-3.2 C
Sofia
Saturday, January 13, 2024

Saudi Arabia: 5 new premium residency options launched – what are the eligibility criteria?

Dubai: If you are planning to move to Saudi Arabia to work or start up a business, there is good news – the country has announced five new long-term residency options that you can benefit from.

On January 10, Saudi Arabia’s Premium Residency Centre announced ↗ that it had launched the new premium residency options to attract the best minds and investments and empower the national economy.

Here are all the categories under which you can apply and the eligibility criteria for each.

1. Real estate owner residency

Eligibility

• Own or usufruct (temporary right to derive income from someone else’s property) real estate assets worth a minimum of SAR 4,000,000 (Dh3.917 million) within Saudi Arabia.
• The property is free from existing and future mortgages.
• Property ownership or utilisation is not associated with real estate financing.
• The real estate must be residential.
• The real estate must be developed and not from undeveloped or unimproved lands.
• 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

Tied to real estate ownership or usufruct (temporary right to derive income from someone else’s property).

One-time fee:

SAR4,000 (Dh3,917)

2. Investor residency

Eligibility criteria

• Holding an investment licence.
• Investing a minimum of SAR7 million (Dh6.85 million) in economic activities in Saudi in accordance with the Investment Law, provided that the investment injection is proven during the first two years.
• Creating a minimum of 10 jobs in Saudi Arabia.
(The website notes that all requirements are subject to change)

Residency duration

Direct permanent residency conditioned on:
• Injecting SAR7 million (Dh6.85 million) during the first two years.
• Creating 10 jobs during the first two years.

One-time fee:

SAR4,000 (Dh3,917)

3. Special talent residency

Eligibility criteria

Researchers:

• Employment contract in whitelisted entities with priority specialisations.
• Minimum monthly wage of SAR14,000.
• Bachelor’s degree or higher.
• More than three years of work experience in a related field.
• Minimum score in the points system.
• Recommendation letter from the employer.

Healthcare and scientific professionals:

• Employment contract in whitelisted entities with priority specialisations.
• Minimum monthly wage of SAR35,000.
• Bachelor’s degree or higher.
• More than three years of work experience in a related field.
• Minimum score in the points system.
• Recommendation letter from the employer.

For executives

• Employment contract for executives at the first or second level, with a total minimum monthly wage of SAR80,000.
• Recommendation letter from the employer (2nd Level)

Residency duration

A five-year fixed-term residency, renewable for one term upon meeting product eligibility criteria.
Permanent residency, upon continued adherence to product eligibility standards and a residency for 30 months in five consecutive or non-consecutive years.

One-time fee

SAR4,000 (Dh3,917)

4. Entrepreneur residency

Eligibility criteria

First category

• Holding an entrepreneur licence from the Ministry of Investment.
• Obtain a minimum of SAR400,000 (Dh391,746) round/s as investment from an entity accredited by the Ministry of Investment.
• Recommendation letter from the investment entity.
• The applicant’s share in the company is not less than 20 per cent.

Second category

• Holding an entrepreneur licence from the Ministry of Investment.
• Obtain a minimum of SAR15 Million (Dh14,689) round/s as investment from an entity accredited by the Ministry of Investment.
• Recommendation letter from the investment entity.
• The applicant’s share in the start-up is not less than 10 per cent.
• Create at least 10 jobs during the first year and at least 10 additional jobs during the second year.
(All requirements are subject to change)

Residency duration

First category: A fixed-term residency for five years, renewable for one term upon continued adherence to eligibility standards of the first group, and a residency for 30 months in five years.

Second category: Permanent residency directly, conditioned on creating at least 10 jobs in the first year and at least 10 jobs in the second year.

One-time fee:

SAR4,000 (Dh3,917)

5. Gifted Residency

Eligibility criteria

First category:

• Nomination or receiving one of the specified exceptional awards.
• Meeting the minimum financial capability (ensuring the ability to bear the cost of living in Saudi).
• Obtaining a recommendation from the Ministry of Culture or the Ministry of Sports based on the applicant’s field.

Second category:

• Fulfilling the minimum eligibility criteria approved by the Ministry of Culture and Ministry of Sports.
• Meeting the minimum financial capability (ensuring the ability to bear the cost of living in the Saudi).
• Obtaining a recommendation from the Ministry of Culture or the Ministry of Sports based on the applicant’s field.

Residency duration

A fixed term residency for five years, renewable once upon meeting the eligibility criteria for the product and having a residence for a period of 30 months during five years either consecutive or non-consecutive.

Permanent residency when continuously meeting the eligibility criteria for the product and having a residence for a period of 30 months during five years either consecutive or non-consecutive, and receiving an endorsement to have a permanent residency from the Ministry of Culture or Ministry of Sports

One-time fee:

SAR4,000 (Dh3,917)

What are the benefits of the new residency options?

1. Reside in Saudi Arabia with family members, including parents, spouses, and children under 25.
2. Flexibility to move from one establishment to another.
3. Exemption from the fees imposed on expats and their dependents and companions.
4. Exit and return to Saudi for the premium residency holder and their family members without requiring a visa.
5. The entitlement to obtain visit visas for relatives.
6. Use tracks dedicated to citizens and GCC nationals at airports.
7. The entitlement to work in the private sector and move between establishments applies to the husband, wife, and dependents, including the daughters’ and sons’ dependents.
8. Conducting business under the guidelines of The Investment Law.
9. Own and usufruct (temporary right to derive income from someone else’s property) real estate.

How can I apply for the residency?

You can request for the residency through the official website of the Premium residency centre – pr.gov.sa

Simply click on ‘Apply now’ on the home page and select the category that you wish to apply under.

Some categories, like the ‘Special Talent’ category, has a ‘Check your eligibility’ tool, which will direct you to the residency point stimulator and help you understand your chances of receiving the residnecy.

Kaylie Pferten
Kaylie Pferten
A pilot of submersible crafts in a former life, now married to my husband David and writing about investment advice.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles