Saudi Arabia has introduced five new residency permits for foreigners, offering several benefits like exemption from foreigner fees, permission for visa-free travel, and the ability to own property in the country.
These permits also provide the chance to attain 'premium residency status' for family members, engage in business activities, conduct fee-free money transfers, and invite relatives to join in the kingdom. The residency options are categorized as skilled, investor, entrepreneur, and real estate, each with a one-time fee of 4,000 riyals.
Applicants need to submit standard documents, including a medical certificate, valid passport, and proof of legal status. Professionals in fields like medicine and science can opt for a special talent residency lasting five years.
Applicants must be professionals, such as doctors or scientists, with a minimum monthly salary of 35,000 Riyals in order to be eligible.
To be eligible for this role, researchers need a monthly income of at least 14,000 Riyals. Executives aiming for special talent consideration must hold an executive position and earn over 80,000 Riyals monthly.
The skilled category is now divided into two sub-groups. In the first one, applicants should either be nominated for or have received an approved award from the Saudi Ministry of Culture and Sports or meet the criteria set by both Ministries.
For investors seeking permanent residency, the Saudi government requires a seven-million-Riyal investment in the country. Moreover, they need to generate a minimum of ten jobs in the initial years.
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The Entrepreneur Residency Class applicants have the option to nominate two staff members for special talent status.
For the initial Entrepreneur Residency category, applicants must spend a minimum of 30 months in the Kingdom, meet existing eligibility criteria, and secure a minimum investment of $400,000 from a recognized organization, holding at least a 20% ownership stake in the startup.
In the second category for direct permanent residence, individuals need to invest at least one and a half crore Riyals, create 10 jobs in the first year, and 10 or more jobs in the second year.
Additionally, they should provide proof of a 10% share in the business venture.
To qualify for Real Estate Residency, ownership of properties worth at least 4 million Riyals is required. These properties should be free from any debts, both current and future.
