In a strategic move to bolster its global appeal and steer its economy away to new heights, Saudi Arabia has recently unveiled a significant expansion to its premium residency program. Launched in 2019 to attract international talent, the program has evolved to include five new products, offering various benefits to eligible foreigners seeking residence in the Kingdom. This expansion is not merely a policy adjustment but a pivotal moment in Saudi Arabia’s commitment to fostering a diversified, knowledge-based economy.
A Glimpse Into the Premium Residency Program’s Evolution
The premium residency program, initiated in 2019, is designed to provide eligible foreigners with an opportunity to reside in Saudi Arabia and enjoy a range of exclusive benefits. These benefits include exemption from expat and dependents fees, visa-free international travel, and the liberty to own real estate and establish businesses without the need for a sponsor. The program serves as a linchpin in the broader strategy to transform Saudi Arabia’s economy, generating employment opportunities and facilitating the transfer of knowledge.
Introduction of Five New Residency Categories
The latest expansion introduces five distinct residency categories, each tailored to specific qualifications and designed to cater to diverse segments of the global population. Let’s delve into the details of each category:
- Special Talent Residency
– This category targets professionals in healthcare and science, requiring a minimum monthly salary of SR35,000. Researchers must have a monthly salary of SR14,000.
– Executives seeking special talent status must possess an executive-level employment contract, with a monthly pay exceeding SR80,000.
- Gifted Residency
– Spanning a fixed-term period of five years, this category encompasses individuals nominated for or recipients of awards approved by the Saudi ministries of culture and sports. Alternatively, they must meet specific eligibility criteria set by the ministries.
- Investor Residency:
– Direct permanent residency is offered to those investing SR7 million and creating at least 10 jobs within the first two years.
– Investors must obtain an investment license, provide a commercial register, and submit articles of incorporation.
- Entrepreneur Residency
– Category-1 provides a fixed-term five-year residency, renewable for an additional term. Applicants must secure a minimum SR400,000 investment from an accredited organization and hold at least a 20 per cent share of the startup.
– Category-2 grants permanent residency on the condition that the entrepreneur creates at least 10 jobs in the first year and 10 or more jobs in the second year, alongside a minimum SR15 million investment.
- Real Estate Ownership Residency
– Tied to property ownership or usufruct, this category requires owning a real estate asset worth a minimum of SR4 million.
– The property must be residential, developed, and appraised by accredited valuers from the Kingdom’s Taqeem authority.
Encouraging Property Investment
Beyond the allure of residency, the premium residency options bring an array of benefits for permit holders. They now can obtain premium residency status for their family members, run businesses, conduct free money transfers, and host and invite relatives. Notably, the age limit for dependents has been extended to 25 years, reflecting the Kingdom’s commitment to enhancing the residency program and making it more inclusive.
Strategic Vision and Collaborative Development
Mohammad Al-Sultan, the CEO of the Premium Residency Center, emphasized the collaborative efforts with various government entities in developing these residency products. This collaborative approach not only streamlines the application process but also ensures that the new offerings align with the broader economic and developmental goals of Saudi Arabia.
The primary goal is not merely attracting talent and investments but also contributing significantly to Saudi Arabia’s vision of a diversified, knowledge-based economy. Al-Sultan remarked, “With the introduction of these five new premium residency products, we are opening doors to a world of opportunities for professionals and investors.”
Global Perspectives on Saudi Arabia’s Premium Residency
The expanded premium residency program has garnered positive responses from leaders in various sectors. Edgard Tawk, CEO of Eurisko, a multinational digital innovation firm, views the offerings as exciting opportunities for investors. He highlights that not only can companies establish a corporate presence in Saudi Arabia, but they can also designate it as a strategic headquarters.
George Haddad, founder and creative producer at Saudi-based Yellowcore Productions, is optimistic about the impact on the film and TVC industry. He sees the new premium residency options as a gateway to easier access to a growing market, opportunities for business expansion, and the ability to capitalize on the country’s economic growth.
Fostering Economic Growth through Entrepreneur Residency
The entrepreneur residency category, in particular, holds immense potential for stimulating economic growth. Category-1, with its fixed-term five-year residency, encourages entrepreneurs to invest in the Saudi market, fostering innovation and job creation. By requiring a minimum investment of SR400,000 and a 20 percent share in the startup, the program not only attracts entrepreneurs but also ensures a commitment to the success and sustainability of the business.
Category-2 takes it a step further by offering permanent residency directly, contingent on the entrepreneur creating a substantial number of jobs. The requirement for a minimum SR15 million investment demonstrates the Kingdom’s dedication to attracting serious entrepreneurs with the capacity to make a significant impact on the local economy.
Real Estate Ownership Residency, a Way to Encourage Property Investment
The real estate ownership residency plan is intricately tied to property ownership or usufruct. The criteria set for this category aim to ensure that property owners contribute to the development of residential spaces in the Kingdom. Requiring a minimum real estate asset value of SR4 million, free of existing and future mortgages, showcases Saudi Arabia’s commitment to attracting individuals willing to invest in quality real estate.
Welcoming the World to Join Saudi’s Transformation and Growth**
The overarching message from Mohammad Al-Sultan is clear: Saudi Arabia is not merely a place to work and invest; it is a land of opportunities where innovation, culture, and business thrive together. The new premium residency products serve as an invitation to the world to join in the Kingdom’s journey of transformation and growth.
Al-Sultan remarked, “These new premium residency products serve as our invitation to the world to join us in our journey of transformation and growth.” The emphasis is not just on attracting foreign professionals but on building a community of individuals committed to shaping the nation’s future.
Shaping a Nation’s Future Through Global Collaboration
In conclusion, Saudi Arabia’s expanded premium residency program stands as a testament to its commitment to economic diversification and global collaboration. The introduction of these new residency categories signifies a shift from a traditional oil-centric economy to a more diverse, knowledge-driven landscape. By unlocking opportunities for professionals, entrepreneurs, and investors, Saudi Arabia is not only fortifying its economy but also enriching its cultural and scientific tapestry.
The premium residency program is more than a set of permits; it is a commitment to shaping the future of the nation. The Kingdom’s leaders envision a Saudi Arabia where special talents, entrepreneurs, and investors converge to create a vibrant, dynamic community. As the program unfolds, it beckons individuals from all corners of the globe to be part of a transformative journey, where innovation, culture, and business intertwine to create a land of unparalleled opportunities.