Eligibility criteria of 5 Premium Residency categories

Saudi Arabia sets Eligibility criteria of 5 new Premium Residency categories

 

Eligibility criteria of 5 Premium Residency categories in Saudi Arabia : In order to attract top executives, artists, investors, business owners, and property owners, Saudi Arabia has announced the opening of five new types of Premium residency. Most Viewed video : Saudi Jawazat calls Expat family members to register their Biometric fingerprint

The person who has the premium residency is able to provide residency to his or her family members, practice business, and need to pay any expatriate levy for themselves or their dependents.

– The premium residency holder can travel to and from the Kingdom of Saudi Arabia without any visa, can own land, move easily between businesses without paying extra fees, and can host and invite relative to the Kingdom.

– About five years ago, Saudi Arabia started its Premium Residency system with two types of residency, permanent, which costs 800,000 riyals (213,000 US Dollars), and another for one-year, renewable, which cost 100,000 riyals (26,000 US Dollars).

– The center has now added five more categories, making a total of seven, special talent, gifted, investor, entrepreneur, and real estate owner. These join the two categories that were already there (limited duration and permanent).

– Adding new categories is in line with Saudi Arabia’s Vision 2030 goals, which are to draw the skilled workers needed to speed up economic growth. Over the past six years, direct foreign investment in the Kingdom has steadily grown, rising from 27 billion riyals in 2017 to 122 billion riyals last year. Recommend : Greenery in Madina increased by 360% in just 5 months

– The goal is to raise the share of foreign direct investment in the GDP from 3.8% to 5.7%. This program is meant to help reach that goal even more.

1. There are two ways to get into the Special Talent Residency. One is for health and scientific talents and researchers, and the other is for executives. Each has its own requirements for pay and experience.

• For Health care and Scientific professionals, Their employment contract is whitelisted entities with priority specializations, Minimum monthly salary must be 35,000 riyals, Must have Bachelor or Higher degree, Should have at least 3 years of work experience in the related field, Minimum score in the points system, Endorsement letter from the employer.

• For Researchers, the Minimum monthly salary must be 14,000 riyals. Their employment contract is whitelisted entities with priority specializations, Must have Bachelor or Higher degree, Should have at least 3 years of work experience in the related field, Minimum score in the points system, Endorsement letter from the employer.

• For Executives, Employment contract at the First or Second level, Minimum monthly salary must be 80,000 riyals, Endorsement letter from Employer for 2nd level. See Also : Saudi Arabia introduces 5 new Premium Residency packages to attract worldwide talents

2. To be eligible for the Gifted Residency, applicants must either be nominated for or win certain exceptional awards, or they must meet basic eligibility requirements set by the ministries of Culture or Sports, as well as meet financial requirements. Gifted Residency targets Sports, Cultural and Artistic talents.

3. To become an Investor Resident, you must meet certain requirements, such as getting investment licenses, showing a commercial record and founding contract, and investing at least 7 million riyals in business activities in the Kingdom.

4. There are two types of Entrepreneur Residency, and each has its own investment and ownership standards as well as suggestions from the organization investing.

5. To be a Real Estate Owner Resident in Saudi Arabia, you must own or benefit from real estate assets worth at least 4 million riyals, among other things.

6. For the Limited-duration Residency, you must be able to pay an annual fee of 100,000 riyals. Trending : New amendments to Saudi Premium Residency Law

7. For the Unlimited-duration residency, you only need to pay 800,000 riyals.

For all categories, you need a valid passport, to pass a medical test, to live in the Kingdom regularly, and to pay a one-time fee of 4,000 Saudi Riyals.  However, There are exceptions for the limited duration and permanent premium residencies.