The Kingdom has become a centre for talent, enlightened minds, and investors who want to work and invest there, so here are the terms of the Premium Residency and the benefits of obtaining it.

The Kingdom has become a centre for talent, enlightened minds and investors who wish to work and invest in the Kingdom, so here are the terms and conditions of Premium Residency 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.

Benefits of Premium Residency

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 organizations.
• 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 organizations 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 specializes 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.

 A’ain 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.