Saudi Arabia is an attractive investment destination, as it is witnessing great growth in the field of real estate, but in addition to investment, a real estate owner aims to obtain a distinctive residence permit, which is a great privilege for a non-resident, we will list the conditions and advantages of a real estate owner’s residence permit accordingly.
Why invest in real estate in Saudi Arabia?
The demand for real estate is increasing, which has caused the market to witness a significant rise due to the sustainable growth of the Saudi economy and the implementation of huge projects in the Kingdom. The government offers attractive investment incentives for investors in the real estate sector while providing options to meet all their needs. One of the most important of these privileges is the granting of distinctive Saudi residency to a real estate owner.
What is Real Estate Owner Residency in Saudi Arabia?
This privilege was provided to non-Saudis who wish to obtain a real estate owner residency and have a desire to settle and invest in Saudi Arabia, it provides several advantages as Saudi Arabia is one of the countries with the highest levels of safety globally, as it ranked third in the security index among the Group of 20 countries, and the Kingdom plans to become three of its cities from the best 100 cities to live around the world, and that is why many non-Saudis seek the opportunity to settle and invest there, which brings him a lot of profit.
Does buying a property in Saudi Arabia provide residency?
One of the advantages of residing as a real estate owner is the granting of Premium Residency, which helps to grant many privileges, most notably:
- Residence with the family: This includes parents, husbands, and children, provided that the age of the children does not exceed twenty-five years
- Exemption from financial fees: Expatriates and accompanying persons are exempted from the imposed financial fees
- Freedom of movement: A property owner’s residency allows them to move freely from one establishment to another and allows them and their family members to leave and return to Saudi Arabia without a visa requirement.
- Visiting VISA: A property owner can issue visit visas to relatives.
- Freedom to engage in commercial activities: The property owner residency holder can engage in business and commercial activities through the investment system.
- Owning real estate: Property owner residency provides the opportunity to own and utilize real estate
- Work in the private sector: The Premium Residency guarantees the right of a property owner, his wife, and children to work in the private sector and move around
- Owning transportation:Owning private means of transportation and any other movable property that is legally allowed to be acquired in the Kingdom is allowed.
It also provides the right to use the lanes reserved for citizens and the Gulf Cooperation Council (GCC) countries at the ports of entry.
What are the conditions for privileged residency in Saudi Arabia?
to obtain Saudi Premium Residency, a property owner must meet certain conditions to obtain all the privileges mentioned and these conditions are summarized in the following:
- Ownership: To obtain the residency of a real estate owner, he must be the owner of the property and its value is not less than four million Saudi riyals in Saudi Arabia
- Valuation: The property must have a valuation issued by a valuer accredited by the Saudi Authority for Accredited Valuers.
- Mortgage: The property cannot be mortgaged or will be mortgaged thereafter
- Type: The property must be residential only, not commercial or industrial, and it must be existing and not developed or undeveloped land.
How long is the length of residency for a real estate owner?
The length of residency is related to the duration of ownership or utilization of the property.
How do you become a resident of Saudi Arabia?
Several procedures must be met for a property owner to apply:
- Buy the property:
The owner must buy a residential property according to the regulations and conditions
- Confirmation of ownership:
The property owner must confirm their ownership of the property according to the official documents and the required documents
- Applying:
The applicant submits the necessary paperwork to obtain a property owner’s residency, which consists of:
- A valid passport
- A medical report stating that the applicant is free of any infectious diseases
- A criminal record stating that the applicant is free from previous offenses
- The applicant’s residency must be legal if he/she is inside the Kingdom.
- Review of papers:
After applying, the Immigration and Passport Office will verify that the papers meet the residency requirements.
- Security check:
The applicant will undergo a security check to ensure that there is no security risk
- Payment of fees:
The applicant pays the residency fee of four thousand Saudi Riyals.
After all the previous steps are completed, the residency is received and the applicant enjoys all the benefits.
In conclusion, the Kingdom of Saudi Arabia has become the focus of many ambitious people due to the Kingdom’s Vision 2030, and the residency of a real estate owner brings together financial and family stability, making it a better choice for their future and the future of their families. If you are a real estate owner, start your journey toward financial and social stability in one of the fastest-growing economies in the world.