New Saudi Arabia Premium Residency visa categories announced

Saudi Arabia has introduced noteworthy changes to its Premium Residency program, unveiling updated eligibility requirements and new categories for applicants. This initiative marks a significant step in the country’s efforts to attract and retain top talent, investors, and skilled individuals.

Premium Residency Program Overview:
Saudi Arabia’s Premium Residency program aims to offer long-term residency options to eligible individuals, providing them with a range of benefits and privileges. The program is designed to attract foreign investors, entrepreneurs, and professionals, contributing to the country’s economic growth and fostering a diverse and skilled population.

Key Eligibility Requirements:
The recent announcement includes updated eligibility criteria, ensuring that qualified individuals can avail themselves of the Premium Residency status. While specific details may vary, common requirements often involve financial stability, professional achievements, and a commitment to residing in the Kingdom.

Saudi Premium Residency categories:
The categories include:

1. Skilled individuals (specialists, executives)
2. Talents (cultural, sports)
3. Business investors
4. Entrepreneurs, and
5. Property owners

Those possessing the Saudi Premium Residency are entitled to live in the Kingdom for an extended term of one year, renewable, or an indefinite duration, contingent on the chosen plan during the application process.

Attracting Global Talent:
By revising and expanding the Premium Residency program, Saudi Arabia aims to attract global talent and foster a more diverse and dynamic population. This initiative aligns with the Kingdom’s Vision 2030, a strategic roadmap for economic and social transformation, emphasizing innovation, investment, and inclusivity.

According to reports, the indefinite plan is priced at $213,320 (800,000 SAR), and the one-year plan costs $26,665 (100,000 SAR), with upfront payment required.

Also read: Saudi Arabia discovers huge gold reserves in Makkah region

Individuals applying under the five new categories for Premium Residency will be charged $1,066 (SAR 4,000). This Green Card-like permit, initially introduced in 2019, aims to attract affluent foreigners and investors, contributing to the economic expansion of Saudi Arabia.

Streamlined Application Process:
The Saudi Arabian government is also working towards streamlining the application process for Premium Residency. This includes making the procedure more accessible and efficient, ensuring that qualified individuals can navigate the application process with ease.

Global Recognition:
As Saudi Arabia enhances its Premium Residency program, it reinforces its commitment to global integration and recognition. The Kingdom aims to position itself as an attractive destination for individuals seeking long-term opportunities and a high quality of life.