Navigating the Future: Saudi Arabia’s Innovative Approach to Global Talent with Premium Residency Program

Picture a future where your unique talents and investments not only provide a prosperous life but also contribute significantly to shaping a nation’s future. In Saudi Arabia, this vision is becoming a reality. With the ambitious Vision 2030 reform, the Kingdom has introduced an enhanced Premium Residency Program. This initiative opens up new avenues for global talents and investors, making them key players in Saudi Arabia’s economic transformation. It’s a strategic move, not just offering residency but inviting participation in a historic journey of economic and cultural renaissance.

 

Saudi Arabia’s Vision 2030 and the Premium Residency Program: At the heart of Saudi Arabia’s Vision 2030 reform plan is the drive to diversify its economy, moving beyond traditional oil revenues and embracing innovation and expertise. The Saudi Premium Residency Centre (SPRC) is instrumental in this vision, providing prestigious residency pathways that attract global investment and talent. This initiative goes beyond mere immigration reform; it’s about enriching the Kingdom with diverse skills, fostering employment opportunities, and facilitating knowledge transfer.

 There are 5 Visa categories:

1. Special Talent Residency

The Special Talent residency caters to executives and professionals who specialise in healthcare, science, and research. It aims to attract individuals with unique skills and experiences who can contribute to knowledge and technology transfers and enrich Saudi Arabia’s cultural landscape.

For professionals specialising in healthcare and science, they must earn at least a monthly SR35,000, and researchers must have a minimum monthly salary of SR14,000.

Eligibility Criteria:

• Employment contracts in Approved entities with priority specialisations
• Bachelor’s degree or higher
• More than three years of work experience in related priority specialisations
• Endorsement letter from the employer

For executives seeking special talent status,

Eligibility Criteria:

• Employment contract for executive level, with a total minimum monthly salary of SAR 80,000
• Endorsement letter from the employer

Duration: 5 years residency, renewable for one additional term, subject to meeting

product eligibility criteria

Path to Permanent Residency:

• Maintaining product eligibility criteria
• Completing a residency of 30 months within a period of 5 consecutive or non-consecutive years

 

2. Gifted residency

The Gifted residency aims to integrate skilled professionals and talented individuals into Saudi Arabia’s vibrant and growing cultural and sports sectors.

This Gifted premium residency category covers a fixed-term period of five years and is split into two categories.

• In the first case, applicants will need to be nominated or be a recipient of an award approved by the Saudi Ministries of Culture and Sports.
• Alternatively, they must fulfil the minimum eligibility criteria approved by the two ministries.

Eligibility Criteria:

• Meeting the minimum financial solvency requirement (ensuring the ability to bear the cost of living in Saudi)
• Obtaining an endorsement from either the Ministry of Culture or the Ministry of Sports, depending on the applicant’s field.

Duration: 5 years residency, renewable for one additional term, subject to meeting

product eligibility criteria

Path to Permanent Residency:

• When continuously meeting the eligibility criteria for the product
• Having a residence for a period of 30 months during five years, either consecutive or non-consecutive
• Receiving an endorsement to have a permanent residency from the Ministry of Culture or Ministry of Sports as a prerequisite for obtaining permanent residency.

 

3. Investor residency

The Investor residency is designed for investors looking to capitalise on Saudi Arabia’s thriving business landscape and generate high-impact returns from across the economy.

Eligibility Criteria:

• Issuing an investment license
• Providing commercial register and articles of incorporation
• Investing a minimum of SAR 7 million in economic activities in Saudi in accordance with the Investment Law

Path to Permanent Residency:

Direct permanent residency conditioned on:

1. Injecting SAR 7 million during the first two years
2. Creating 10 jobs during the first two years

 

4. Entrepreneur residency

The Entrepreneur residency is intended for aspiring entrepreneurs and owners of innovative projects who are eager to launch and develop their start-ups in Saudi Arabia, contributing to the nation’s ambitious economic transformation journey.

Entrepreneur residency is divided into two categories, each with its investment and ownership requirements and recommendations from the investing entity.

• Category-1: Applicants must have obtained a minimum SR400,000 investment from an accredited organisation and hold at least a 20 per cent share of the startup.
• Category-2: Applicants must have a minimum SR15 million investment from an accredited organisation and hold at least a 10 per cent share of the startup.

Eligibility Criteria:

• Holding an entrepreneur license from the Ministry of Investment
• Provide an endorsement letter from the investment entity

Duration:

• Category-1: A fixed-term residency for five years, renewable for one additional term, subject to continuous meeting of the eligibility standards of and maintaining a residency for a total of 30 months within a span of 5 years.
• Category-2: Permanent residency directly, conditioned on creating at least 10 jobs in the first year and at least 10 jobs in the second year.

