Saudi Arabia Premium Residency
The Saudi Arabia Premium Residency is a visa scheme in Saudi Arabia granting foreign nationals the privilege to reside, work, and own enterprises and assets in the Kingdom sans the need for a sponsor. This initiative targets drawing in proficient individuals, entrepreneurs, and investors to bolster the nation’s economy. Since its inception, it has garnered significant global attention, symbolizing a pivotal move in diversifying Saudi Arabia’s economic landscape and enticing high-caliber talent and investments worldwide.
Introduced in 2019 and colloquially dubbed the “Saudi Green Card,” the program initially offered two choices: a one-year residency with potential renewal (limited duration) and a permanent residency (unlimited duration). Recent updates to the Saudi Green Card program have seen substantial improvements. In early 2024, Saudi Arabia expanded the Premium Residency initiative by simplifying the application process and broadening the eligibility criteria. This enhancement introduced five new options, known as products, tailored to attract a wider array of individuals, including property owners, business investors, entrepreneurs, exceptional talents, and skilled professionals.
Eligibility Requirements for Saudi Arabia Premium Residency
To be eligible for the Saudi Arabia Premium Residency, candidates must satisfy specific criteria, which can vary depending on the chosen Premium Residency product. These prerequisites might encompass factors such as minimum age for the primary applicant, designated investment thresholds, or securing a recommendation from an appropriate authority, among others. Nonetheless, there exist overarching eligibility standards that all applicants must meet, irrespective of the residency option. These standards encompass:
- Passport Validity: The primary applicant and any accompanying family members must possess valid passports with a minimum validity of six months at the time of application. Passports should be free of any restrictions that could hinder return to Saudi Arabia.
- Financial Stability: Demonstrating financial solvency is imperative. Applicants must exhibit the capacity to sustain themselves and their dependents throughout their stay in Saudi Arabia, substantiated by bank statements and other financial documentation.
- Clean Criminal Record: All applicants and their family members must have untarnished criminal records. Moreover, applicants must consent to background checks conducted by the Saudi Arabia Premium Residency Center with pertinent authorities in their country of residence.
- Health Clearance: Candidates and their family members must be devoid of communicable diseases, as verified by recent medical reports issued within the preceding six months. These reports must be obtained from licensed medical facilities within Saudi Arabia or centers accredited by Saudi diplomatic missions abroad.
- Proof of Legal Residency: If applying from within Saudi Arabia, applicants must furnish evidence of legal residency in the country.
Entrepreneur Residency in Saudi Arabia
In Saudi Arabia, the Entrepreneur Residency program caters to ambitious business founders through two distinct categories. Both aim to foster entrepreneurial activity, drawing individuals keen on investing, job creation, and contributing to the Kingdom’s economic prosperity.
The first category grants a five-year residency, subject to renewal upon meeting specific conditions. Entrepreneurs are required to spend at least 30 months in Saudi Arabia within this five-year period and secure a minimum investment of SR 400,000 from an accredited source. Additionally, they must hold at least a 20% stake in their startup.
The second category offers immediate permanent residency but with differing requirements. Entrepreneurs must generate a minimum of ten jobs in the first year and maintain or surpass this figure in the subsequent year. A substantial investment of at least SR 15 million is mandatory, with the entrepreneur holding a minimum of a 10% share in their business venture.
Investor Residency in Saudi Arabia
The Investor Residency program in Saudi Arabia presents a distinctive opportunity for investors aiming to tap into the country’s burgeoning economy. Tailored for those seeking to invest, this initiative mandates applicants to commit a substantial sum of SAR 7 million and create a minimum of ten jobs within the initial two years of their application. The process entails securing an investment license, signaling authorization to conduct business activities within Saudi Arabia.
Moreover, applicants are required to furnish essential business documentation such as a commercial register and articles of incorporation. This program underscores Saudi Arabia’s strategic efforts to attract substantial investments and foster job creation, thus contributing to the Kingdom’s economic advancement. It serves as an enticing pathway for investors aspiring to attain permanent residency status and expand their business horizons within the Kingdom
Gifted Residency in Saudi Arabia
The Gifted Residency program in Saudi Arabia is a specialized initiative spanning five years, segmented into two categories aimed at integrating talented individuals into the Kingdom’s cultural and sports sectors. This residency is tailored for individuals who have either been nominated for or received recognition from the Saudi Ministry of Culture and the Ministry of Sports.
In the first category, applicants must either be nominees or recipients of awards sanctioned by these ministries. Alternatively, they must meet specific eligibility criteria established by the same authorities. An essential aspect of this residency is its focus on financial stability, ensuring that applicants possess economic solvency.
This initiative underscores Saudi Arabia’s dedication to enriching its cultural and sports domains by attracting and retaining individuals with exceptional talents in these fields. The program is structured to incentivize the involvement of gifted professionals, offering them a pathway to contribute to the Kingdom’s vibrant cultural and sporting milieu.
Real Estate Residency in Saudi Arabia
The Real Estate Residency opportunity in Saudi Arabia caters to individuals who own residential properties valued at SAR 4 million or more, with a critical stipulation that the property must be free from any existing or future mortgages. This residency promises a superior lifestyle and unlocks lucrative investment prospects within the Saudi real estate market.
The duration of this residency is directly correlated with the period of property ownership. Prospective applicants must possess a residential real estate asset valued at a minimum of SAR 4 million without any associated real estate financing to qualify. The property must be developed and habitable, excluding undeveloped or unimproved land. Moreover, the property’s value must be independently assessed and validated by accredited valuers from Saudi Arabia’s Taqeem authority. The residency status granted through this program is inherently linked to property ownership or usufruct, underscoring the Kingdom’s emphasis on attracting stable and enduring investments in its real estate sector.
Special Talent Residency in Saudi Arabia
The five-year special talent residency program in Saudi Arabia is crafted for esteemed professionals in healthcare, science, and research, with the goal of attracting individuals possessing unique skills to bolster technology and knowledge exchange within the Kingdom. Eligibility for this residency hinges on meeting specific criteria tailored to one’s professional field and income level.
Healthcare and science professionals aspiring for this residency must demonstrate a minimum monthly income of SAR 35,000, while researchers must have a monthly salary of at least SAR 14,000. For executives striving for special talent status, holding an executive-level employment contract with a monthly income surpassing SAR 80,000 is imperative.
In addition, applicants must possess a Bachelor’s degree or higher and secure an approved employment contract. This initiative aims to attract top-tier professionals, harnessing expertise capable of making substantial contributions to the evolving sectors of Saudi Arabia.
Why with Firmz Business Setup:
Firmz Business Setup provides a distinct advantage in obtaining Saudi Arabia Premium Residency Guide 2024. With expertise in KSA business regulations, personalized solutions, and a comprehensive service range, Firmz Business Setup ensures a smoother and cost-effective license acquisition process. The team’s commitment to ongoing assistance contributes to the success of your Saudi Arabia Premium Residency.