Introduction
As part of its Vision 2030 initiative, Saudi Arabia has introduced the Premium Residency Program (PRP), often referred to as the “Saudi Green Card” or “Saudi Golden Visa.” This program aims to attract global talent, investors, and skilled professionals by offering them the opportunity to live, work, and invest in the Kingdom without needing a local sponsor. In this comprehensive guide, we’ll explore the various categories of Premium Residency, the benefits, requirements, and the application process in detail.
Categories of Premium Residency
1. Limited Duration Premium Residency
The Limited Duration Premium Residency is ideal for those who want to experience living in Saudi Arabia without committing to permanent residency. This one-year renewable option costs SAR 100,000 annually. It provides flexibility for individuals who may be testing the waters before deciding on a long-term stay in the Kingdom.
2. Unlimited Duration Premium Residency
For those seeking permanent residency, the Unlimited Duration Premium Residency is available for SAR 800,000. This option grants permanent residency without the need for annual renewals, offering long-term stability for expatriates who wish to make Saudi Arabia their permanent home.
3. Gifted Residency
The Gifted Residency targets individuals with exceptional talents in sports, culture, and the arts. This five-year renewable residency is available to those who have been nominated or have won prestigious awards recognized by the Saudi ministries of culture or sports. Additionally, candidates must meet financial solvency requirements. This category is part of Saudi Arabia’s effort to enrich its cultural and artistic landscape.
4. Investor Residency
The Investor Residency is designed to attract significant economic investments into the Kingdom. To qualify, applicants must invest at least SAR 7 million in Saudi Arabia’s economy and create at least 10 jobs within two years. This option grants permanent residency and is aimed at fostering economic growth through substantial investments.
5. Entrepreneur Residency
The Entrepreneur Residency is divided into two categories:
- Small Investment: Requires a minimum investment of SAR 400,000 and a 20% stake in a startup. This grants a five-year renewable residency.
- Large Investment: Involves an investment of SAR 15 million and the creation of 10 jobs within the first year. This option grants permanent residency. Both categories aim to stimulate the startup ecosystem and economic growth.
6. Real Estate Owner Residency
The Real Estate Owner Residency is available to individuals who own real estate worth a minimum of SAR 4 million. The residency duration is tied to the ownership of the property, providing an opportunity for those who prefer investing in real estate.
7. Special Talent Residency
This five-year renewable residency is for professionals in healthcare, science, and executive roles. Applicants must meet specific salary requirements and obtain a recommendation from their employer. This category aims to attract highly skilled professionals to contribute to the Kingdom’s socio-economic development.
Benefits of Premium Residency
Family Inclusion
One of the significant benefits of the Premium Residency is the inclusion of family members. Residency extends to the holder’s immediate family, including spouses, children under 25, and parents. Family members can live, work, and invest in Saudi Arabia without paying dependent fees. This provision ensures that families can stay together and enjoy the benefits of living in Saudi Arabia.
Property Ownership
Premium residents can own residential, commercial, and industrial properties across Saudi Arabia, with special provisions for Mecca and Madina through 99-year leases. This opportunity opens up a wide range of real estate investment options, providing financial security and growth potential for expatriates.
Business Opportunities
Premium Residency holders have the right to invest in the Saudi Capital Market, open 100% foreign-owned businesses, and change employers freely without sponsorship issues. This flexibility is particularly attractive for entrepreneurs and business professionals looking to capitalize on the Kingdom’s growing economy.
Convenient Travel
Premium Residency allows for free travel in and out of Saudi Arabia without the need for exit/re-entry visas. Residents can also use dedicated lanes at Saudi airports, ensuring a smooth and hassle-free travel experience.
Miscellaneous Benefits
Other benefits include the ability to recruit foreign domestic workers and retain residency benefits for family members in the event of the resident’s death. These provisions ensure that premium residents and their families can enjoy a comfortable and secure lifestyle in Saudi Arabia.
Application Process
Step 1: Account Registration
The first step in the application process is to create an account on the official Premium Residency Portal. Applicants need to provide their full name, passport details, email address, and phone number. An email and phone verification will be required to complete the registration.
Step 2: Complete the Application Form
Once the account is created, applicants must log in and complete the application form. This form requires detailed information about the applicant’s personal background, family, education, occupation, and financial status.
Step 3: Document Submission
Applicants must upload supporting documents, including scans of their passport, ID, birth certificate, marriage certificate, bank statement, and employment contract. These documents are crucial for verifying the applicant’s identity, financial stability, and eligibility for the residency program.
Step 4: Payment
The application processing fee of USD 170 must be paid through the portal. This fee covers the cost of reviewing and processing the application.
Step 5: Review and Submission
After filling out the application and uploading the necessary documents, applicants must review their application to ensure all information is accurate. Once verified, the application can be submitted for government review.
Required Documents
Applicants must provide a comprehensive set of documents to support their application. These include:
- Valid passport for at least six months
- Clean criminal record
- Bank statements from the last 12 months
- Proof of current address (e.g., utility bill)
- Personal photographs
- Copies of relevant qualifications and employment contracts
- Medical report confirming good health.
Path to Saudi Citizenship
Premium Residency can be a stepping stone to obtaining Saudi citizenship. After living in the country for ten consecutive years, becoming proficient in the Arabic language, and meeting other qualifications, residents may apply for citizenship. This pathway provides long-term stability and a deeper connection to the Kingdom.
Advantages of Living in Saudi Arabia
Economic Opportunities
Saudi Arabia boasts one of the world’s largest and fastest-growing economies, driven by its abundant natural resources, including oil, natural gas, and minerals. The Kingdom is a member of the G20 and has a robust infrastructure, making it an attractive destination for investors and business professionals.
Cultural and Social Landscape
Saudi Arabia offers a rich cultural heritage and a vibrant social scene. Cities like Riyadh, Jeddah, Medina, and Dammam are known for their modern amenities, diverse communities, and historical significance. The warm weather, beautiful landscapes, and stunning beaches add to the quality of life, making Saudi Arabia an enjoyable place to live.
Vision 2030
Saudi Arabia’s Vision 2030 initiative aims to diversify the economy, reduce dependency on oil, and transform the Kingdom into a global investment powerhouse. The Premium Residency Program is a crucial part of this vision, attracting global talent and fostering innovation and economic growth.
Challenges and Considerations
High Cost of Living
While Saudi Arabia offers many opportunities, the cost of living can be high, especially in major cities. Premium residents should be prepared for expenses related to housing, education, and healthcare.
Cultural Adaptation
Adapting to Saudi Arabia’s cultural norms and customs can be challenging for expatriates. Understanding and respecting local traditions and laws is crucial for a smooth transition and integration into Saudi society.
Bureaucratic Processes
The application process for Premium Residency can be complex and time-consuming. Ensuring all documents are accurate and complete is essential to avoid delays and complications.
Conclusion
Saudi Arabia’s Premium Residency Program offers a unique and valuable opportunity for expatriates to live, work, and invest in the Kingdom. With its various categories tailored to different needs, the program provides flexibility and numerous benefits, making it an attractive option for global talent and investors. By understanding the requirements and application process, individuals can take advantage of this prestigious residency program and contribute to Saudi Arabia’s dynamic and growing economy.
Reffernce:
visaindex.com
