Saudi Arabia has introduced new ways for people to apply for its Premium Residency, making it easier for residents who wish to get this special visa. The Premium Residency allows foreign nationals to live, work, own businesses, and property in Saudi Arabia without needing a sponsor.
Before, there were no specific categories for people to apply under the Premium Residency. But now, the Saudi government has created five new categories to make the application process more straightforward.
These new categories are for skilled individuals (like specialists and executives), talented individuals (in areas like culture and sports), business investors, entrepreneurs, and property owners.
Holders of the Premium Residency can live in Saudi Arabia for an extended period, either for one year (which can be renewed) or for an unlimited duration, depending on the plan they choose when applying.
The unlimited plan costs $213,320 (800,000 SAR), and the one-year plan is $26,665 (100,000 SAR), which must be paid upfront. For those applying under the new categories, the Premium Residency costs $1,066 (SAR 4,000).
The Premium Residency, similar to a Green Card, was introduced in 2019 to attract wealthy foreigners and investors to Saudi Arabia, aiming to boost the country’s economy.
Holders of the Premium Residency can also bring their immediate family members to live in Saudi Arabia without paying the dependent fee. These family members can live, work, and invest in the country and can easily change jobs while residing there.
Under this special scheme, individuals can own property, such as homes and businesses, anywhere in Saudi Arabia except in Mecca, Madina, and the border regions. Premium Residency also allows individuals to own and license vehicles and other modes of transportation in the country.
Moreover, Premium Residency holders can freely enter and exit Saudi Arabia as often as they want. They also have the right to invest in the Saudi Capital Market. These new categories and benefits are part of Saudi Arabia’s efforts to attract skilled individuals, investors, entrepreneurs, and property owners to contribute to the growth of the country’s economy.