NRI Section Description
Saudi Arabia is making strides in attracting global talent and investments through its expanded Premium Residency Program. As a country with a substantial foreign population, comprising 40% of its inhabitants, Saudi Arabia is keen on diversifying its economy and has introduced five new visa categories. These cater to a range of individuals, including real estate owners, entrepreneurs, and those with special talents, aligning with the ambitious goals of #SaudiVision2030
Understanding Saudi Arabia’s Premium Residency Program
Launched in 2019 in alignment with Crown Prince Mohammed bin Salman’s Saudi Vision 2030, the Premium Residency Program offers a distinctive proposition: long-term residency without the need for a local sponsor. Departing from traditional residency rules, this initiative seeks to attract global talent and investment, furthering economic diversification. The program not only provides extended residency but also exempts holders from certain fees, grants visa-free travel privileges, and allows ownership of real estate and businesses. Family sponsorship rights are also extended, allowing the inclusion of family members under the residency.
New Visa Categories Unveiled
To bolster its economic landscape, Saudi Arabia has introduced five new premium residency visas tailored to specific groups:
- Special Talent Residency: Targeting high-level professionals in healthcare, science, and research, this visa aims to attract individuals with unique skills contributing to technology and knowledge exchange. Applicants must have an approved employment contract and a Bachelor’s degree or higher.
- Gifted Residency: Focused on integrating skilled professionals into Saudi Arabia’s cultural and sports sectors, this visa caters to individuals nominated or awarded by the Ministry of Culture and Ministry of Sports.
- Investor Residency: Geared towards investors looking to capitalize on Saudi Arabia’s business environment, this visa offers permanent residency to applicants investing SAR7 million and creating at least 10 jobs within two years.
- Entrepreneur Residency: Designed for innovators and entrepreneurs launching startups, this category has two options based on investment levels, providing a pathway to either a five-year or permanent residency.
- Real Estate Owner Residency: For individuals with residential property valued at SAR4 million or more, this option offers a high-quality lifestyle and investment opportunities based on the duration of property ownership.
Application Process for Premium Residency in Saudi Arabia
The application process for a premium residency in Saudi Arabia is straightforward:
Step 1: Register at the Premium Residency portal, providing personal information and verifying your email address and phone number.
Step 2: Complete the application form online, including details about personal information, family, education, occupation, and finances.
Step 3: Upload required documents, such as passport scans, birth and marriage certificates, bank statements, and employment contracts, depending on the chosen visa category.
Step 4: Submit the application, pay the one-time application fee of SAR4,000 for each category, and await approval.
As Saudi Arabia continues its economic growth trajectory, the expanded Premium Residency Program stands as a testament to its commitment to attracting global talent and fostering a diverse economic landscape. For Indian nationals seeking long-term or even permanent residency in Saudi Arabia, this initiative opens doors to new opportunities in the region’s thriving economy.
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