Premium Residency in Saudi Arabia is a program that provides expatriates with the opportunity to live permanently or long-term in the Kingdom, with benefits including easy mobility, investment, and property ownership, along with many other advantages. These programs target various categories of individuals based on specific criteria such as skills, investment, and cultural contributions.
What are the conditions for Premium Residency?
Premium Residency in Saudi Arabia requires a set of conditions that vary depending on the type of residency sought. These residencies cater to investors, individuals with exceptional skills, property owners, outstanding talents, and entrepreneurs. Each category has its requirements that reflect the added value an individual can bring to the Kingdom.
Business Investor Residency
- Conditions – Description
- Minimum Capital – A certain amount of investment in local businesses
- Business Management Experience – Proven experience in managing and establishing companies
- Viable Business Plan – Clarity in future business plans in the Kingdom
Exceptional Skill Residency
This residency is for individuals who have demonstrated exceptional skills in fields such as science, technology, sports, and the arts. Applicants must have tangible achievements and international recognition of their skills.
Property Owner Residency
- Conditions – Description
- Owning Property in Saudi Arabia – Purchasing property of a specified value or more
- Real Estate Investment – Commitment to maintaining property ownership for a specified period
Talent Residency
This residency is granted to individuals who possess unique talents in areas such as literature, fine arts, and more. Applicants must showcase their work and achievements that highlight their exceptional talent.
Entrepreneur Residency
This category is aimed at innovators and creative individuals in the business field who are looking to establish or expand startups in Saudi Arabia. Applicants must have a solid business plan and the ability to contribute directly to the Saudi economy.
Also, read about the conditions for regulations and conditions for foreign investment in Saudi Arabia for foreigners and the required legal framework for international investors in our detailed article available on Eyad Reda Law Firm‘s website.
How to obtain Premium Residency and the necessary requirements for application
To obtain Premium Residency in Saudi Arabia, several steps must be followed, and all necessary requirements must be ensured. Here’s how to start the process and what documents and conditions need to be prepared.
Steps to Apply for Premium Residency
- Verify Eligibility: Determine the type of Premium Residency that fits your qualifications and requirements.
- Gather Required Documents: Ensure all necessary documents for the selected type of residency are available.
- Submit the Application: Send the application through the special electronic system for Premium Residency or through the designated center.
- Pay the Fees: Pay the required fees according to the instructions.
- Examination and Approval: Wait for processing and review by the competent authorities.
- Issuance of Residency: Receive the Premium Residency after approval of the application.
Required Documents for Application
- Valid Passport – A passport valid for no less than six months
- Recent Personal Photo – A passport-sized photo
- Clean Criminal Record – A certificate of no criminal record from the country of original residence
- Resume – Details of professional and educational experience
- Financial Documents – Proof of financial capability to support residency in Saudi Arabia
- Investment Documents – If applying for investment residency, documents proving your investment
It is important to ensure the accuracy and completeness of all documents before applying to avoid any delays in the review and approval process. Premium Residency in Saudi Arabia opens new horizons for residents and provides significant opportunities for investors and professionals seeking stability and growth in a dynamic and evolving environment.
Benefits of Premium Residency in Saudi Arabia
Premium Residency in Saudi Arabia offers a range of unique benefits that enhance its attractiveness to expatriates and international investors. These benefits include economic, social, and personal aspects, making it a distinguished choice for those looking to take advantage of promising opportunities in the Kingdom.
Key Benefits of Premium Residency
- Right to Permanent or Temporary Residency: Premium Residency offers the option of permanent or temporary residency depending on the type chosen, giving individuals flexibility in planning their future in Saudi Arabia.
- Freedom of Movement: Premium Residency holders enjoy the freedom to enter and exit the Kingdom without the need for an exit and return permit, facilitating international travel and cross-border business.
- Property Ownership: Holders of this residency are allowed to own properties in most regions of the Kingdom, including residential and commercial properties.
- Work and Investment: Premium residents have the right to establish businesses and work in the Kingdom without the need for a Saudi sponsor, including the freedom to invest and own businesses.
