Key Highlights
The Premium Residency program was established in 2019 and grants foreigners the chance to live, work and invest in the Kingdom without having a local sponsor. The initiative is often called the Saudi green card; it is an essential component of Vision 2030, the ambitious economic reform initiative of Saudi Arabia to diversify the monetary base and stop relying on oil.
Understanding Saudi Premium Residency
Unlike in other countries, the Premium Residency offers expatriates the same privileges as permanent residents, which is why it is unique compared to traditional iqama residency permits. Premium Residency holders have greater autonomy and stability than regular iqama holders, who must seek Saudi sponsors and undergo periodic policy changes affecting renewals.
The program aims to attract talented and qualified professionals, businesspeople, investors, and others who can help Saudi Arabia develop economically. After being expanded in 2024, the program currently has seven different products available, each designed to match a particular profile of the applicant.
Also Read: Saudi Visa Check: Track Your Visa Easily Online Now
Premium Residency Categories and Eligibility
This section covers all premium residency categories and their eligibility:
1. Special Talent Residency
This group aims to target scientists, health professionals, and executive professionals with impressive capabilities. Potential applicants should not only be recommended by the relevant authorities but must also have the knowledge to add value to their local skills.
Key Requirements
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Outstanding experience in the field of science, administration or research.
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Saudi relevant authority recommendation.
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Age of sixteen or younger.
2. Gifted Residency
This group has been established to support good artists, sports, and cultural practitioners. Recommendations must be given by the Ministry of Culture or the Ministry of Sports.
Key Requirements
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Established sporting, artistic or cultural ability.
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Ministry recommendation
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Abiding by accepted system requirements.
3. Business Investor Residency
This is the route investors take to set up economic activities in Saudi Arabia. The program involves massive investment and job creation requirements.
Key Requirements
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Legal investment license of the Ministry of Investment.
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SAR 7 million minimum investment.
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Generation of at least 10 employment opportunities in a matter of two years.
4. Entrepreneur Residency
This category focuses on startup founders and innovators and helps people establish businesses in the Kingdom. The program permits two team members to be nominated under exceptional competence residency.
Key Requirements
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Proof and viability of business concept.
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Potential innovation in different areas in Saudi Arabia.
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Entrepreneurial leadership.
5. Real Estate Owner Residency
It is how real property owners in Saudi Arabia can take ownership, where certified ownership registration and massive investments in real estate are required.
Key Requirements
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Hold or own usufruct rights to residential property.
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Minimum construction SAR 4 million (about 1 million dollars)
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It has to be residential, developed, and mortgage-free.
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Evaluation of certified Saudi Authority (Taqeem) valuers.
6. Limited Duration Premium Residency
It is a renewable option that will allow the person to add temporary residence with full privileges of Premium Residency.
Key Features
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Annual renewal, 1-5 year terms.
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Annual fee: SAR 100,000 (about 26,660 dollars)
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The reduction to 2% per annum on a continuous renewal basis.
7. Unlimited Duration Premium Residency
The permanent option requires no renewal, and the residence is permanent.
Key Features
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One-time fee SAR 800,000 (circa 213,300)
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No renewal of permanent status required.
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Lower limit: 21 years.
Also Read: Saudi Arabia Work Visa Check by Passport Number
Premium Residency Benefits
Here are the benefits offered by premium residency programs:
Business and Investment Opportunities
Premium Residency owners do not need local sponsors to set up and operate businesses. They can access the Saudi capital market, own onshore foreign companies with relevant licenses, and serve in private organisations. Such freedom enables engagement in many sectors of the economy and adds to the business environment in the Kingdom.
Visa-Free Travel
Holders can make unlimited entries and exits without applying for a visa to travel in and out of Saudi Arabia. On their way back, they would be able to take fast lanes for residents in airports. The benefit is extended to immediate family members, including spouses, children below 25, and parents.
Family Privileges
The program gives extended residency to family members at no extra fee. Dependents are spouses, children below 25 and parents. The family members are also given work permission in the private sector and allowed to shift between establishments.
