Saudi Arabia’s Premium Residency Visa differs from its Investor Visa. Saudi Arabia is introducing a Premium Residency Visa. This visa targets foreign investors, entrepreneurs, and property owners. It extends to family members, including parents, spouses, and children under 25. Relatives can also receive visas.
Premium Residency Visa Categories Five types fall under Premium Residency. These include Exceptional Competency, Talent, Business Investor, Entrepreneur, and Property Owner residencies.
Exceptional Competency Residency: This targets skilled professionals. It aims for those in science, administration, and research. They should bring expertise that aids local development.
Talent Residency: This is for talented people in arts, culture, and sports. Applicants need recommendations from relevant ministries. They must also meet set eligibility rules.
Business Investor Residency: Investors can use this for economic activities in Saudi Arabia. A valid investment license is required. The applicant’s share must be at least seven million Saudi riyals.
Entrepreneur Residency: This caters to innovators and entrepreneurs. They can develop various sectors in Saudi Arabia. Two team members can get this visa with exemptions.
Property Owner Residency: This is for owners of Saudi real estate. They must own or use residential property valued at four million Saudi riyals or more. The property must already exist.
Benefits of Premium Residency Premium Residency holders and their families can travel. They can enter and exit Saudi Arabia without needing a visa.
Holders are exempt from expatriate fees. They also do not pay special taxes. Standard Kingdom tax rules apply to them.
Premium Residency holders can work in private companies. They can also conduct business legally. Foreigners can own and use property.
Holders can invest in Saudi Arabia’s stock market. This is subject to the country’s regulations.
This visa does not grant Saudi citizenship.