The Kingdom of Saudi Arabia is widely recognized for its abundant oil reserves and tourist attractions. However, it is increasingly gaining recognition as a strong global economic player by moving away from reliance solely on oil.
This central development hub is being utilized by various industries. This may include healthcare and new technologies. Individuals worldwide are exploring options for obtaining permanent residency in Saudi Arabia as a secondary residence and for investment prospects.
And premium residency Saudi Arabia is one of them.
1: The Eligibility Criteria
To be eligible for a ‘green card’ in Saudi Arabia you must fulfill specific criteria. Keep in mind that this could differ based on the premium residency Saudi Arabia option being sought.
Some of these requirements may involve things like –
A minimum age for the primary applicant,
Designated investment levels, or
Receiving a referral from a relevant governing body, among other factors.
Nevertheless, all applicants must meet specific eligibility requirements, irrespective of the type of residency sought. Some of these factors are:
You and your family members in the application must possess passports that are valid for six months when applying. Also, their passports must not have any limitations that might stop them from going back to Saudi Arabia whenever they want.
You have to show that they have enough money and can provide for themselves and their family while in Saudi Arabia. Nonetheless, examining bank statements and other financial paperwork can also help with the verification.
Every candidate and their family members must not have any criminal history. The candidate must also agree to authorize the Saudi Premium Residency Center to carry out background checks.
Applicants and their relatives must not have any contagious illnesses, as confirmed by a recent medical examination. A licensed medical center in Saudi Arabia or a center of Saudi diplomatic missions abroad must release this report within the past six months.
When applying from inside Saudi Arabia, the applicant needs to show evidence of being a legal resident in the country.
2: The Available Premium Residency Options
There are seven programs available under the premium residency Saudi Arabia program of. Let’s discuss a bit about them to help you get a clear idea about the entire program.
A: The Limited Duration Option
The initial choice is the Limited Duration Premium Residency, which is valid for one to five years. And you can extend it too. An annual payment of 100,000 Saudi Riyals is what you have to pay though (equivalent to around 26,670 US Dollars).
Candidates who choose a duration exceeding one year can receive a 2% decrease in fees if they pay in advance to take advantage of the total discount.
This product is ideal for investors or entrepreneurs who want to carry out short-term investment projects in Saudi Arabia.
It is also applicable for people who want to investigate the daily routine, commercial atmosphere, and potential investments in the Saudi before thinking about obtaining permanent residency.
Applicants must meet the minimum age requirement of 21, in addition to the standard eligibility criteria, to be a part of this product.
B: The Unlimited Duration Option
This item provides a chance to obtain permanent residency in Saudi Arabia for a single payment of 800,000 Riyals (equivalent to around 213,340 US Dollars).
The primary candidate must be at least 21 years old too.
This choice is ideal for individuals looking for lasting residency with no yearly renewal, making it a desirable option for those seeking a permanent visa in the Saudi and wanting to permanently settle or hold a permanent residency permit in the country.
C: The Real Estate Owner Option
Non-Saudi citizens can also get the premium residency Saudi Arabia by possessing or having usufruct rights to residential properties in the country.
The value of the property must be a minimum of four million Saudi Riyals.
The property must be residential, developed, and appraised by TAQEEM accredited valuers to meet the minimum property value for eligibility.
Acquiring properties using real estate financing and mortgaging them, either before or after getting Premium Residency, is not allowed. The length of the Premium Residency provided for this product is based on how long you own the property.
D: The Entrepreneur Option
Entrepreneurs and startup owners who receive investments of at least 400,000 Saudi Riyals from recognized venture capital funds or incubators can also qualify for Premium Residency in there.
So, you should obtain a recommendation letter from the investing entity and a proper entrepreneurial license from the Saudi Ministry of Investment.
Entrepreneurs will get a 5-year residency permit, that they can extend if they maintain a minimum of a 20% ownership stake in the company.
If the entrepreneur satisfies the requirement of investing 15 million Saudi Riyals, holding a minimum of 10% ownership in the company, and generating 10 jobs annually for the initial two years, they could receive permanent residency.
A major advantage of this product is that the new company doesn’t need to comply with the Saudi localization program. This is applicable for the first three years of operation.
Moreover, business owners can choose two employees to be nominated for Premium Residency as executives in the Special Talents group.
E: The Investor Option
This product provides foreign businessmen and investors with the opportunity to invest in Saudi Arabia and obtain permanent premium residency Saudi Arabia, offering them a two-fold benefit.
Saudi Arabia is also ideal for being a significant market in the region and an appealing investment environment due to its robust economy and growth signals, offering a variety of sectors and investment opportunities.
To qualify for this option, the applicant must hold an investment license in Saudi Arabia and, within the first two years, invest a minimum of 7 million Saudi Riyals and create at least 10 job opportunities within the country.
F: The Special Talent Option
The Saudi Premium Residency program is designed for outstanding professionals in executive leadership, healthcare, and research. It offers everyone with job agreements in these fields the chance to get residency in Saudi Arabia.
Also, this residency is eligible for 5 years. However, you can extend and potentially change it to permanent residency. Moreover, it provides a waiver from the Nitaqat program.
This product provides two main options. The initial one serves professionals in research, science, and healthcare. Apart from this –
A bachelor’s degree, three years’ experience in the relevant field,
meeting point system requirements,
employer recommendation letter, three research papers and monthly salaries of at least 14,000 SAR for researchers and 35,000 SAR for science and healthcare professionals are needed.
The alternate route is ideal for higher-ranking professionals and mandates a reference letter from the employer, in addition to a minimum monthly income of 80,000 Riyals.
G: The Gifted Option
Saudi aims to draw in talented individuals with extraordinary abilities and accomplishments in various sports, and cultural via this product. Individuals who meet the requirements in these groups will receive premium residency Saudi Arabia valid for 5 years. It also has the option to extend and the chance to become permanent residents.
Furthermore, they will get a waiver from the Saudization program (Nitaqat).
This group includes different Olympic sports like soccer, handball, hoops, volleyball, swimming, martial arts, track and field. Besides, additional artistic and literary pursuits such as music, writing, aesthetics, acting, and film, are available here.
Those applying in this group need a referral from a pertinent Saudi entity like the Ministry of Culture or the Ministry of Sports.
They must also satisfy one of two requirements –
Either be nominated or win a special award or
Meet the eligibility criteria established by the relevant ministry as per the specific field.
Read more:
Saudi Arabia Premium Residency: What is It, Really?
