Navigating the Saudi Premium Residency Program – Opportunities for Global Talent and Investment
Introduction
The Kingdom of Saudi Arabia (KSA) is making significant strides in attracting global talent and investment through its revamped Premium Residency Program (PRP). This initiative, designed to align with KSA’s Vision 2030 objectives, has expanded its scope by introducing five new categories for residency applicants. These changes reflect the Kingdom’s commitment to diversifying its economy and creating a more inclusive environment for international professionals, investors, and entrepreneurs. At SharkBX, we are well-positioned to assist you in navigating these new opportunities and securing your place in Saudi Arabia’s dynamic landscape.
New Categories of Premium Residency
Previously, the Saudi Premium Residency was accessible under two broad options: a one-year renewable permit or an indefinite residency, primarily available to investors and company executives. The program has now been enhanced with five specific categories, each catering to different types of applicants:
- Special Talent Residency: Targeted at exceptional health professionals, scientists, researchers, and executives. This category offers a five-year residency, renewable upon meeting specific criteria.
- Gifted Residency: Designed for outstanding individuals in the arts and creative fields. This includes those who have received notable awards or recognitions from relevant cultural and sports ministries. The residency under this category is valid for five years.
- Investor Residency: For individuals ready to invest a minimum of SAR 7 million in Saudi Arabia and create at least 10 jobs within the first two years. This residency offers a permanent status, emphasizing long-term commitment to the Kingdom’s economic growth.
- Entrepreneur Residency: This category is split into two options:
- Startups: Requires a minimum investment of SAR 400,000 and a 20% stake in a new business, with a residency valid for five years.
- Significant Investments: Involves investing SAR 15 million and creating 10 jobs within the first year, offering permanent residency.
- Real Estate Owner Residency: Available to those who own real estate valued at a minimum of SAR 4 million. The duration of residency is linked to the ownership of the property.
- Annual/Permanent Residency: This category is for individuals seeking either an annually renewable residency or permanent residency in Saudi Arabia. It allows foreign nationals to live, work, and own businesses or property in the Kingdom without the need for a local sponsor. The cost is 100,000 SAR per year for the annual residency, or a one-time payment of 800,000 SAR for permanent residency.
Benefits of Premium Residency
The Saudi Premium Residency grants foreign nationals the right to live and work in the country with a range of benefits, including:
- Self-Sponsorship: Unlike other residency options, Premium Residency does not require a local sponsor.
- Family Inclusion: The residency extends to immediate family members, including parents.
- Visa-Free Travel: Enjoy the convenience of traveling to and from Saudi Arabia without the need for a visa.
- Real Estate Ownership: Ability to own property within the Kingdom.
- Fee Exemption: Beneficiaries are exempt from fees imposed on expatriates and their dependents, and from the Nitaqat program.
Application Process
To apply for the Saudi Premium Residency, follow these steps:
- Register an Account: Create an account on the official Premium Residency Portal.
- Complete the Application Form: Provide detailed personal, family, education, and professional information.
- Document Submission: Upload necessary documents such as passports, IDs, financial statements, and others as required.
- Payment: Pay the application processing fee.
After submitting the application, the government will review it. If approved, an email notification to proceed with the payment for the residency will be sent. The specific timeframe for the approval process itself, from submission to notification, isn’t explicitly mentioned, so it may vary depending on the individual case and the current workload of the Premium Residency Centre.
Conclusion
The expansion of the Saudi Premium Residency Program represents a remarkable opportunity for global talent and investors looking to establish a foothold in Saudi Arabia. With the introduction of new categories and a range of benefits, this program aligns perfectly with the Kingdom’s vision for economic diversification and growth.
SharkBX is here to guide you through every step of the process, ensuring a smooth and successful application. Contact us today to explore how you can take advantage of this transformative opportunity and secure your place in Saudi Arabia’s evolving landscape.