Saudi Arabia Introduces Premium Residency Visa for Investors, Entrepreneurs, and Property Owners

Saudi Arabia is launching a Premium Residency Visa aimed at attracting foreign investors, entrepreneurs, and real estate owners. This initiative provides an exciting opportunity for individuals who wish to invest or establish a presence in the Kingdom. The visa can cover family members, including parents, spouses, and children under 25, and can also be issued for other relatives.

Types of Premium Residency Visas

The Premium Residency Visa encompasses five distinct categories:

1. Exceptional Competency Residency: This visa targets individuals with unique scientific, administrative, or research talents. Applicants should possess expertise that enhances local capabilities and fosters knowledge exchange.
2. Talent Residency: This option is for professionals in sports, culture, and the arts. Applicants must secure a recommendation from the Ministry of Culture or the Ministry of Sports and meet established eligibility criteria.
3. Business Investor Residency: Designed for investors, this category requires a minimum investment of seven million Saudi riyals. Applicants must present a valid investment license from the Ministry of Investment.
4. Entrepreneur Residency: This visa is for innovators aiming to develop various sectors in Saudi Arabia. Entrepreneurs can nominate two team members for exceptional competence residency, exempting them from certain criteria.
5. Property Owner Residency: Targeting real estate owners, this visa requires ownership of residential properties valued at no less than 4 million Saudi riyals. The property must be existing, not newly developed.

Benefits of Premium Residency

Holders of the Premium Residency Visa enjoy numerous advantages, including:

• The ability to leave and return to Saudi Arabia without needing a visa.
• Exemption from financial fees imposed on expatriates and their families.
• No special taxes for Premium Residency holders; they are subject only to the Kingdom’s standard tax provisions.
• The right to work in private sector companies without complications.
• Permission to conduct business activities in accordance with local regulations.
• The ability to own and utilize real estate in Saudi Arabia.
• Authorization to invest in the Kingdom’s stock market as per relevant regulations.

However, it’s important to note that the Premium Residency Visa does not grant Saudi citizenship.

Distinction from Investor Visa

The Premium Residency Visa differs significantly from the Saudi Arabia Investor Visa. The latter ties the investor’s residency to an employer and requires registration of the investment license under the investor’s name. In contrast, Premium Residency is not employer-dependent.

Additionally, holders of the investor visa cannot obtain a work permit, and residential properties are not registered in their names.

Application Process

Applying for the Premium Residency Visa involves two straightforward steps:

• Visit the official Embassy website, the only verified source for the Premium Residency Visa application.
• After logging in, submit your application. Once approved, bring all necessary documents and your passport to the nearest Saudi consulate to receive your visa.

Conclusion

Saudi Arabia’s Premium Residency Visa presents a remarkable opportunity for foreign investors, entrepreneurs, and property owners. With various visa categories and numerous benefits, this initiative aims to enhance the Kingdom’s economic landscape.

Interested individuals should take advantage of this opportunity and prepare for a seamless application process, paving the way for their journey in Saudi Arabia.