Northman & Sterling

Saudi Arabia Introduces Five New Categories in Expanded Premium Residency Program for Global Talent and Investment

Saudi Arabia has recently launched five new premium residency products, aiming to attract top talent and investments to boost the Kingdom’s economy. This move is part of Saudi Vision 2030, a strategic framework to reduce the country’s dependence on oil, diversify its economy, and develop public service sectors.

The New Residency Categories

  1. Exceptional Efficiency: For professionals in healthcare, science, and research.
  2. Talent: Targeted at individuals with skills in cultural and sports sectors.
  3. Business Investor: For those investing in various economic sectors of Saudi Arabia.
  4. Business Pioneers: Aimed at entrepreneurs with innovative projects.
  5. Property Owners: For property owners in Saudi Arabia.

Each category allows holders to live, work, and contribute to the Saudi economy. The benefits include the ability to conduct business, own real estate, and obtain work permits for family members.

Key Features and Advantages

  • Family Inclusion: Holders can include parents, spouses, and children under 25.
  • Visa-Free Travel: Easy exit and re-entry into Saudi Arabia, plus visit visas for relatives.
  • Business and Employment Freedom: Ability to work in the private sector and conduct business as per investment rules.

Special Advantages

  • Special Talent and Gifted Residencies: Opportunity for permanent residency and exemption from certain employment programs.
  • Investor Residency: Immediate eligibility for permanent residency.
  • Entrepreneur Residency: Can nominate team members for special talent residency and exemption from certain startup requirements.

Economic Impact

The introduction of these categories is expected to increase foreign direct investment, which has been rising steadily in Saudi Arabia. It aligns with the nation’s goal to diversify its economy and enhance its global competitiveness.

Application and Eligibility

Each category has specific eligibility criteria, including financial solvency, investment requirements, and experience levels. A one-time application fee of SR4,000 is required. The program is open to all nationalities and encourages those who can fill skills gaps in various sectors.

Saudi Arabia’s Vision 2030: A Hub for Talent and Investment

These initiatives are a part of Saudi Arabia’s Vision 2030, which has significantly increased foreign investment, aiming to raise its GDP contribution from 3.8% to 5.7%. The specific requirements for each residency category, such as investment amounts, property ownership, and professional achievements, underscore the Kingdom’s commitment to attracting high-caliber talent and investment.

A Step Towards a Diversified Future

Saudi Arabia’s new premium residency products represent a significant step in attracting global talent and investment, contributing to the country’s ambitious economic transformation. This initiative not only opens doors for professionals and investors but also promises to enrich the Kingdom’s cultural and scientific landscape.

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Noor Nadeem

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