If you are considering relocating to Saudi Arabia for employment or to establish a business, there is promising news. The country has recently introduced five new long-term residency options that offer numerous advantages.
On January 10, the Premium Residency Centre of Saudi Arabia unveiled these new premium residency options. The primary objective behind this initiative is to attract exceptional talent and investments, thereby bolstering the national economy.
Outlined below are the various categories available for application, along with the eligibility criteria for each.
1. Real estate owner residency
Eligibility
- Possess real estate assets within Saudi Arabia valued at a minimum of SAR 4,000,000 (Dh3.917 million), either through ownership or usufruct (temporary right to derive income from someone else’s property).
- The property must be free from any existing or future mortgages.
- Real estate financing should not be associated with property ownership or utilization.
- The real estate must be residential in nature.
- The property should be developed and not derived from undeveloped or unimproved lands.
- The value of the real estate asset must be appraised by accredited valuers within the Saudi Authority for Accredited Valuers – ‘Taqeem’.
(All conditions are subject to change)
Residency duration
Real estate ownership or usufruct, which refers to the temporary right to derive income from someone else’s property, is a significant aspect of property rights.
One-time fee:
SAR4,000 (Dh3,917)
2. Investor residency
Eligibility criteria
To be eligible for investment in Saudi Arabia, the following criteria must be met:
- Possession of a valid investment license.
• Commitment to invest a minimum of SAR 7 million (equivalent to Dh 6.85 million) in economic activities within Saudi Arabia, in compliance with the Investment Law. It is essential to provide evidence of the investment injection within the first two years.
• Creation of at least 10 job opportunities within the Saudi Arabian market.
Please note that all requirements are subject to change.
Residency duration
Direct permanent residency is contingent upon the following conditions:
- Injecting SAR7 million (equivalent to Dh6.85 million) within the initial two years.
- Generating employment opportunities for 10 individuals within the initial two years.
One-time fee:
SAR4,000 (Dh3,917)
3. Special talent residency
Eligibility criteria
Researchers:
- Employment contracts with priority specializations in whitelisted entities.
- Minimum monthly wage of SAR 14,000.
- Bachelor’s degree or higher.
- Over three years of work experience in a related field.
- The minimum score required in the points system.
- Employer’s recommendation letter.
Healthcare and scientific professionals:
- Employment contract with whitelisted entities prioritizing specializations.
- Minimum monthly wage of SAR 35,000.
- Bachelor’s degree or higher.
- Over three years of work experience in a relevant field.
- Minimum score required in the points system.
- Employer’s recommendation letter.
For executives
- Employment contract for executives at the first or second level, with a minimum total monthly wage of SAR 80,000.
- Letter of recommendation from the employer (2nd Level).
Residency duration
Introducing a five-year fixed-term residency, which can be renewed for one additional term upon meeting the eligibility criteria.
Furthermore, by consistently adhering to the product eligibility standards and maintaining residency for a total of 30 months within a span of five consecutive or non-consecutive years, individuals can attain permanent residency.
One-time fee
SAR4,000 (Dh3,917)
4. Entrepreneur residency
Eligibility criteria
First category
- Possessing an entrepreneur license issued by the Ministry of Investment.
- Acquiring a minimum investment of SAR400,000 (Dh391,746) from a Ministry of Investment accredited entity.
- Submission of a recommendation letter from the investment entity.
- The applicant must hold a minimum share of 20 percent in the company.
Second category
To qualify for this opportunity, the following criteria must be met:
- Possession of an entrepreneur license issued by the Ministry of Investment.
- Acquisition of a minimum investment of SAR15 Million (Dh14,689) from a reputable entity accredited by the Ministry of Investment.
- Submission of a recommendation letter from the aforementioned investment entity.
- The applicant must hold a minimum share of 10 percent in the start-up.
- Commitment to generating a minimum of 10 job opportunities in the first year, with an additional 10 jobs in the second year.
Please note that these requirements are subject to potential changes.
Residency duration
First category: A fixed-term residency for five years, which can be renewed for one additional term upon continued adherence to the eligibility standards of the first group. Additionally, a residency for 30 months within a span of five years is also included.
Second category: Direct eligibility for permanent residency, subject to the condition of creating a minimum of 10 jobs in the first year and another 10 jobs in the second year.
One-time fee:
SAR4,000 (Dh3,917)
5. Gifted Residency
Eligibility criteria
First category:
- Nominating or receiving one of the specified exceptional awards.
- Meeting the minimum financial capability (ensuring the ability to bear the cost of living in Saudi Arabia).
- Obtaining a recommendation from the Ministry of Culture or the Ministry of Sports based on the applicant’s field.
Second category:
- Meeting the minimum eligibility criteria approved by the Ministry of Culture and the Ministry of Sports.
- Demonstrating sufficient financial capability to cover the cost of living in Saudi Arabia.
- Obtaining a recommendation from either the Ministry of Culture or the Ministry of Sports, based on the applicant’s field of expertise.
Residency duration
A fixed-term residency is granted for a period of five years, with the possibility of renewal upon meeting the eligibility criteria for the product and having a residence for a minimum of 30 months within the five-year period, whether consecutively or non-consecutively.
Permanent residency is granted to individuals who consistently meet the eligibility criteria for the product and have a residence for a minimum of 30 months within the five-year period, whether consecutively or non-consecutively. In addition, an endorsement from either the Ministry of Culture or the Ministry of Sports is required to obtain permanent residency.
One-time fee:
SAR4,000 (Dh3,917)
What are the benefits of the new residency options?
- Reside in Saudi Arabia with family members, including parents, spouses, and children under the age of 25.
- Enjoy the flexibility to relocate between different establishments.
- Be exempt from fees imposed on expatriates and their dependents and companions.
- Have the ability to exit and re-enter Saudi Arabia without the need for a visa for both the premium residency holder and their family members.
- Have the privilege of obtaining visit visas for relatives.
- Utilize dedicated tracks for citizens and GCC nationals at airports.
- Have the right to work in the private sector and transfer between different establishments, including dependents such as daughters and sons.
- Conduct business in accordance with the guidelines of The Investment Law.
- Have the opportunity to own and derive income from real estate through usufruct rights.
How can one apply for the residency?
To apply for residency, please visit the official website of the Premium Residency Centre at pr.gov.sa. On the homepage, simply click on the ‘Apply now’ button and choose the category that suits your application.
Certain categories, such as the ‘Special Talent’ category, offer an ‘Eligibility Check’ tool. This tool will guide you to the residency point simulator, providing valuable insights into your chances of obtaining residency.
Also Read: What are the benefits of having a tax residency status?
