The Kingdom of Saudi Arabia is the most attractive country in the Arabian Gulf for businessmen and investors by offering investment opportunities and strong economic incentives. To attract more talent and improve the investment environment, the Kingdom launched the “Premium Residency” program, which provides exceptional benefits and services to its holders. In this article, we will discuss the most important conditions and benefits of being a premium resident in the Kingdom.
What is Premium Residency?
It’s a Saudi government program that provides new opportunities to live in the Kingdom and allows individuals from specific categories to benefit from exceptional benefits and services.
Premium residency products in Saudi Arabia include the following:
- Exceptional Competence Residency includes scientific, administrative, and research professionals with expertise and excellence who can develop local businesses with their abilities.
- Talent Residency targets athletes, artists, and intellectuals.
- Business Entrepreneur Residency, people with creative ideas and projects contribute development of industries in Saudi Arabia.
- Real estate owners residency, foreigners, and non-Saudis who own residential properties.
- Business investor residency for investors who want to invest and develop the Kingdom with their projects.
Below we will explain the most important advantages and conditions of residency for each investor.
What are the benefits of premium residency in Saudi Arabia?
Investors can directly obtain premium permanent residency, they have invested 7 million riyals during the first two years of residency and created 10 jobs during those two years. They can also benefit from the following benefits:
- Permanent residency:
it allows the holder to live in Saudi Arabia permanently with their families without the need for visa renewal.
- Freedom of movement:
Holders of Premium Residency are free to move in and out of the Kingdom without the need for a visa and are also free to move from one establishment to another.
- Investment:
Premium residency holders can invest in various economic fields in the Kingdom according to the investment system.
- Real estate ownership:
Holders of premium residency are allowed to own real estate in Saudi Arabia.
- Education:
Children of premium residency holders have the right to enroll in public and private schools and universities in the Kingdom.
- Health care:
Premium residency holders have access to healthcare services in public and private hospitals and medical centers.
- Use the lanes for citizens and GCC citizens at the gateways.
What are the requirements for obtaining premium residency?
to obtain the premium residency, you need to follow the requirements:
- The passport must be valid.
- The applicant must be at least twenty-one years old.
- The applicant must provide proof of financial ability.
- The applicant’s criminal record must be free of previous offenses and crimes against honor.
- Submit a recent health report on the applicant’s condition proving that he is free of infectious diseases.
- The applicant’s residency must be legal if he/she applies from within the Kingdom.
What are the requirements for premium residency for investors?
The investor applying for the Premium Residency must have a valid investment license from the Ministry of Investment in the amount of 7 million.
What is the difference between a Premium Residency and an Investor Visa?
An investor visa is a type of visa that allows individuals to invest in the Kingdom, while the Premium Residency is a more inclusive program that offers more benefits and services to its holders.
There are many differences between the Premium Residency and the Investor Visa, as the Investor Visa licenses the investment for the foreign and non-Saudi investor to be able to register as the owner of the establishment in the investment license, and the Investor Residency is linked to an employer, and the investment establishment is the employer in this case, while the Premium Residency holder is not linked to an employer.
Investor residency shows that the holder’s profession is “investor” while the premium residency does not. Also, residential properties are not registered in the name of the investor who holds the premium residency and is not issued a work license.
Conclusion
Premium Residency is an important program through which the Kingdom seeks to attract talent and experts from different fields, improve the investment environment, and drive economic development.
In addition, the residency’s benefits allow the investor to connect deeply with a rich cultural community and enjoy a different investment experience.