In a move aimed at attracting more talents and investors, the Kingdom of Saudi Arabia on Wednesday, January 10, announced the launch of five new visa categories.
The new “premium residency products” aims to accelerate the Kingdom’s economic transformation by generating employment opportunities and promoting knowledge exchange.
Majid bin Abdullah Alkassabi, chairman of the Premium Residency Centre Board, has announced the launch of five new premium residency categories in line with Saudi Arabia’s Crown Prince’s vision.
Alkassabi said, “The doors to all premium residency products are open to those who can add value to the national economy and actively participate in Saudi Arabia’s rapid development journey under Saudi Vision 2030,” Saudi Press Agency (SPA) reported.
The new categories have been tailored for working professionals, talents and investors who fit into specific categories.
Five new Saudi premium residency are
- Special talent residency— For executives and professionals specialised in health care, science and research
- Gifted residency— For talented individuals and specialists in culture, arts, and sports
- Investor residency— For businessmen and investors looking to invest in Saudi
- Entrepreneur residency— For innovative entrepreneurs with rapid growth
- Real estate owner residency— For individuals who own real estate and are looking to enjoy the Kingdom’s exceptional quality-of-life.
The premium residency grants eligible applicants exemption from expat and dependent fees, visa-free international travel, and the right to own real estate in the Kingdom.
They can also obtain premium residency status for family members, run businesses, make fee-free money transfers, and host and invite relatives.
In addition, premium residency allows individuals to own and license vehicles and other transportation modes within the country.
Saudi Premium Residency holders can also reside in the Kingdom for one year (renewable) or unlimited duration, depending on their chosen plan.
Premium residency cost
- Each categories will be priced at 4,000 Saudi Riyals (Rs 88,565) as a one-time fee.
- The unlimited plan costs 800,000 Saudi Riyals (Rs 1,77,11,327), while the one-year plan is 100,000 Saudi Riyals (Rs 22,13,915) and requires upfront payment.
