What is Premium Residency?
The Premium Residency program, commonly referred to as the “Saudi Green Card,” was launched in 2019. It allows qualified expatriates to live, work, and invest in Saudi Arabia without the need for a local sponsor, which is a major shift from the traditional sponsorship (Kafala) system. There are two types of premium residency:
- Permanent Residency: This is a one-time payment option that grants lifetime residency.
- Temporary Residency: This option requires annual renewal and offers similar benefits as permanent residency but for a limited duration.
7 Types of Saudi Premium Residency Saudi Arabia has Launched:
- Special Talent Residency
- Real Estate owner Residency
- Investor Residency
- Entrepreneur Residency
- Gifted Residency
- Limited Duration Residency
- Unlimited duration Residency
Special Talent Residency: This type of residency is designed for professionals in executive leadership, healthcare, science, and research.
The eligibility criteria for a Special Talent Residency differs depending on your role:
● Researchers
● Healthcare and Scientific Professionals
● Executives
The duration for Special Talent residency is a 5-year fixed-term residency.
Gifted Residency: This type of residency is designed for skilled professionals and talented individuals in the cultural and sports sectors.
The eligibility criteria for a Gifted Residency differs depending on the type of category you belong to:
A – First Category
- Nominated for or a recipient of a specified exceptional award.
- A recommendation from the Ministry of Culture, or the Ministry of Sport based on your field.
- You meet the minimum financial capability.
B – Second Category
- You fulfill the minimum eligibility criteria approved by the Ministry of Culture or Ministry of Sport.
- A recommendation from the Ministry of Culture, or the Ministry of Sport based on your field.
- You meet the minimum financial capability.
The duration of Gifted Residency is a 5-year fixed-term residency.
Real Estate Owner Residency: This residency is intended for foreign real estate owners in Saudi Arabia, who also want to take up residency in the country.
Eligibility:
The Investor Residency has specific eligibility requirements, including:
- You own or usufruct real estate of at least SAR 4,000,000 in Saudi Arabia.
- The property you own, or usufruct is free from current and future mortgages.
- The real estate property or properties must be residential.
- The property is not associated with real estate financing.
- The real estate property must be developed. It should not be from undeveloped or unimproved land.
- The real estate must be appraised by an accredited valuer from the Saudi Authority for Accredited Valuers.
The duration of the Real Estate Owner’s Residency is linked to the real estate ownership.
Investor Residency: Investor Residency is aimed at investors who want to conduct business and make investments in Saudi Arabia.
Eligibility:
To be eligible for the Investor Residency, you must:
- Hold a valid investment license issued by the Ministry of Investment, for an investment of at least SAR 7,000,000 (as the applicant’s share) in economic activities in Saudi Arabia.
- Hold a valid Commercial Registration.
- Have a Memorandum of Association showing your investor shares.
The duration of Investor Residency is available as a 5-year term, a renewable term, or as a permanent residency.
The duration you are eligible for depends on the value of your investment.
Entrepreneur Residency:
The Entrepreneur Residency is aimed at entrepreneurs, startup owners, and innovators who want to launch and/or develop their start-up companies in Saudi Arabia and develop sectors in Saudi Arabia.
The eligibility criteria for the Entrepreneur Residency differs depending on the type of category you belong to:
First Category
- An entrepreneur license from the Ministry of Investment.
- A minimum of SAR 400,000 as an investment from an entity that is accredited with the Ministry of Investment.
- A recommendation letter from your investment entity.
- A minimum of a 20% share in the company’s Second Category
- An entrepreneur license from the Ministry of Investment.
- A minimum of SAR 15,000,000 as an investment from an entity that is accredited with the Ministry of Investment.
- A recommendation letter from your investment entity.
- A minimum of a 10% share in the start-up company.
Limited Duration Residency:
- The Limited Duration Premium Residency provides temporary residency for individuals
- This option is designed for those residing in Saudi Arabia for short-term assignments
- This option is recommended to investors or entrepreneurs looking to undertake short-term investment ventures in Saudi Arabia.
