Saudi Arabia has significantly lowered the cost barrier for highly skilled international talent by proposing a new one-time issuance fee of SAR 4,000 (approximately $1,065) for its Premium Residency Permit on five specialised tracks. Made in January 2024, this initiative presents qualified expatriates with a low-cost and sponsor-free route to live, work, and invest in the Kingdom.
The cost is a massive cut from the earlier annual cost of SAR 100,000 for limited-duration residence. The new lower price is targeting fully and squarely to bring on board people meeting high eligibility criteria in high-growth sectors of the economy.
Five Tracks To The Affordable Premium Residency
The expanded Premium Residency scheme, first introduced in 2019, now includes seven overall tracks, five of which qualify for the new low SAR 4,000 issuance fee. These segments aim at specialised expertise and established financial capability, providing independence from the conventional iqama (work permit) system and local sponsorship.
Track, Target Group, Key Eligibility Requirements
Saudi Arabia’s Premium Residency program offers distinct tracks to attract various foreign talents and investors to the Kingdom. The Special Talent track targets high-level professionals in health, science, research, or executive roles, requiring key applicants to have a bachelor’s degree, at least three years of experience, and meet a minimum salary threshold which ranges from SAR 14,000 to SAR 80,000+ depending on the profession.
For those with exceptional abilities, the Gifted track is available for talents in culture, arts, and sports, with eligibility based on receiving approved awards or securing recommendations from the relevant ministry, along with evidence of financial solvency.
The Investor residency is designed for foreign nationals with significant capital, requiring an investment of a minimum of SAR 7 million into approved Saudi companies and a commitment to creating a minimum number of jobs. Alternatively, the Entrepreneur track caters to founders of promising startups with guaranteed funding, necessitating a qualified startup license and a minimum investment of SAR 400,000 supported by an accredited accelerator.
Finally, the Real Estate Owner residency is offered to non-Saudis who own high-value residential property, requiring the ownership or usufruct rights of residential real estate valued at SAR 4 million or more, which must be developed and free from a mortgage.
Applicants need to satisfy these stringent, track-specific requirements to become eligible for the affordable SAR 4,000 fee and usually be awarded a five-year renewable residency.
Record Benefits And Freedom
The SAR 4,000 Premium Residency awards the beneficiary and their dependents (spouse, children under 25, and possibly parents) an array of advantages far beyond the purview of a basic work visa:
Sponsor-Free Lifestyle: The freedom to live, work, and invest without the need for a local sponsor.
Freedom of Movement: Visa-free entry and exit, including privileged airport lanes.
Job Flexibility: The freedom to work and switch jobs within the private sector.
Property Ownership: The right to own residential, commercial, and industrial real property (except Mecca, Medina, and border regions).
Business Engagement: The right to participate in business activities according to the Investment Law.
Financial Exemptions: Non-Saudi employment change-related fees exemption, as well as companion fees.
Application Requirements And Process
To apply, applicants must ensure that they fulfill general requirements, such as being over 21 years of age, holding a valid passport, a good criminal record, and a new medical report.
The entire process is conducted online through the official Premium Residency Center website (pr.gov.sa):
- Select Your Track according to your professional background, investment, or property ownership.
- Collect Detailed Documents (employment contracts, business licenses, valuations of your property, bank statements, etc.).
- Apply Online and submit everything.
Review and Approval: A verified account manager checks the submission and informs the applicant of any requirements for clarification.
Fee Payment: Once approved, the applicant makes the SAR 4,000 issuance fee payment and presents evidence of mandatory medical insurance in order to be issued the residency permit cards.
This cost-saving approach makes Saudi Arabia a competitive destination globally for high-value expatriates willing to contribute to the economic vision of the Kingdom in the long term.
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Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: ZEE News
