Saudi Arabia is offering a Premium Residency Visa to foreign investors, entrepreneurs, and real estate owners. Saudi Arabia’s Premium Residency Visa can be obtained for all family members, which includes parents, spouses, and children under the age of 25. Visas can also be issued for relatives.
Types of Premium Residency Visas
There are five products under the Premium Residency umbrella: Exceptional Competency Residency, Talent Residency, Business Investor Residency, Entrepreneur Residency, and Property Owner Residency.
Exceptional Competency Residency: This product targets scientific, administrative, and research talents who possess distinguished capabilities and expertise that can contribute to enhancing local capabilities and exchanging expertise.
Talent Residency: This product targets talented and professional individuals in the sports, cultural, and artistic fields. One needs to obtain a recommendation from the Ministry of Culture or the Ministry of Sports and meet the minimum eligibility criteria approved by the Culture and Sports System.
Business Investor Residency: This product is designed for investors seeking to invest in economic activities within Saudi Arabia. One has to submit a valid investment license from the Ministry of Investment with an amount of seven million Saudi riyals as a minimum for the applicant’s share.
Entrepreneur Residency: This product targets entrepreneurs and innovators who want to work on developing various sectors in Saudi Arabia. One can nominate two individuals from the work team to obtain exceptional competence residency and exemption from its criteria, for example, executives.
Property Owner Residency: This product is targeted at property owners in Saudi Arabia. One has to own or use only residential real estate assets worth no less than 4 million Saudi riyals (almost Rs 10 crore) in Saudi Arabia. The property must be existing and not developed or undeveloped.
Advantages
The holder of a Premium Residency and his family members may leave and return to Saudi Arabia without requiring a visa.
Saudi Arabia’s Premium Residency Visa enjoys exemption from the financial fee imposed on expatriates and their companions. There are no special taxes for Premium Residency holders and their family members. Rather, they are only subject to the tax provisions applicable in the Kingdom.
Saudi Arabia’s Premium Residency Visa allows foreigners, including their family members, to work in private sector companies without any hassles. Premium Residency Visa holders can also conduct business activities as per the rules.
Foreigners holding a Saudi Arabia’s Premium Residency Visa can even own and use real estate properties in the country.
The Premium Residency grants its holder the right to invest in the Kingdom’s stock market in accordance with relevant regulations.
However, the Premium Residency Visa does not entitle its holder to obtain Saudi citizenship.
Different from Investor Visa
Saudi Arabia’s Premium Residency Visa is different from the Saudi Arabia Investor Visa.
The investor visa is linked to a non-Saudi person obtaining an investment license in accordance with the Investment Law, and his name is registered as the owner of the investment license.
The investor’s residency is linked to an employer, and the investment establishment is the employer in this case, while the holder of the distinguished residency is not linked to an employer.
The investor residency indicates that the holder’s occupation is “investor”, while this does not apply to the premium residency.
The holder of an investor residence permit shall not be issued a work permit. The residential property is not registered in the name of the investor residence permit holder.
How to Apply
There are two steps to apply for the Saudi Arabia’s Premium Residency Visa.
One needs to visit the official link on the Embassy’s website, which is the only verifiable source for the Premium Residency Visa. After logging in, one may submit their application.
After receiving approval of your application, applicants need to bring all their documents and a passport to the nearest Saudi consulate to receive the Visa.