The Limited Duration Premium Residency has several eligibility requirements, including:
- You must have a valid reason for seeking temporary residency, such as employment, business ventures, education, or medical treatment.
- You must comply with the general eligibility requirements for Saudi Premium Residency.
The duration for fixed residency ranges from one year to five years.
Unlimited Duration Residency:
The Unlimited Duration Premium Residency offers permanent residency status to eligible individuals.
The Unlimited Duration Premium Residency has several eligibility requirements, including:
- You may be required to invest a certain amount of capital or demonstrate your contribution to the Saudi economy through business ventures, investments, or other means
- You must comply with the general eligibility requirements for Premium Residency.
Benefits of Premium Residency
- Premium Residency holders can obtain the same kind of visa for their spouse/s, children under 25 years and Parents
- They can conduct business in Saudi Arabia without a local sponsor
- There is no Leavy / dependent fee for family members
- They can travel without an exit and re-entry visa
- They can own a real estate property in their name
- Iqama transfer from one facility to another without any transfer fee
- Can apply for a visit visa under their name for relatives and friends
Eligibility Criteria:
To be eligible for Premium Residency, applicants must meet several criteria:
- Age: Applicants must be at least 21 years old.
- Financial Stability: Applicants must demonstrate financial solvency, which means they need to show that they have sufficient financial resources to support themselves and their families.
- Health: Applicants must have a clean bill of health, free from contagious diseases.
- Security: Applicants must have a clean criminal record.
Application Process
The application process for Premium Residency involves several steps:
- Online Application: Interested individuals can apply through the official Premium Residency website, where they will need to provide personal details and supporting documents.
- Document Verification: The submitted documents will be reviewed and verified by the relevant Saudi authorities.
- Payment: For those applying for permanent residency, a one-time fee is required. Temporary residency applicants must pay the annual fee.
- Approval: Once the application is reviewed and approved, the applicant will be granted Premium Residency status.
Impact on Saudi Arabia’s Economy
The introduction of Premium Residency is expected to have a positive impact on Saudi Arabia’s economy in several ways:
- Foreign Investment
By making it easier for foreign investors to live and operate businesses in the kingdom, Premium Residency is likely to attract more foreign direct investment (FDI), which is crucial for economic diversification.
- Talent Attraction
Premium Residency can help attract highly skilled professionals and entrepreneurs from around the world, contributing to the growth of various sectors in the Saudi economy.
- Real Estate Market
With premium residents allowed to own property, the real estate market is expected to see increased activity, driving growth and development in the sector.
The Premium Residency program marks a significant shift in Saudi Arabia’s approach to expatriates and foreign investors. It aligns with the kingdom’s broader goals of economic diversification and openness under Vision 2030. By offering numerous benefits such as freedom of movement, ownership rights, and employment flexibility, Premium Residency is set to make Saudi Arabia a more attractive destination for skilled professionals and investors worldwide. This initiative not only enhances the quality of life for expatriates but also promises to bring substantial economic benefits to the kingdom.
Saudi Arabia’s Premium Residency program represents a significant opportunity for individuals and businesses seeking to establish a long-term presence in the Kingdom. With its comprehensive benefits and streamlined process, the Premium Residency program is a gateway to unparalleled personal and professional growth in one of the world’s most dynamic economies. At Profound Business Service, we are committed to making this journey as seamless as possible. Our expert team offers tailored assistance, ensuring a hassle-free experience in obtaining your Premium Residency. Trust Profound to guide you through every step, providing the support and expertise you need to thrive in Saudi Arabia.
Profound Business Service on Sheikh Zayed Road, Dubai offers premier visa, licensing and business setup services, with our in-house Amer and D E T centers ensuring a transparent and efficient process.
Contact us today to schedule a free consultation with one of our experts.
