The Kingdom of Saudi Arabia is a great destination for tourists exploring culture and history. The kingdom is currently diversifying its economy beyond oil and has opened up to investors from all over the world. However, non-citizens cannot invest or work in the country without a residency permit.
Saudi Arabia’s Premium Residency, also known as the golden visa, is an initiative designed to attract foreign investment and skilled professionals to diversify its economy in line with its 2030 vision. This guide will provide a comprehensive overview of the Premium Residency, what you need, and how to obtain it.
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What is the Premium Residency in Saudi Arabia?
The Saudi Arabia Golden Visa is also known as Saudi Premium Residency and “Privileged Iqama.” It is a residence permit that gives foreigners the right to live, work, and own properties and businesses in Saudi Arabia.
The Premium Residency in Saudi Arabia gives long-term residency to eligible expatriates. The program was launched in 2019 and was expanded from two to seven products to attract a wider range of individuals, entrepreneurs, investors, skilled professionals, and great talents.
Products Available in the 2024 Premium Residency
The seven products under the golden visa are discussed in the sections below:
- Limited Duration Premium Residency: This option gives residency to non-citizens for a period of one to five years with a possibility of renewal. An annual fee of SAR 100,000 (approximately USD 26,670) is required for this option.
- Unlimited Duration Premium Residency: This particular product comes with a one-time fee of SAR 800,000 (approximately USD 213,340) and gives a non-citizen permanent residency in the Kingdom of Saudi Arabia.
- Real Estate Owner Residency: This product allows expatriates to obtain a Premium Residency in the kingdom by owning real estate properties in Saudi Arabia. They should have a real estate of at least SAR 4,000,000 in the kingdom. The property must be residential and already developed.
- Investor Residency: The investor option allows businessmen and investors from across the globe to obtain Premium Residency by investing in Saudi Arabia. To obtain this permit, the investor must have an investment license in Saudi Arabia and must invest at least SAR 7,000,000
- Entrepreneur Residency: These products allow entrepreneurs and startups to carry out business activities and gain residency in Saudi Arabia. The ventures must have investments of at least SAR 400,000 from venture capital funds or incubators recognized by the Premium Residency Center.
- Special Talent Residency: Professionals who have employment contracts in the mentioned fields are allowed to become residents of Saudi Arabia for 5 years with the possibility of renewal and permanent residency.
- Gifted Residency: The gifted residency option is for individuals who are highly skilled and have achieved great feats in sports, culture, and arts. Qualified individuals are given five years of Premium Residency with the possibility of renewing and permanent residency.
Eligibility Criteria for Premium Residency
Applicants for the Saudi Golden visa must meet the following requirements:
- Age: Applicants must not be less than 21 years old
- Financial Stability: Applicants should have a minimum bank balance of USD 213,000. They should present evidence of financial capacity.
- Clear Criminal Record: Applicants must not have a criminal record in any country.
- Health Requirements: A medical report confirming no communicable disease is mandatory
- Documentation: Various documents such as passport, recent photographs, proof of residence, bank statement, and academic qualification will be requested among other necessary documents.
Benefits of Premium Residency
The golden visa gives its holders the following perks:
- Freedom of Movement: Holders of Premium Residency can enter and exit the kingdom without needing an exit or re-entry visa.
- Property Ownership: Allows non-citizen residents to own residential and commercial properties in all regions of the kingdom except Mecca, Medina, and border regions.
- Work Flexibility: Allows non-citizens to work in the private sector and change jobs freely without needing a local sponsor.
- Family Inclusion: Premium residents can include family members like children not more than 21 years old, spouses, and parents in the application without paying a dependent fee. They also have the right to live, work, change employment, and invest in Saudi Arabia.
- Investment Opportunities: these residents have the right to invest in various sectors and employ both citizens of Saudi Arabia and foreign domestic workers.
- Tax: No personal income tax, wealth tax, or inheritance taxes.
Application Process
The application steps for obtaining Saudi Premium Residency are listed below:
- Account Registration: Visit the official Saudi Arabia Premium Residency portal. The “register now” button is the one you should click to create a new account. After creating an account, fill out the personal information requested. After that, you will need to verify your email address and phone number.
- Completion of the Application Form: After email verification, on your dashboard, click on the “Request Premium Residency” button. Begin to fill out the form with more details about yourself like education, finances, family, and other requested information.
- Submission of Document: Afterwards, you will need to upload supporting documents. This will include scanned copies of your passport and ID, birth certificate, medical report, bank statement, employment contracts, marriage certificates, and audit of your company, among others.
- Review and Submission: The final step is to review your application to make sure you inputted the correct details; then, you can submit your application and wait for a response.
Note: Medical reports must be from a Saudi diplomatic mission-recognized healthcare institution. All products come with an application processing fee of USD 170.
Final Steps
Once your application has been approved, proceed to pay the required fees associated with your residency so that you can obtain your residency card. This card serves as proof that your residency in Saudi Arabia is legal. You can then begin to familiarize yourself with local laws regarding your goals and daily living in the Kingdom of Saudi Arabia, and begin to look for opportunities.
Common Challenges and Solutions
Despite being a straightforward process, some people face the challenges below:
- Delay in Document Verification: Double-check to make sure the documents are accurate and up-to-date before submission to avoid delays.
- Language Barriers: If you are not proficient in Arabic, consider hiring a professional translator or consultant familiar with the application process to assist you.
FAQ
Here are some of the most commonly asked questions about Saudi Arabia’s golden visa:
What is the difference between the Saudi Arabia Investor Visa and the Green Card in Saudi Arabia?
The Investor Visa restricts its holders from investing in the Kingdom of Saudi Arabia. They are mandated to own a legal investment which gives them the right to reside in Saudi Arabia. Meanwhile, the Premium Residency allows people to apply directly without sponsorship or investment. They can work in the private sector and own real estate in their name, while investors can only own properties through their investment.
Does Marrying Someone From Saudi Arabia Automatically Grant Me Premium Residency?
No, you cannot obtain a Premium Residency just because you married someone from the kingdom.
Will it terminate the Premium Residency Visa if a family member Violates Saudi law?
No, the Premium Residency will not be terminated. However, the family members’ residency can be canceled. Note that a primary Premium Residency holder’s visa can be terminated if they commit a crime.
What is the time frame for Obtaining a Saudi Premium Residency?
Typically 3 to 6 months.
