The 'Premium Residency' program, a key pillar of
the Vision 2030 economic diversification plan, offers a pathway
for investors, entrepreneurs, and highly skilled professionals to live and work
in the Kingdom without the need for a traditional Saudi sponsor.
RIYADH – The Kingdom of Saudi Arabia is significantly
reshaping its residency policies for foreign nationals with its Premium Residency program, a landmark initiative launched in 2019
as a cornerstone of its ambitious Vision 2030 plan.
The program is
designed to attract high-caliber global talent, investors, and entrepreneurs by
offering the ability to live and work in the country without the need for a
traditional Saudi sponsor (Kafil). This marks a major departure from the
long-standing sponsorship system and provides foreign nationals with
unprecedented independence and a host of exclusive benefits.
Key Residency Categories
The Premium Residency program is tailored to different categories of
applicants, each with specific criteria:
·
Special Investor Residency: This category targets individuals who make a
significant investment of at least SAR 7 million (approx. $1.87 million) into
qualified sectors of the Saudi economy.
·
Entrepreneur Residency: Designed to foster innovation, this visa requires
applicants to have secured a minimum of SAR 400,000 (approx. $107,000) in
funding for a startup. A permanent residency option is available for those
investing SAR 15 million (approx. $4 million).
·
Special Talent Residency: This track is aimed at attracting accomplished
individuals in creative fields such as arts, culture, sports, and science.
Applicants must provide proof of their outstanding achievements and a letter of
recommendation from a recognized body.
·
Exceptional Competence Residency: This category is reserved for world-class experts
in rare and specialized fields that are in high demand within the Kingdom,
requiring at least ten years of proven professional experience and
internationally recognized credentials.
Holders of the Premium Residency are granted a wide range of privileges, including
the right to live, work, and own real estate and businesses without a sponsor.
They also enjoy freedom of travel in and out of the Kingdom, access to public
health and education services, and the ability to issue visitor visas for
relatives.
The application
process is managed primarily through a dedicated online platform, requiring
applicants to submit standard documentation such as a valid passport, a clean
criminal record, proof of financial solvency, and specific documents tailored
to their chosen residency category (e.g., investment plans or funding proof).
Program Costs
The cost of the Premium Residency varies based on the type of permit selected:
·
Permanent Premium Residency: A one-time fee of SAR 800,000 (approximately
$213,000).
·
Temporary (Annual) Premium Residency: An annual renewable fee of SAR 100,000 (approximately
$26,700).