This category will also allow applicants to nominate two members of staff for Special Talent Residency.

 

5. Real estate ownership

The Real Estate Owner residency is designed for wealthy foreigners who are real estate owners and are looking to enjoy Saudi Arabia’s exceptional quality of life while benefitting from its promising real estate market, which has undergone rapid and comprehensive development in recent years.

Eligibility criteria:

• Own real estate assets worth a minimum of SAR 4,000,000 in Saudi Arabia
• The property must be free from existing and future mortgages
• Property ownership or utilisation must not be associated with real estate financing
• Real estate owned must be residential, developed, and not from undeveloped or unimproved land
• The property asset must be appraised by accredited valuers from the Kingdom’s Taqeem authority.

Duration: Tied to real estate ownership or usufruct

 

General requirements

General application requirements for all categories include;

• • A valid passport with passport details
  • Passing a medical examination
  • Regular residency (for those applying from within Saudi)
  • A one-time fee of SR4,000, except for the limited duration and unlimited duration residencies.
  • And various other relevant documents

 

Benefits for Expatriates and the Saudi Economy:

For Expatriates:

1. Professional Growth Opportunities: The program opens doors to advanced career prospects in various industries, especially in sectors where Saudi Arabia is seeking to expand and innovate. Expatriates can expect to engage in cutting-edge projects, enhance their professional skills, and climb their career ladders in a competitive and growing economy.
2. High Standard of Living: Saudi Arabia offers a high standard of living, with access to modern amenities, world-class healthcare, and education systems. Expatriates can enjoy a quality of life that combines comfort and luxury with rich cultural experiences.
3. Significant Financial Returns: The potential for financial gains is substantial, given the competitive salary packages, tax benefits, and investment opportunities in the thriving Saudi market. This aspect is particularly attractive to investors and entrepreneurs who can leverage the economic landscape for significant returns.
4. Cultural Immersion: Living in Saudi Arabia offers expatriates a unique opportunity to immerse themselves in a rich and diverse culture. They can experience the Kingdom’s heritage, traditions, and vibrant lifestyle, enriching their personal and social experiences.
5. Family Sponsorship and Stability: The program allows expatriates to sponsor family members, ensuring a unified family life. This provision offers a stable and secure environment for families, with access to excellent educational and healthcare facilities.
6. Networking and Community Building: Expatriates can build strong professional and social networks, integrating into the expatriate community and forming connections with local citizens, fostering mutual understanding and cultural exchange.

 

For the Saudi Economy:

1. Diversification of Economy: The introduction of international talent and investors is crucial in diversifying the Saudi economy beyond its traditional reliance on oil. These programs enable the growth of new sectors like technology, renewable energy, and tourism, which are pivotal to the Vision 2030 objectives.
2. Creation of Job Opportunities: The influx of businesses and skilled professionals under these residency programs can lead to the creation of numerous job opportunities for both expatriates and Saudi nationals, helping to reduce unemployment rates and develop the workforce.
3. Enhancement of Local Skills: The presence of global professionals provides an opportunity for skill transfer and enhancement of the local workforce. It fosters an environment of learning and development, elevating the overall skill level within the country.
4. Stimulation of Key Economic Sectors: The investment and entrepreneurial initiatives encouraged by these residency programs can significantly stimulate key economic sectors, including real estate, technology, and start-ups. This stimulation not only contributes to economic growth but also promotes innovation and development.
5. Alignment with Vision 2030: These programs support Saudi Arabia’s Vision 2030 by attracting foreign direct investment, boosting economic growth, and enhancing the Kingdom’s global competitiveness. They play a vital role in transforming Saudi Arabia into a dynamic and diversified economy.
6. Global Positioning and Image Enhancement: By attracting a diverse international community, Saudi Arabia enhances its global image as a forward-thinking, inclusive, and dynamic country. This can lead to increased foreign interest and investment, further bolstering its position on the world stage.

 

The Premium Residency Program of Saudi Arabia is more than a path to residency; it represents a strategic invitation to be part of a nation’s transformative journey. As Saudi Arabia strides confidently towards the goals of Vision 2030, these residency programs offer a unique opportunity for individuals to contribute to and benefit from the Kingdom’s ambitious journey towards a diversified and sustainable economy. For those seeking to play a role in this exciting chapter, Saudi Arabia’s Premium Residency Program is a gateway to a future filled with possibilities and progress.