- Health and Educational Services: Access to health and educational services at the same standards and quality as those provided to Saudi citizens.
- Visit Visas for Relatives: The ability to issue visit visas for relatives, facilitating family reunions on various occasions.
- Simplified Visa Procedures: Simplification of visa acquisition procedures for external visits based on Premium Residency.
- Independence in Residency: Obtaining a Premium Residency does not require a sponsor or guarantor, enhancing an individual’s independence in movement and living in Saudi Arabia.
Premium Residency in Saudi Arabia serves as a gateway to numerous opportunities for individuals seeking to integrate into one of the fastest-growing economies in the region and to benefit from the many advantages this residency offers.
Conditions for Premium Residency for Companies
Premium Residency in Saudi Arabia is not limited to individuals but extends to companies aiming to establish or expand their presence in the Saudi market. There are a set of conditions that companies must meet to be eligible for this type of residency, aimed at enhancing investment and economic growth in the Kingdom.
Basic Conditions for Companies
- Financial Investment: The company must invest a specific amount determined by the Saudi authorities to ensure the seriousness and sustainability of the project.
- Job Creation: The company is expected to create job opportunities for Saudi citizens, contributing to localization goals and increasing Saudi employment in the private sector.
- Knowledge and Technology Transfer: Eligible companies for Premium Residency must contribute to the transfer of knowledge and technology to the Kingdom, either through cooperation with local institutions or by introducing new technologies.
- Sustainability and Environmental Impact: Companies must comply with Saudi environmental standards and demonstrate how their operations will contribute to sustainability and environmental protection.
- Registration and Licensing: The company must be legally registered in Saudi Arabia and obtain all necessary licenses to operate.
- Clean Financial Record: The company must have a clean financial record, free of pending debts or legal issues that could impede its operations.
Benefits of Premium Residency for Companies
- Legal Security and Stability: Premium Residency provides legal stability for companies, helping to improve the business environment.
- Market Access Opportunities: Gives companies the opportunity to expand in the Saudi market and access markets in the Gulf and Middle East.
- Government Support: Companies benefit from government support in the form of tax incentives, logistical facilities, and other facilities that enhance their growth and expansion.
Premium Residency for companies is an important step towards establishing Saudi Arabia’s position as a leading business and investment hub in the region, opening doors to more investments and enhancing sustainable economic growth.
Also, read about how to enforce a foreign judgment in Saudi Arabia and the related legal procedures, in our detailed analysis available on the Eyad Reda Law Firm website.
Cost of Premium Residency in Saudi Arabia
The cost of obtaining Premium Residency in Saudi Arabia varies based on the type of residency chosen and whether it is permanent or temporary. Here are the details of these costs:
Premium Residency Costs
- Permanent Premium Residency: Requires a one-time fee of 800,000 Saudi Riyals.
- Temporary Premium Residency: Requires an annual fee of 100,000 Saudi Riyals. These fees include the right to benefit from all the advantages provided by Premium Residency, such as freedom of movement, property ownership, and working without a sponsor.
Duration of Premium Residency
Premium Residency offers two main options in terms of duration:
Types of Residency by Duration
- Permanent Premium Residency: As the name suggests, this residency provides the right to stay permanently in the Kingdom.
- Temporary Premium Residency: This residency lasts for one year, renewable as long as the annual fees are paid. Both options offer great flexibility to residents and allow for long-term planning for living and working in Saudi Arabia, taking into account the different needs of individuals and companies seeking to capitalize on the promising opportunities in the Kingdom.
How to Apply for Premium Residency in Saudi Arabia
Applying for Premium Residency in Saudi Arabia requires following several specific steps to ensure a successful application. Here are the basic procedures:
Steps to Apply for Premium Residency
- Visit the Official Website: Start by visiting the official Premium Residency website to get all necessary information and required documents.
- Prepare Documents: Gather all required documents such as passport, criminal record, resume, and financial documents.
- Fill Out the Application: Fill out the online application form accurately, attaching all necessary documents.
- Pay the Fees: You will need to pay the specified application fees via the electronic portal.
