Saudi Arabia’s Premium Residency program, often referred to as the “Saudi Green Card,” comes as a huge benefit for foreign investors, entrepreneurs, and talented professionals looking for a long-term presence in the Kingdom.
This program grants expatriates the right to live, work, own property, and start businesses without the need for a local sponsor. For foreign companies, the premium residency scheme offers a great opportunity to expand operations, hire talent, and go for business incorporation in Saudi Arabia.
However, to ensure that investors, expats, and professionals can maximize the benefits of this program, it’s imperative to understand the various residency schemes and eligibility criteria so that they can make informed decisions about entering the Saudi market.
Overview of Saudi Arabia’s Premium Residency Program
1. Introduction to the Premium Residency Program
Saudi Arabia launched the Premium Residency program as part of its Vision 2030 economic diversification plan. The initiative aims to attract foreign investment and highly skilled professionals who can contribute to the Kingdom’s long-term growth.
Unlike the general Iqama, which is tied to employment and requires an employer sponsor, the premium residency allows foreign nationals to operate independently, making it a great option for companies and individuals seeking greater autonomy in Saudi Arabia.
2. Eligibility and Required Documents
To obtain a premium residency, applicants must meet specific criteria based on the residency scheme they are applying for. However, there are certain basic requirements common for all applicants and the list includes:
- Passing a medical examination
- Legal residence in Saudi Arabia (if the applicant is already in the country)
- Proof of financial solvency (varies depending on the type of residency)
- A valid passport
3. Types of Premium Residency Schemes
The Saudi government offers seven different types of premium residency, each designed for specific groups, including investors, entrepreneurs, professionals, and property owners.
– Special Talent Residency
- Designed for high-earning professionals in healthcare and science.
- Requires a salary of at least SAR 35,000 for specialists or SAR 14,000 for researchers.
- Applicants must have a bachelor’s degree or higher, three years of experience, and an endorsement letter from their employer.
- Residency lasts for five years and can be renewed if the holder completes at least 30 months of residency within five years.
– Gifted Residency
- Targets individuals recognized in sports and culture.
- Applicants must have won or been nominated for prestigious awards recognized by the Ministry of Culture or the Ministry of Sports.
- Proof of financial stability and an endorsement from the respective ministry are required.
- Requires a one-time fee of SAR 4,000.
- Holders can eventually obtain permanent residency if they complete 30 months of residency within five years.
– Investor Residency
- Designed for individuals holding an investment license and investing at least SAR 7 million.
- Applicants must create a minimum of 10 jobs within two years of obtaining residency.
- Requires submission of a commercial registration and an article of incorporation.
- Requires a one-time fee of SAR 4,000.
- Grants permanent residency upon approval.
– Entrepreneur Residency
This scheme has two categories.
- Entrepreneurs who have secured a minimum of SAR 400,000 in funding from an accredited entity and hold at least a 20% stake in a startup receive a five-year residency, renewable for one additional term.
- Entrepreneurs with at least SAR 15 million in investment and a 10% ownership stake can obtain permanent residency if they create 10 jobs in the first year and 10 more in the second year.
- Applicants must have an entrepreneur license from the Ministry of Investment (MISA) and provide an endorsement letter from an investor.
- A one-time fee of SAR 4,000 is required.
- Beneficiaries can nominate two staff members to obtain Special Talent residency and are exempt from the Nitaqat (Saudization) program for the first three years.
– Real Estate Owner Residency
- Requires ownership of residential property worth at least SAR 4 million.
- The property must be free from current or future debts.
- Requires appraisal by accredited valuers from the Saudi Authority for Accredited Valuers (Taqeem).
- Requires a one-time fee of SAR 3,000.
– Limited-Duration Premium Residency
- Grants a one-year residency for an annual fee of SAR 100,000.
- Requires proof of financial well-being.
– Permanent Premium Residency
- Grants lifetime residency for a one-time fee of SAR 800,000.
- Requires proof of financial solvency.
4. Key Benefits of Saudi Premium Residency for Foreign Companies
Foreign businesses that secure premium residency for their owners, executives, or employees gain several competitive advantages that simplify operations and enhance business opportunities in Saudi Arabia.
– Local Sponsor not Needed
One of the most significant benefits of premium residency is the ability to live and work in Saudi Arabia without being tied to a local employer or sponsor. This autonomy allows foreign companies to:
- Operate their businesses independently.
- Hire foreign and local talent without sponsorship restrictions.
- Expand operations without being subject to third-party approvals.
– Full Ownership
A premium residency holder can establish and fully own a business in Saudi Arabia without requiring a parent company outside the Kingdom. This is particularly beneficial for foreign investors who want to:
- Set up subsidiaries or new ventures.
- Gain direct access to the Saudi market.
- Reduce dependency on joint ventures with local sponsors.
– Unrestricted Travel
Premium residency holders can enter and exit Saudi Arabia freely without needing additional visas. This flexibility benefits businesses by:
- Enabling executives to travel in and out of the country for meetings and operations.
- Allowing companies to relocate key personnel without delays.
– Access to Banking and Financial Services
With premium residency, holders can conduct financial transactions and banking activities without incurring extra fees. This simplifies:
- Business transactions.
- Opening and maintaining corporate bank accounts.
- Applying for loans or financing for business expansion.
– Ownership of Property and Assets
Premium residency allows foreign nationals to:
- Own real estate, providing stability for business operations.
- Invest in commercial and residential properties.
– Visa Sponsorship for Family Members
Foreign executives or business owners with premium residency can sponsor visitor visas for family members. This benefit is particularly useful for companies that:
- Relocate top management and their families.
- Offer premium residency as an incentive for expatriate employees.
– Exemptions from Saudization Policies
Some premium residency holders, especially those under the Gifted and Entrepreneur schemes, are exempt from Nitaqat (Saudization) requirements for a specified period. This helps businesses:
- Hire skilled foreign workers without restrictions.
- Maintain workforce flexibility.
Be a Part of Saudi Arabia’s Premium Residency
Saudi Arabia’s Premium Residency program presents a great opportunity for foreign companies and professionals looking to stay longer in the Kingdom. By offering professionals with financial incentives, and customized residency options, this program supports economic growth and diversification.
For businesses looking to enter the Saudi market, securing premium residency can significantly reduce administrative barriers and provide a stable foundation for long-term success.