Saudi Arabia is making a significant move to attract global talent and investors with its newly revised Premium Residency Permit. Effective January 2024, the one-time issuance fee has been dramatically reduced to SAR 4,000 (approximately $1,065). This substantial cost reduction from previous annual fees aims to draw highly skilled individuals and entrepreneurs to live, work, and invest in the Kingdom without the need for a local sponsor.
The program now offers five specialized tracks under the expanded Premium Residency scheme, which was initially launched in 2019. These tracks are designed for individuals meeting stringent eligibility criteria in high-growth economic sectors, providing a hassle-free, sponsor-free pathway to establishing residency.
Key residency tracks include Special Talent for high-level professionals in health, science, and research, requiring a bachelor’s degree and significant experience. The Gifted track is for those with exceptional abilities in arts and sports. Investors need to commit a minimum of SAR 7 million in approved Saudi companies, while entrepreneurs must have guaranteed funding for promising startups with a minimum investment of SAR 400,000. Property owners can qualify with residential real estate valued at SAR 4 million or more.
Beneficiaries and their dependents receive numerous benefits, including the freedom to live, work, and invest without a sponsor, visa-free travel, job flexibility in the private sector, and the right to own property. The application process is entirely online via the Premium Residency Center website, requiring applicants to meet general criteria like being over 21, holding a valid passport, and having a clean criminal record.
This cost-effective approach positions Saudi Arabia as an increasingly attractive global destination for high-value expatriates contributing to the Kingdom’s economic vision. The renewable five-year residency permit offers a pathway to long-term commitment and integration into Saudi society.