- Submit the Application and Wait for Processing: After submitting the application and documents, you must wait for the application to be processed and approved by the competent authorities.
- Approval and Issuance Once approved, the Premium Residency will be issued and you can then benefit from all the advantages it provides.
The Premium Residency Program in Saudi Arabia
The Premium Residency program in Saudi Arabia is an initiative by the Saudi government aimed at attracting investors, highly skilled professionals, and exceptional talents to live and work in the Kingdom with unprecedented benefits.
Program Goals
- Boost the Economy: Attract foreign investments and enhance innovation and technological development in the country.
- Diversify Economic Resources: Work to reduce reliance on oil by diversifying sources of income.
- Attract Competencies: Provide opportunities for talents and skills from around the world to enrich the Saudi labor market.
Program Benefits
- Freedom of Movement: Freedom of internal and international movement without restrictions.
- Property Ownership: The ability to own properties in most parts of the Kingdom.
- Opportunities for Work and Investment: The ability to work and invest freely without the need for a sponsor.
The Premium Residency program is a strategic step towards opening Saudi Arabia’s doors to the world, providing an attractive and stimulating environment for individuals and companies interested in investing and growing.
Options for Premium Residency in Saudi Arabia
The Premium Residency program in Saudi Arabia offers two main residency options, each designed to meet different needs and offering a variety of benefits. These options include limited-duration Premium Residency and unlimited-duration Premium Residency.
Limited-Duration Premium Residency
This type of Premium Residency grants individuals the right to reside in Saudi Arabia for a specified period, renewed annually. Here are some key details:
- Residency Duration: Granted for one year and can be renewed based on meeting the required conditions and paying the annual fees.
- Residency Fees: An annual fee of 100,000 Saudi Riyals is required for renewal.
- Benefits: Include freedom to work and invest, own properties, and travel to and from the Kingdom without the need for an exit and re-entry visa.
Unlimited-Duration Premium Residency
Unlimited-duration Premium Residency provides beneficiaries with the possibility to live permanently in the Kingdom. This type of residency includes:
- Residency Duration: Permanent, does not require renewal.
- Residency Fees: A one-time fee of 800,000 Saudi Riyals is paid.
- Benefits: Include all the benefits available in limited-duration Premium Residency, plus longer-term stability and no need to worry about renewing the residency.
Both options offer unique opportunities for individuals looking to take advantage of the economic and social opportunities available in Saudi Arabia. The appropriate type can be chosen based on personal and professional needs of the applicants, allowing for more effective financial and personal planning.
Also, read about the conditions for foreign investment in Saudi Arabia for foreigners and the required legal framework for international investors in our detailed article available on Eyad Reda Law Firm’s website.
Requirements for Premium Residency in Saudi Arabia
Premium Residency in Saudi Arabia requires a set of criteria and documents for application, to ensure that applicants align with the strategic goals of the program. These requirements are designed to attract individuals and companies with high capabilities and an effective contribution to the Saudi economy.
Basic Requirements
- Financial Status: Applicants must have sufficient financial capability to support their stay in Saudi Arabia. This may include demonstrating the ability to invest or providing a certain amount of money as a guarantee.
- Clean Criminal Record: Applicants must be free from any criminal records, and a certificate of no criminal record must be submitted from the current country of residence and other countries where they have lived during the past five years.
- Medical Health: A medical certificate is required to prove freedom from infectious diseases and that the person is medically fit to live in Saudi Arabia.
- Supporting Documents: Include a valid passport, recent personal photos, and a resume that shows professional and educational experience.
- Insurance for Life and Property: In some cases, applicants may be required to obtain insurance covering life and property within Saudi Arabia.
Application Procedures
- Electronic Application: Applications are made through a dedicated digital platform, where applicants fill out the necessary forms and upload the required documents.
- Review and Audit: After submitting the application, Saudi authorities review the application and ensure all conditions are met.
- Approval and Fees: If the application is approved, the applicant is required to pay the necessary fees before the residency is issued.
These requirements are designed to ensure that all applicants for Premium Residency are individuals who can add value to the community and the Saudi economy.