How Can Foreign Companies Benefit from Saudi Premium Residency?
The premium residency program, often referred to as the "Saudi Green Card," grants foreign nationals the right to live, work, own property, and start businesses without the need for a local sponsor.
Central to the Kingdom's economic transformation, the premium residency program is designed to attract professionals and foreign companies to invest in or set up businesses in Saudi Arabia.
On the other hand, the general Iqama is a standard residency permit for expatriates tied to employment in Saudi Arabia, requiring employer sponsorship. This article provides a comprehensive overview of obtaining a premium residency visa and its benefits for foreign companies.
By offering a clear pathway to residency and citizenship, the program incentivizes skilled individuals and businesses to establish a long-term presence in the Kingdom.
Inside Saudi Arabia's Premium Residency Program
A premium residency permit, is the key to unlocking business opportunities in Saudi Arabia, as it is a mandatory requirement for individuals intending to register a foreign entity in the country. It’s also the authorization that grants individuals the necessary permissions to operate within the Kingdom's economic framework.
Documents Required to Obtain Premium Residency
- Valid Passport
- Passing the Medical Examination
- Legal residence in Saudi Arabia if the applicant is a foreigner and resides in the country
Premium Residency Schemes
The Kingdom has introduced seven primary residency schemes, each tailored to specific demographics.
- Special Talent
The five-year Special Talent Scheme targets high-earning professionals specialized in healthcare and science with salaries as high as SAR 35,000 or researchers earning at least SAR 14,000 monthly salary.
The applicant must have an employment contract, a bachelor's degree or higher, an endorsement letter from the employer and more than three years of work experience.
This type of residency can be renewed for an additional term upon completing a residency of 30 months within a period of five consecutive or non-consecutive years.
- Gifted
The five-year Gifted program is divided into two categories. One that targets renowned figures in sports and culture who received or were nominated for exceptional awards approved by the Ministries of Culture and Sports. The other targets individuals who meet the eligibility criteria approved by the Ministries of Culture and Sports.
Applicants must have proof of financial well-being and obtain endorsement from the Ministry of Culture or the Ministry of Sports. They will be required to pay a time fee of SAR 4,000.
This type of residency can be renewed for an additional term upon completing a residency of 30 months within a period of five consecutive or non-consecutive years. Holders can then obtain permanent residency.
Acquiring an endorsement from the Ministry of Culture or the Ministry of Sports is a prerequisite for obtaining permanent residency. Beneficiaries of this scheme can be exempted from the Nitaqat (Saudization) program.
- Investor
The Investor scheme pertains to holders of an investment license intending to invest a minimum of SAR 7 million and create at least 10 jobs within two years of application.
To be eligible, applicants should provide a commercial registration and an article of incorporation. A one-time fee of SAR 4,000 is required.
Upon acquiring this residency, applicants are granted permanent residency.
- Entrepreneur
The Entrepreneur residency is divided into two categories. One that targets entrepreneurs who secured a minimum of SAR 400,000 in funding from an entity accredited by the Premium Residency Center and have a 20% ownership stake in a startup. Beneficiaries in this category can enjoy a five-year residency, renewable for one additional term.
The other target applicants who obtained at least a SAR 15 million investment and 10% ownership in a startup. Beneficiaries in this category can be provided permanent residency on the condition that the holder creates a minimum of 10 jobs in the first year and at least 10 more in the second year.
Applicants in both categories must have an entrepreneur license from the Ministry of Investment (MISA), provide an endorsement letter from the investor and pay a time fee of SAR 4,000.
Beneficiaries of this type of residency are allowed to nominate two staff members to secure a Special Talent residency.
Other incentives include being exempted from the Nitaqat (Saudization) program for the first three operational years.
- Real Estate Owner
Real estate owner residency requires ownership of real estate assets worth at least SAR 4 million, free from current and future debts. A one-time fee of SAR 3,000 is required.
The real estate has to be residential and the total assets must be appraised by accredited valuers from the Saudi Authority for Accredited Valuers, Taqeem.
- Limited-Duration Premium Residency
The one-year residency is offered for an annual fee of SAR 100,000. Applicants seeking this residency status are required to provide evidence of financial well-being.
- Permanent Premium Residency
The one-year residency is offered for an annual fee of SAR 800,000. To be considered for this residency type, applicants need to demonstrate financial solvency.
Understanding the eligibility criteria of each scheme of the Premium Residency program is key to leveraging the full breadth of incentives it offers, ultimately streamlining Saudi Arabia's market entry process for foreign companies and professionals and facilitating smoother relocation of staff and their families.
Benefits of Obtaining a Premium Residency for Foreign Companies in Saudi Arabia
- Unrestricted Travel
A premium residency enables holders to enter and exit Saudi Arabia without needing separate visas.
- Education and Health Services
Beneficiaries are afforded full access to the Kingdom's educational institutions and healthcare facilities.
- Saudi Arabian Citizenship
After acquiring a premium residency, holders can obtain Saudi citizenship in the future.
- Visitor Visas for Family Members
Foreign individuals with premium residency can issue visitor visas to their family members.
- Transactions Without Additional Fees
With a premium residency, holders can perform essential financial activities and banking services without incurring any additional fees.
- Living and Working in Saudi Arabia
Residents can further seek employment opportunities without requiring a local sponsor.
- Owning a Business
A foreign individual with premium residency in Saudi Arabia can establish and fully own a company within the country without the need for a parent company outside Saudi Arabia.
