RIYADH: In a bid to attract global talent and diversify its economy away from oil, Saudi Arabia has added five new categories to its premium residency program.
Launched in 2019, the program allows eligible foreigners to reside in Saudi Arabia and enjoy benefits such as exemption from paying expatriate and dependent fees, visa-free international travel, and the right to own real estate and run a business. The aim is to make it possible to receive this without the need for permission. sponsor.
The initiative aims to further boost the country’s ongoing economic transformation by creating job opportunities and facilitating knowledge transfer, the Saudi Press Agency reported.
specific requirements
Each residency package has its own eligibility requirements and is implemented in categories such as special talents, gifted people, investors, entrepreneurs, and property owners. Her one-time application fee for each category is set at his 4,000 Saudi riyals ($1,066).
“With the introduction of these five new premium residency products, we are opening the door to a world of opportunity for professionals and investors. Our aim is to promote Saudi Arabia as a leading destination for talent and investment. and contribute significantly to our vision of a diversified, knowledge-based economy,” Mohammad Al-Sultan, CEO of Premium Residency Center, told Arab News. .
“Collaboration with strategic partners across a variety of government agencies is key to developing these stay products. We provide a holistic environment where people can live, work and contribute to the Kingdom’s vibrant future,” said a senior government official.
He was also quoted in some local newspapers as saying: This change is part of our ongoing efforts to enhance our residency program. ”
advantage
Permit holders will be able to obtain premium residence status for their family members, run a business, send money for free, and entertain and invite relatives.
“Each premium residency category has a specific validity period, but all holders are required to abide by the set terms and conditions,” the official said.
In most cases, general application requirements apply, such as holding a valid passport, a current medical certificate, and legal residence in Saudi Arabia (if applying domestically) will be done.
“We have also extended the age limit for dependents to 25 years,” Al-Sultan added.
Investor
Under the investor option, those who invest 7 million riyals and create at least 10 jobs in the first two years will be granted direct permanent residence. Applicants will be issued with an investment license and must also submit a commercial register and articles of association.
“These services open up exciting opportunities for investors like us,” said Edgard Tork, co-founder and CEO of multinational digital innovation company Eurisco. We can not only establish a corporate presence in Saudi Arabia, but also designate it as a strategic headquarters. ”
With these additional benefits, the investor residency option is “poised to become a very popular attraction for both regional and international investors,” he said.
Commenting on the report, George Haddad, founder and creative producer of Saudi-based Yellow Core Productions, said: “As a producer of films and TVCs, Saudi Arabia’s new premium residency options are a great opportunity for us to tap into a growing market. and the ability to expand business and take advantage of the country’s economic growth.”
Haddad was optimistic about the impact these new policies will have on his sector’s overall growth. “It may be easier to establish and expand production operations in the film or TVC industry, access talent and resources, and explore regional and international business opportunities.”
Entrepreneur Residency
In this class, applicants can nominate two staff members with special talents.
Category 1 Entrepreneurial Residency offers a five-year fixed-term stay, renewable for one additional term (subject to meeting continued eligibility criteria and residing in the Kingdom for at least 30 months of the five-year period). condition). The applicant must have received a minimum investment of R400,000 from a qualified organization and hold at least her 20% stake in the startup.
“Reflecting our commitment, a key criterion for business investor residency is to provide employment opportunities to Saudi nationals,” Al-Sultan said.
The second category grants direct permanent residency, provided the entrepreneur creates at least 10 jobs in the first year and 10 jobs in the second year. To qualify, he must present a certificate evidencing a minimum investment of R15 million and his 10% share in the business.
real estate ownership
This residential plan is associated with the ownership or usufruct of real estate. Criteria include owning real estate assets worth at least R4 million, free of existing and future mortgages. Ownership or use of real property may not be associated with real estate financing, and the real property owned must be residential, developed property, and not from undeveloped or unimproved land. Finally, real estate assets must be valued by a certified appraiser from the Kingdom’s Takim Authority.
“We welcome applications from all nationalities. Our aim is to address skills gaps in a variety of sectors, so we encourage candidates who meet our requirements and objectives to apply.” said the CEO of Premium Residency Center.
Initially, Saudi Arabia launched a one-year temporary stay program with an annual fee of SR100,000 and proof of financial solvency. On the other hand, for permanent residence, the fee for unlimited stay is 800,000 riyals, and proof of financial soundness is also required from the applicant.
“Saudi Arabia is more than just a place to work and invest, it is a country full of opportunities for innovation, culture and business to thrive together. These new premium residency products invite the world to join us on our journey of transformation and growth. It serves as an invitation to the world,” Al-Sultan told Arab News.
special talent
To obtain the five-year special talent residency option, applicants must be professionals in healthcare and science with a monthly salary of at least 35,000 riyals, or researchers with a minimum monthly salary of 14,000 riyals.
Executives seeking special talent status must sign an executive-level employment contract with a monthly salary of more than 80,000 riyals.
“These new stays are not just permits; they are a commitment to shaping the future of our country. By attracting special talent, entrepreneurs and investors, we will only revitalize our economy. but also enrich the cultural and scientific landscape,” said the CEO of the Premium Residency Center.
Gifted Residency
This category covers a fixed period of five years and is divided into two categories. In the case of the former, the applicant must be a recipient of or have been nominated for an award approved by the Saudi Ministry of Culture and Sports. Alternatively, they must meet minimum eligibility criteria approved by both ministries.
Todd Albert Nims, a Saudi-born American, was excited by the news. He told Arab News: “Saudi Arabia is in my heart. It gave me so much (growing up). As a creative professional in film, theater and the arts, after returning from the United States, I worked in the Kingdom. We are humbled by the good fortune we have had to support the growth of these areas.”
Mohsin Ali Khan, financial manager of a cloud gaming company in Riyadh, expressed a similar view. He said the introduction of five new premium residency options marks a significant development in the Kingdom. He stressed that the potential influx of specialized talent could have a positive impact on domestic research and development efforts.