• Diversifying Economic Landscape: Saudi Arabia introduces five new offerings in its premium residency program, signaling a strategic move to attract global talent and shift away from oil-centric reliance.
• Holistic Residency Experience: The Premium Residency Center, led by CEO Mohammad Al-Sultan, emphasizes a holistic environment for premium residents. This includes benefits such as exemption from expat and dependents fees, visa-free international travel, and the autonomy to own real estate and run businesses independently.
• Family Inclusion and Program Enhancement: Al-Sultan highlights ongoing efforts to enhance the residency program by restructuring family members’ eligibility, now extending to include parents as dependents.
Saudi Arabia has introduced five new offerings to enhance its premium residency program, in a move aimed at attracting global talent and diversifying its economy beyond oil, according to media reports.
Launched in 2019, the program seeks to enable eligible foreigners to reside in the Kingdom with benefits such as exemption from expat and dependents fees, visa-free international travel, and the right to own real estate and run a business independently.
The initiative aligns with the nation’s ongoing economic transformation by generating employment opportunities and facilitating the transfer of knowledge, according to the Saudi Press Agency.
Distinct requirements apply to each residency product, categorized under special talent, gifted, investor, entrepreneur, and real estate owner. A one-time application fee US$1,066 is set for each category.
Mohammad Al-Sultan, CEO of the Premium Residency Center, stated, “With the introduction of these five new premium residency products, we are opening doors to a world of opportunities for professionals and investors. Our aim is to contribute to Saudi Arabia’s effort as a prime destination for talents and investments, contributing significantly to our vision of a diversified, knowledge-based economy.”
He emphasized collaboration with strategic partners from various government entities in developing these residency products. Al-Sultan highlighted the holistic environment provided for premium residents to live, work, and contribute to Saudi Arabia’s vibrant future.
The CEO also mentioned restructuring family members’ eligibility, now including parents as dependents, as part of ongoing efforts to enhance the residency program.
Permit holders can secure premium residency status for their family members, operate businesses, conduct free money transfers, and host and invite relatives. While each category has a specific validity period, all holders must adhere to stipulated terms and conditions.
General application requirements apply, including holding a valid passport, a recent medical certificate, and legal residency in Saudi Arabia for those applying within the country. Al-Sultan noted an extension of the age limit for dependents to 25 years in a recent interview with Al-Ekhbariya.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.