Saudi Arabia’s Premium Residency: An Irresistible Attraction for Global Investors and Talents

INTRODUCTION

In 2019, Saudi Arabia introduced a premium residency system that offers two main choices: a lifetime residency for SR800,000 ($213,000) and a yearly renewable residency for SR100,000 ($26,000). In recent times, the system has expanded its scope to encompass five new categories: special talent, gifted, investor, entrepreneur, and real estate owner, bringing the total number of categories to seven. This expansion is in line with Saudi Arabia's Vision 2030, a strategic plan aimed at attracting talented individuals to drive economic growth.
In the past six years, Saudi Arabia has experienced a remarkable surge in foreign investment, with a growth from SR27 billion in 2017 to SR122 billion in the previous year. The enhanced residency program is anticipated to have a significant impact on boosting foreign direct investment's contribution to the GDP, aligning with the Kingdom's ambitious economic goals.

Special Talent Residency in Saudi Arabia

The five-year special talent residency in Saudi Arabia is intended to attract individuals with distinctive skills that can improve the exchange of knowledge and technology in the Kingdom. This program is specifically designed for top-tier healthcare, science, and research professionals. In order to qualify, applicants must satisfy particular criteria that are contingent upon their income and professional field.

• Healthcare and science personnel who are interested in this residency must have a minimum monthly income of SAR35,000. A minimum monthly remuneration of SAR14,000 is required for researchers. It is imperative for executives who are striving to achieve special talent status to have an executive-level employment contract that generates a monthly income that surpasses SAR80,000.
• Applicants must possess a Bachelor's degree or higher and an approved employment contract. This initiative is designed to attract high-level professionals who possess the necessary expertise to make a substantial contribution to the sectors that are currently in the process of evolving in Saudi Arabia.

REAL ESTATE RESIDENCY IN SAUDI ARABIA

The Real Estate Residency option in Saudi Arabia is designed for individuals who possess residential property in the country that is valued at SAR 4 million or more. The primary requirement is that the property be free of any current or prospective mortgages.
This residency is directly correlated with the duration of property ownership, providing a high-quality lifestyle and lucrative investment opportunities in the Saudi real estate market. In order to be eligible, applicants must possess a residential real estate asset valued at a minimum of SAR4 million that is not accompanied by any real estate financing. The property must be habitable and developed, excluding undeveloped or unimproved land. Additionally, the property must undergo an independent appraisal and verification by accredited valuers from Saudi Arabia's Taqeem authority. The Kingdom's emphasis on recruiting stable and long-term investments in its real estate sector is underscored by the fact that the residency status granted through this plan is intrinsically linked to the ownership or usufruct of the property.

Gifted Residency in Saudi Arabia

The Five-Year Gifted Residency in Saudi Arabia is a specialized program that is divided into two distinct categories. Its objective is to facilitate the integration of talented individuals into the cultural and athletics sectors of the country. This residency is intended for individuals who have either been nominated for or have received recognition from the Saudi Ministry of Culture and the Ministry of Sports.
In the initial category, applicants must be either nominees or recipients of awards that have been sanctioned by these ministries. Alternatively, they must meet the specific eligibility criteria established by the same authorities. The emphasis on financial solvency is a critical component of this residency, which guarantees that applicants are economically stable.
This initiative is indicative of Saudi Arabia's dedication to enhancing its cultural and sports landscapes by attracting and retaining individuals with exceptional talents in these areas. The program is designed to foster the involvement of talented professionals, providing them with a means to contribute to the Kingdom's dynamic cultural and sporting environment.

Investor Residency in Saudi Arabia

The Investor Residency program in Saudi Arabia provides investors with a distinctive opportunity. This initiative is specifically designed for individuals who are interested in investing in the expanding economy of the nation. In order to be eligible, applicants must invest a significant sum of SAR7 million and generate a minimum of ten employment within the first two years of their application. The procedure entails the acquisition of an investment license, which authorizes the operation of a business in Saudi Arabia.
Furthermore, petitioners are required to submit critical business documents, including articles of incorporation and a commercial register. Saudi Arabia has implemented this initiative as a strategic measure to attract substantial investments and generate employment opportunities, thereby fostering the Kingdom's economic growth. It is an appealing alternative for investors who are interested in establishing permanent residences and expanding their business operations in the Kingdom.

Entrepreneur Residency in Saudi Arabia

Two distinct categories are available to ambitious business entrepreneurs through the Entrepreneur Residency program in Saudi Arabia. Both categories are intended to foster entrepreneurial activity in Saudi Arabia, attracting individuals who are prepared to invest, generate jobs, and contribute to the Kingdom's economic growth.
The initial category provides a five-year residency that may be extended for an additional term provided that specific criteria are satisfied. Within the five-year period, entrepreneurs are required to secure a minimum investment of SR400,000 from an accredited source and spend a minimum of 30 months in Saudi Arabia. Furthermore, they should possess a minimum of 20% ownership in their venture.
The second category offers immediate permanent residency, but it has distinct requirements. In the initial year, entrepreneurs are required to establish a minimum of ten employment and ensure that this figure is maintained or surpassed in the subsequent year. The entrepreneur must maintain a minimum of 10% ownership in their business venture, and a substantial investment of at least SR15 million is required.

Saudi Premium Residency Benefits

Introducing five new premium residency categories in Saudi Arabia presents a plethora of opportunities for investors and professionals. In accordance with its vision for a knowledge-based economy that is diverse, this initiative is a component of the Kingdom's aim to position itself as a premier destination for investment and talent. Premium residents are provided with a comprehensive environment that caters to their needs for living, working, and contributing to the dynamic future of Saudi Arabia. Key advantages of maintaining a premium residency in Saudi Arabia include:

• Inclusion of Family: Premium residency holders have the option to extend this status to their family members, which includes their parents, spouses, and children under the age of 25.
• Business and Employment Flexibility: Holders are permitted to establish and operate businesses, transition between employers, and engage in employment within the private sector. The same flexibility is extended to their spouse and dependents.
• Financial Benefits: They are exempt from certain expatriate fees and can transmit money without fees.
• Travel Convenience: No visa is required for premium residency holders and their families to enter and exit Saudi Arabia. They also have the authority to obtain visit visas for their relatives.
• Airport Privileges: Utilize designated airport routes that are comparable to those assigned to GCC nationals and citizens.
• Property Rights: They have the ability to own and enjoy the usufruct (beneficial property use) of real estate.

Each category of premium residency is associated with a distinct validity period and established terms and conditions. Typically, applicants must possess a valid passport, a recent medical certificate, and, if applying from within Saudi Arabia, legal residency status. In accordance with the Kingdom's overarching economic and social objectives, these advantages substantially increase the appeal of Saudi Arabia to individuals who are interested in investing, working, or settling in the country.

Obtain Your Premium Residency in Saudi Arabia with CIG Saudi Arabia

A great resource for anyone looking for premium residency in Saudi Arabia is CIG Saudi Arabia. Whether you're an entrepreneur, investor, or working in a specialized industry, CIG Saudi Arabia can offer you specialist advice to assist you fulfill the requirements for the residency category you want. In addition to providing investment advice and legal and regulatory compliance counsel, we can help with the appropriate document preparation. Our assistance can be especially helpful in making the most of premium residence privileges and facilitating a seamless transition to life and employment in Saudi Arabia.
Get in touch with us to find out more about the requirements for your business venture.