Saudi Premium Residency Center Launches 5 New Products

Saudi Arabia's Premium Residency Center has unveiled five innovative visa categories aimed at attracting foreign entrepreneurs and investors.^[1]  

Unlocking Opportunities with Premium Residency

The Premium Residency program, a cornerstone of Vision 2030, is a special visa initiative that provides foreign nationals with the privilege to live, work, and invest in Saudi Arabia.

The program offers an array of benefits, including access to high-quality education, healthcare, and business opportunities within the Kingdom.

The five recently introduced visa categories by the Premium Residency Center are tailored to specifically cater to entrepreneurs and investors.

The five new products include:

1. Special Talent Residency: Geared towards healthcare, science, and research executives and professionals, this category aims to attract highly skilled individuals with exceptional expertise.

It focuses on fostering knowledge and technology exchange, positioning Saudi Arabia as a hub for innovation.

To be eligible for the five-year special talent residency option, candidates must be researchers earning at least SAR14,000 ($3,733) per month or professionals with a minimum monthly salary of SAR35,000 ($9,333) who specialize in healthcare and science.

Executives wishing to apply for special talent status must hold an executive-level job contract that pays more than SAR80,000 ($21,332) per month.

2. Gifted Residency: This category focuses on integrating proficient professionals and individuals with exceptional talents into Saudi Arabia’s cultural and sports industries.

It aims to create a vibrant environment that nurtures growth and development in these sectors.

This category will be divided into two groups and have a fixed term of five years.

Candidates must be either the recipients or nominees of an award that has been authorized by the Saudi ministries of sports and culture. Alternatively, they have to meet the minimal requirements for qualifying that have been authorized by both ministries.

3. Investor's Residency: Tailored for individuals keen on leveraging Saudi Arabia's prosperous business environment, this category targets investors looking to yield substantial profits across multiple sectors of the economy.

4. Entrepreneur's Residency: Designed for ambitious entrepreneurs and innovative project owners, this category encourages the establishment and growth of startups in Saudi Arabia.

Applicants may choose two employees for exceptional talent status in this category.

The Category-1 Entrepreneur Residency program offers a five-year fixed term that can be renewed once, provided certain requirements are met and the applicant resides in the Kingdom for at least 30 months within the five-year period.

Under the second category, the entrepreneur must directly create at least 10 jobs in the first year and at least 10 jobs in the second year in order to be granted permanent residency.

To be eligible, documentation of a minimum SAR15 million ($4 million) investment and a 10% stake in the company venture are required.

5. Real Estate Owner's Residency: Specifically crafted for individuals with real estate holdings, this category offers the opportunity to relish the outstanding quality of life in the Kingdom.

It also provides a chance to leverage the thriving real estate market, which has witnessed substantial growth in recent years.

One of the requirements will be to possess a piece of real estate valued at least SAR4 million ($1.07 million) that is free of any current or prospective mortgages.

Property must be developed residentially and not come from undeveloped or unimproved land.

It also cannot be used or possessed in conjunction with real estate finance. Lastly, the property asset must be valued by qualified valuers employed by the Kingdom's Taqeem authority.

With these new visa categories, Saudi Arabia is poised to attract a diverse range of talents and investments, marking a transformative step towards realizing the goals outlined in Vision 2030.