Saudi Arabia is has launched five new resident permits for foreigners, which will come with numerous benefits, including no foreigner fees, visa-free foreign travel, and the ability to own property within the country.
Recipients of these permits will have the opportunity to secure ‘premium residency status’ for their family members. Other benefits include engaging in business activities, conducting fee-free money transfers, and inviting relatives to join them in the kingdom.
Certain qualifications apply to the kingdom’s new residence packages, which are divided into four categories: skilled, investor, entrepreneur, and real estate. A one-time cost of 4,000 riyals must be paid by anyone applying for these permits.
Standard paperwork is required from candidates, such as a current medical certificate, a valid passport, and evidence of legal status in the nation for those applying in-country.
The special talent residency option in Saudi Arabia, spanning over a period of five years, is available to professionals in fields such as medicine and science.
Applicants must be professionals, such as doctors or scientists, with a minimum monthly salary of 35,000 Riyals in order to be eligible.
In order to qualify for this position, researchers must make at least 14,000 Riyals per month. Executives who want to be considered for special talent must be employed at the executive level and make more than 80,000 Riyals per month.
The skilled category has been divided into two sub-categories. In the first sub-category, applicants are required to be nominated for or have received an approved award from the Saudi Ministry of Culture and Sports, or meet the eligibility criteria set by both Ministries.
For investors seeking permanent residency, Saudi government has made it mandatory for them to invest seven million Riyal in the country. Additionally, they must create at least ten jobs in the first couple of years.
The Entrepreneur Residency Class applicants have the option to nominate two staff members for special talent status.
For the first category of Entrepreneur Residency, in addition to spending a minimum of 30 months in the Kingdom, applicants must meet the existing eligibility criteria. Moreover, they are required to obtain a minimum investment of $400,000 from a recognized organization, holding at least a 20% ownership stake in the startup.
Those applying for direct permanent residence under the second category must make an investment of at least one and a half crore Riyals, create 10 jobs in the first year and 10 or more jobs in the second year. Additionally, they should also provide a proof 10% share in the business venture.
To qualify for Real Estate Residency, you need to own properties worth at least 4 million Riyals. These properties should be free from any debts, both current and future.