Saudi Arabia announces criteria for five new premium residency categories

Agencies| Riyadh                                              

The Daily Tribune – www.newsofbahrain.com

Saudi Arabia has introduced five new categories of premium residencies to attract exceptional talents, including executives, investors, entrepreneurs, and property owners.

The new categories include special talent, gifted, investor, entrepreneur, and real estate owner.

The premium residency system, which was introduced five years ago, allows holders to grant residency to family members, conduct business activities, and exempt them from the expatriate levy.

It also includes visa-free travel, property ownership, easy transitions between establishments without fees, and the ability to host and invite relatives.

The introduction of these new categories aligns with Saudi Arabia's Vision 2030 goals, aiming to attract the required talents to accelerate economic growth.

The Kingdom has seen a consistent increase in direct foreign investment over the past six years, to increase the contribution of foreign direct investment to the GDP from 3.8% to 5.7%.

Special talent residency has two pathways: one for health and scientific talents and researchers, and another for executives.

Gifted residency requires candidates to meet specific eligibility criteria set by the ministries of Sports or Culture and financial solvency requirements.

Investor residency requires issuing investment licences, presenting a commercial register and founding contract, and a minimum investment of SR7 million in economic activities in the Kingdom.

Real estate owner residency requires ownership or benefit from real estate assets worth at least SR4 million.

Entrepreneur residency is divided into two categories, each with investment and ownership requirements and recommendations from the investing entity.