Property Ownership Rights
The Premium Residency holders in Saudi Arabia can own residential, commercial and industrial properties. This offers investment potential, stability over the long term, and property appreciation. The employment of household support for foreign domestic workers through the program is also possible.
Tax Advantages
Holders are exempt from the expat fees commonly charged on foreigners and their dependents. No personal taxes on salaries and wages also have a considerable monetary benefit. Premium Residency owners can enjoy the standard tax provisions in the Kingdom.
Application Process and Requirements
This section covers all details about the application process and requirements:
General Eligibility Criteria
Core requirement applies to all applicants irrespective of the type of residency:
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Six months' valid passport or more.
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Demonstration of financial solvency.
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No security issues and a clean criminal record.
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Medical report of good health in the recent past.
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Status of legal residence in case of an in-country application.
Application Steps
The procedure is entirely online on the official portal pr.gov.sa:
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Premium Residency Accounts: Registration is on the portal.
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Application Form: enters complete personal, financial and occupational information.
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Document Upload: upload passport, bank statements and eligibility document copies.
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Application Fee: Pay the $170 application fee over the internet.
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Review: Wait for the government review and background check to clear.
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Approval: With approval, get a residency permit.
Required Documentation
Applicants must prepare supporting documents: A copy of their passports and a valid Saudi visa.
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Last 12 months' bank statements.
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Proof of current address
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Individual pictures of each family member.
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Saudi Iqama number (where necessary)
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Dependent marriage and birth certificates.
Cost Structure and Fees
This table shows the cost structure and fees for each type:
|
Residency Type |
Duration |
Fee (SAR) |
Fee (USD) |
|
Special Talent |
Tied to qualification |
4,000 |
1,065 |
|
Gifted |
Tied to qualification |
4,000 |
1,065 |
|
Business Investor |
Tied to investment |
4,000 |
1,065 |
|
Entrepreneur |
Tied to business |
4,000 |
1,065 |
|
Real Estate Owner |
Tied to property |
4,000 |
1,065 |
|
Limited Duration |
1-5 years (renewable) |
100,000/year |
26,660/year |
|
Unlimited Duration |
Permanent |
800,000 |
213,300 |
All categories require an additional $170 application processing fee.
Investment Opportunities and Economic Impact
The Premium Residency program will also contribute to the economic diversification of the Saudi Arabian economy as a part of Vision 2030. In Saudi Arabia, in 2024, foreign workers paid SAR 144.2 billion ($38.4 billion), which is 14 per cent higher than the amount paid the year before. The program will help reduce these remittances by motivating foreign talent to invest locally instead of sending their income to foreign countries.
Premium Residency owners can invest in the emerging economy of Saudi Arabia, which provides a wide range of investment opportunities and activities. The excellent economic indicators and positive growth trend of the Kingdom make it a favourable investment destination for foreign investors.
Also Read: How to Check Saudi Visa Status by Passport Number: Complete Guide
Comparison with Traditional Visa Systems
Premium Residency is more flexible than investor visas tied to a particular employer. Holders of investor visas are not permitted to acquire work permits and are limited in the occupations they can work in, whereas Premium Residency holders have the freedom to work. The program compares with conventional iqama systems, where the sponsor is required, and there is a corresponding limitation on mobility.
Premium Residency in Saudi Arabia has much to offer compared to analogous projects in other countries in the Gulf. Saudi Premium Residency is more tolerant than the UAE Golden Visa. It requires fewer maintenance costs because you must stay active in the workplace, or invest in large-scale property development to maintain the status quo.
Conclusion
Saudi Premium Residency is a revolutionary development for foreigners who want to stay in the Kingdom permanently. Having a wide choice of variants, clear eligibility conditions, and a complete package of advantages, the program offers many opportunities to lay down roots in Saudi Arabia. The project improves the lives of the people living there and helps Saudi Arabia diversify its economy and remain globally competitive as stipulated in Vision 2030.
This may be complemented by Saudi Arabia's eagerness to provide an inclusive and business-friendly atmosphere to foreign professionals and investors. Contact TerraTern for more information!
