Saudi Arabia | Immigration | Five new Premium Residency categories announced

Immigration

Saudi Arabia | Five new Premium Residency categories announced 

Summary 
Saudi Arabia has announced five new categories of premium residencies for investors, entrepreneurs, property owners, executives, and exceptional talents.

The Detail 
In alignment with the Kingdom’s 2030 vision to attract and retain investors and exceptional individuals within the country, the KSA Premium Residency Centre has recently introduced five PR programmes aimed to contribute to the empowerment of the national economy, by attracting distinguished individuals and encouraging more investments in Saudi.

Whilst details of the exact processing mechanisms have not been formally announced, including processing times and detailed list of eligibility criteria or documents required to submitted, we understand the following Premium Residency programmes have been announced:

• Special Talent and Executives Residency 
  This category targets exceptional professionals in executive leadership, healthcare, science, and research fields. It’s initially issued for five years and renewable upon meeting the eligibility criteria. It can also be turned to a permanent residency, upon continued adherence to the eligibility standards and a residency for 30 months in five consecutive or non-consecutive years.
• Gifted Residency 
  This category primarily caters to individuals with sports, cultural, and artistic talents. They must also secure a recommendation from either the KSA Ministry of Culture or the Ministry of Sports, based on their respective fields. Initially valid for five years, this category can be extended upon meeting the eligibility criteria and having a residence for at least 30 months within any five-year period, whether consecutively or non-consecutively. Permanent residency can be attained by fulfilling the aforementioned residence requirement and obtaining an endorsement for permanent residency from the Ministry of Culture or Ministry of Sports.
• Investor Residency 
  The Investor Residency is designed for investors looking to conduct business in Saudi with a minimum of SAR 7 million of investment into the economic activities in the Kingdom. This category leads to directly obtaining permanent residency in the Kingdom of Saudi Arabia.
• Entrepreneur Residency 
  This programme is for entrepreneurs and owners of innovative projects. It is divided into two categories, each with its investment and ownership requirements and recommendations from the investing entity.
  Category 1: entrepreneur residency which will provide a fixed-term five years renewable for one additional term (subject to meeting ongoing eligibility standards and living in the Kingdom for a minimum of 30 months within the five years). Applicants must have obtained a minimum SAR 400,000 investment from an accredited organisation and hold at least a 20 per cent share of the startup.
  Category 2: will grant permanent residency directly on the condition that the entrepreneur creates at least 10 jobs in the first year and 10 or more jobs in the second year. To qualify, a minimum SAR 15 million investment will need to be shown alongside proof of a 10 per cent share in the business venture.
• Real Estate Owner Residency 
  The Real Estate Owner residency is designed for foreigners who are looking to own property worth a minimum of SAR 4 million that is free of existing and future mortgages in the KSA. The Premium Residency validity is tied to the applicant’s property ownership.
• Limited Duration and Unlimited Duration Premium Residency 
  The existing limited duration residency requires an annual fee of SAR 100,000, while the unlimited duration residency requires a one-time payment of SAR 800,000.

General benefits of the Saudi Arabia Premium Residency: 

• Reside in Saudi with family members, including parents, spouses, and children under 25.
• Flexibility to move from one establishment to another.
• Exemption from the fees imposed on expats and their dependents and companions.
• Exit and return to Saudi for the premium residency holder and their family members without requiring an Entry/Re-entry visa.
• Entitlement to obtain visit visas for relatives.
• Use tracks dedicated to citizens and GCC nationals at airports.
• Entitlement to work in the private sector and move between establishments applies to the husband, wife, and dependents, including the daughters’ and sons’ dependents.
• Conducting business under the guidelines of The Investment Law.
• Own and Usufruct real estate.

What this means
This initiative will contribute to further boost the country’s ongoing economic transformation by attracting global talent and diversifying the Kingdom’s economy. Eligible foreigners will be able to live in the Kingdom with more benefits such as exemptions from paying expat and dependents levy fees, visa-free international travel, and the right to own real estate and run a business without requiring a sponsor.

How we can help 
We are closely monitoring these changes in Saudi Arabia, and can advise you with respect to the impact of those changes as well as conduct any assessments your business might need to comply with the new requirements.

Contact us 
For a deeper discussion on the above, please reach out to your Vialto Partners point of contact, or alternatively:

Anir Chatterji
EMEA Immigration Partner

Ali Ibrahim
Director, Middle East Immigration

Ahmed Amer
Manager, Middle East Immigration

Further information on Vialto Partners can be found on our website: www.vialtopartners.com

For additional alerts, please visit: www.vialtopartners.com/regional-alerts

Contact us on the following address:  me-immigration@vialto.com

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Vialto Partners (“Vialto”) refers to wholly owned subsidiaries of CD&R Galaxy UK OpCo Limited as well as the other members of the Vialto Partners global network. The information contained in this document is for general guidance on matters of interest only. Vialto is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Vialto, its related entities, or the agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this document or for any consequential, special or similar damages, even if advised of the possibility of such damages.

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Further information on Vialto Partners can be found here: www.vialtopartners.com

Vialto Partners (“Vialto”) refers to wholly owned subsidiaries of CD&R Galaxy UK OpCo Limited as well as the other members of the Vialto Partners global network. The information contained in this document is for general guidance on matters of interest only. Vialto is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Vialto, its related entities, or the agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this document or for any consequential, special or similar damages, even if advised of the possibility of such damages.

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