Saudi Arabia is set to introduce five new residence permits catering to foreigners, offering a range of privileges including exemption from foreigner fees, visa-free international travel, and property ownership rights within the kingdom.
Recipients of these permits will also be eligible to secure 'premium residency status' for their family members, engage in business activities, conduct fee-free money transfers, and extend invitations to relatives to join them in the kingdom.
These residency packages will have specific qualifications falling under categories such as skilled, investor, entrepreneur, and real estate, each requiring a one-time fee of 4,000 riyals. Standard application requirements, such as a valid passport, up-to-date medical certificate, and proof of legal residency in Saudi Arabia (for in-country applicants), will generally apply.
For the special talent residency option lasting five years, applicants must be professionals in fields like medicine and science, earning a minimum monthly salary of 35,000 Riyals, or researchers earning at least 14,000 Riyals monthly. Executives seeking special talent status must hold an executive-level employment contract with a monthly salary exceeding 80,000 Riyals.
The skilled category offers a five-year residence permit, divided into two sub-categories. Applicants in the first category need to be nominated for or receive an approved award from the Saudi Ministry of Culture and Sports, or meet specific eligibility criteria set by both Ministries.
Investors looking for permanent residency must invest 7 million Riyals in the country, creating at least 10 jobs in the initial two years, with an investment license issued upon approval. Entrepreneur Residency Class applicants can nominate two staff members for special talent status.
The first category of Entrepreneur Residency, valid for five years and renewable, necessitates meeting existing eligibility criteria and spending at least 30 months in Saudi Arabia within five years. Applicants must secure a minimum investment of 400,000 from a recognized organization, holding at least a 20% stake in the startup.
Direct permanent residence under the second category requires creating at least 10 jobs in the first year and 10 or more jobs in the second year, along with an investment of at least one and a half crore Riyals and proof of a 10% share in the business venture.
Real Estate Residency pertains to property ownership or usufruct, requiring ownership of real estate assets worth at least 4 million Riyals, free from current and future debts.
In 2019, Saudi Arabia initiated a one-year limited-term residency program with an annual fee of 100,000 riyals, contingent on proof of financial stability. The fee for an unlimited residence period is eight lakh Riyals, also mandating proof of financial stability from applicants.
