement, however, it will likely be introduced and elaborated soon on the Saudi government website.
For Scientific or Health specialists (such as physicists, surgeons, and so forth), the same terms apply, however, your monthly salary must be no less than 35K Saudi Riyals (or $9,340).
For Senior Executives and other Industry or Economic entities/fields, your employment contract must state that you are a first or second-tier leadership position in the specified corporation that is recognized by the Saudi Government, and your monthly salary to be no less than 80K Saudi Riyals (or $21,330). If you are a second-tier leadership position, you must have a letter of recommendation from your employer.
As for the duration of stay, the visa is valid for 5 years and can be renewed. As long as the applicant has spent 30 months on Saudi soil during those 5 years, residency can also become permanent.