Why do thousands of investors and skilled professionals choose Saudi Arabia as a destination for settlement and work? The answer lies in the Kingdom’s support through regulations and laws that represent real opportunities for growth and stability. Among these is the distinguished residency system in Saudi Arabia. 

The Kingdom of Saudi Arabia is home to approximately 13.4 million expatriates, according to the 2022 census. For decades, the Kingdom has been a hub for talented individuals, enlightened minds, and investors seeking to work and invest there. In this article, we will explain what special residency in Saudi Arabia is, the conditions for obtaining it, and the benefits of obtaining it.

What is Premium Residency?

It’s a programme that provides the individual with many exceptional benefits for himself and his family during the duration of his stay. The Kingdom announced the Premium Residency Programme in 2019 as part of Vision 2030. The programme welcomes those who want to settle in the Kingdom, whether temporarily or permanently. The programme recently added 5 new products:

• Exceptional Talent.
• Talented people.
• Foreign Investors.
• Entrepreneurs.
• Real Estate Owners.

Its requires an annual fee of SAR 100,000 for limited residency and SAR 800,000 for permanent residency.

Is Saudi premium residency worth it?

A Real estate owner’s residence permit is the most suitable solution for obtaining a special residence permit in Saudi Arabia once the conditions for a golden residence permit in Saudi Arabia have been met. As a real estate owner, here are the benefits that you will receive by obtaining a Premium Residency:

• Accommodation in the Kingdom with parents, husbands and children under the age of 25.
• Freedom of movement between organisations.
• We exempt financial fees for expatriates and their companions.
• Holders of residency and their families can leave and return to the Kingdom without a visa.
• Visitor visas for relatives.
• Use of dedicated lanes for citizens and GCC nationals.
• Ability to work in private sector organisations and move between them for husband, wife and children.
• Doing business through the investment system.
• Own and benefit from real ownership.

Conditions for real estate assets for real estate owners

A real estate owner must purchase a real estate asset that meets the following conditions:

• The value of the real estate is not less than SAR 4 million.
• The real estate must be purchased directly, and the real estate must not be mortgaged or subsequently mortgaged.
• The real estate must not be mortgaged or occupied.
• The real estate must not be owned or utilised through a mortgage.
• The type of real estate must be residential only.
• The real estate must be an existing real estate and not part of developed or undeveloped land.
• The real estate valuation process must be done by a real estate valuator certified by the Saudi authority of accredited valuers (Taqeem).

What is a real estate valuation service?

It’s a service that specialises in evaluating and valuing a real estate property based on information and facts related to it, such as its geographical location, area, view, type of construction, and other factors that affect the price. Its importance appears in giving an accurate and fair price before buying or selling real estate, considering the prices of real estate in the surrounding areas.

To get an effective real estate valuation service, choose a real estate valuer accredited by the Saudi Authority of Accredited Valuers.

Aain is a Saudi company specialising in the field of real estate valuation with reliable experience that started its work in the Kingdom from Riyadh to cover the entire central region and then expanded to cover all parts of the Kingdom; the company includes a professional team of competencies with fellowship and certification and works as an accredited real estate evaluator.

In short, we can say that the privileged residency in Saudi Arabia presents a unique opportunity for those who want to settle down and invest, especially real estate owners. To get this residency, applicants must meet certain conditions, including owning or benefiting from a valuable real estate property and having a real estate evaluator value the property.

Anyone interested in taking advantage of this unique opportunity can follow the real estate valuation process, select a real estate evaluator to assess their real estate assets, and benefit from the exceptional experience.

Frequently asked questions: 

• Can you get residency in Saudi Arabia by buying property?

Purchasing a property grants you a special residence permit, but there are certain conditions for obtaining a special residence permit. The property must be residential, not mortgaged or financed, and not part of developed land. It must be valued by an appraiser approved by the Saudi Authority for Accredited Appraisers, and its price must not be less than 4 million Saudi riyals. 

• What’s the difference between residency and permanent residency?

Privileged residency is a programme that includes permanent and fixed-term residency. The fee for privileged residency in Saudi Arabia is SAR 800,000, payable once, and allows the holder to live, work and move freely within the Kingdom with the possibility of owning property and establishing businesses without the need for a sponsor. Temporary privileged residency is valid for one year and is renewable at an annual fee of SAR 100,000. It offers almost the same benefits of freedom of movement, work, property ownership and investment, with the obligation of annual renewal.

• Can a holder of a special residence permit open a commercial register?

The special residence permit system allows its holder to conduct business in the Kingdom and open a commercial register in accordance with the regulations of the foreign investment system, without the need for a Saudi sponsor. To engage directly in commercial activity, a licence from the Ministry of Investment is required, which gives premium residents greater flexibility to manage their businesses. Premium residency also offers many other facilities, such as the ability to hire domestic workers, own property, and access the Saudi stock market for investment.