Saudi Arabia introduces 5 New Residency Programs

5 new categories have been added to the Premium Residency Program of Saudi Arabia. The Premium Residency Program was introduced around 5 years ago to allow eligible self-sufficient foreign nationals to obtain a renewable residence permit consisting of one year or a residence permit with an unlimited period without renewals.
Premium Residency gives holders benefits such as visa-free travel, the right to own real estate, and running an independent business. The 5 new categories announced give many benefits such as conducting business, owning property licensing vehicles, and many others. The 5 new Residency Programs are:

Entrepreneur Residency

This Residency Program is planned to be for ambitious entrepreneurs desiring to launch and develop their businesses in Saudi Arabia. This is further divided into 2 categories:
⦁ First Category Entrepreneur Residency will offer a one-time renewable five years of residence. Applicants are required to have at the very least SR400,000 in investments from a recognized organization and own 20% of the start-up share.
⦁ Second Category Entrepreneur Residency grants Permanent Residency on the requirement that a minimum of 10 jobs are created in both the first and second year by the entrepreneur. At least SR15 million investment must be shown and a 10 percent share must be shown also. Applicants will also be given the ability to nominate two staff members to Special Talent status (explained later in this article).

Real Estate Ownership Residency

This Residency is intended for wealthy foreigners who own real estate, seek to live in Saudi Arabia, and earn in its prosperous real estate market. This Residency plan is directly tied to property ownership and the eligibility criteria require you to own a real estate asset of at least SR4 million without any current or future mortgages. Requirements of the real estate are:

⦁ No link must be found with real estate financing.
⦁ The real estate is required to be residential and developed.
⦁ Must be evaluated by Saudi Arabia’s ⦁ Taqeem⦁ Authority.

Special Talent Residency

This residency is for individuals who specialize in the fields of healthcare, science and research. Applicants must have specialization in these fields and be earning a minimum of SR35,000 or for researchers a minimum of SR14,000 monthly. They will also be required to have an executive-level employment contract with a monthly salary exceeding SR80,000.

Gifted Residency

This is aimed to be for highly skilled professionals and talented individuals granting them a fixed period of 5 years with 2 categories:
⦁ In the first category, applicants must have a nomination or award approved by the Saudi Ministries of Culture and Sports.
⦁ In the second category, two ministries must approve them by confirming they meet the minimum eligibility criteria.

Investor Residency

This residency is for investors looking to earn in Saudi Arabia’s market. A minimum of SR7 million investment must be made in economic activities in Saudi Arabia along with presenting a commercial register and founding contract and issuing investment licenses.

Specific Requirements (General Application Requirements)

⦁ A valid passport with passport details
⦁ A one-time fee of SR4,000 is exclusive of limited-duration and unlimited-duration residencies.
⦁ Passing a medical examination
⦁ Other various relevant documents.

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