Earlier this year, Saudi Arabia launched the Premium Residency Program by updating its Expatriate Residency Law. This program allows various categories of investors and talented individuals to obtain ‘premium residency’ in the country. Since its introduction, more than 1,200 foreign investors have already obtained premium residency, as reported by Saudi Minister of Investment Khalid Al-Falih.
But what exactly is premium residency and how can expats benefit from it? Let’s delve into the details.
What is the Saudi premium residency?
The premium residency permit grants foreign nationals the freedom to reside, work, and own businesses and property in Saudi Arabia without the need for a sponsor. This exclusive permit is available to eligible self-sponsored individuals and offers two main duration options: a one-year renewable permit and an unlimited-duration permit. Applicants of all nationalities are welcome to apply for this permit, as long as they fulfill all eligibility criteria and requirements.
Benefits of Saudi premium residency
The premium residency program offers a range of exclusive benefits to expatriates living in Saudi Arabia:
- Family Inclusion: With a premium residency permit, expats can reside in Saudi Arabia with their family members, including parents, spouses, and children under 25.
- Dependent Fee Exemption: Expats in Saudi Arabia are typically required to pay a monthly dependent fee of SAR400 (Dh391) for each dependent listed on their Iqama. However, those with premium residency are exempt from this fee.
- Business Ownership: Premium residency holders have the right to run a business in Saudi Arabia without the need for a sponsor.
- Property Ownership: Premium residency allows expats to own and usufruct property in Saudi Arabia.
- Enhanced Travel Flexibility: Premium residency holders enjoy flexibility in exit and re-entry procedures to Saudi Arabia, eliminating the need to apply for a visa.
- Job Mobility: Premium residency is a self-sponsored visa, making it easier for expats to move jobs within the private sector.
- Employment Rights: Premium residency grants the right to work in the private sector and move between establishments for both the primary visa holder, their spouse, and dependents.
- Visit Visa Privileges: Premium residency holders are entitled to obtain visit visas for their relatives.
- Expedited Airport Procedures: Premium residency holders can utilize dedicated tracks for citizens and GCC nationals at airports for smoother travel experiences.
Who is eligible for a premium residency?
There are various categories available for applying for premium residency, provided that you meet the specific criteria. These categories include skilled and talented individuals (specialists, executives), talents (cultural, sports), investors, entrepreneurs, and property owners.
Also Read: A guide to applying for a work residence visa in the UAE
