Premium Residency Center offers 5 categories to lure talents, investors

The Kingdom of Saudi Arabia's flag

Saudi Arabia’s Premium Residency Center launched five new premium residency products to boost the Kingdom's leading position in attracting the best talents and investments. The move also aims to enable the Saudi economy in job creation and knowledge transfer.  

In a statement, the Center's Chairman Majid Alkassabi outlined that the five new products are special talent, gifted, investor, entrepreneur, and real estate owner residency. 

The five categories offer its holders the opportunity to live and work in the Kingdom, and welcome everyone who adds value to the national economy, to be partners in the Saudi Vision 2030.

The categories launched fit each tier. The special talent residency program is targeted at executives and professionals who specialize in healthcare, science, and research sectors. The gifted residency aims to integrate skilled professionals and talented individuals in the cultural and sports sectors.

The investor residency is aimed at investors wishing to invest in the various economic sectors in the Kingdom and leverage the competitive opportunities and benefits it offers as well as the development of the business ecosystem.

Moreover, the entrepreneur residency is granted to entrepreneurs and owners of pioneering projects with innovative and creative ideas who wish to launch their businesses or develop their emerging companies in the Kingdom and to participate in the ambitious economic transformation journey.

Meanwhile, the real estate owner category is for individuals who own property in the kingdom looking to obtain a premium residency and settle in the Kingdom enjoying the high-quality life and various attractions it provides. The Kingdom is considered one of the most promising real estate markets thanks to the comprehensive economic renaissance it is witnessing.

It is worth noting that the five new categories were developed in collaboration with the Premium Residency Center’s strategic partners from the different government entities. The categories offer a wide range of benefits to holders, including ability to conduct business, own and benefit from a real estate property, obtain work permits for holders and family members, as well as many other advantages the Premium Residency Center provides in cooperation with government partners.

Premium residency holders of all categories are entitled the right to reside in the Kingdom with their family members, including parents, spouse and children under 25. They can move freely from one facility to another and are exempted from the financial fees imposed on expatriates and their companions.

Holders of premium residency and their families can leave the Kingdom and return without requiring a visa, and they may issue visit visas for relatives as well.

Moreover, they can use the lanes designated for citizens and citizens of the Gulf Cooperation Council countries at the ports. They are also free to work in private sector establishments and move between them for husband, wife and children.

In addition, they are granted the right to conduct business in accordance with the investment system, as well as the right to own real estate and benefit from it.

For the special talent residency and the gifted residency programs advantages include; obtaining permanent premium residency when the conditions are met; exempting the basic premium residency holder from the Nitaqat program.

  As for the investor residency, holder can immediately obtain permanent premium residency.

Advantages for entrepreneur residency include; nominating two people from the work team to obtain the special talent residency and exemption from its standards (for example: executives), as well as exempting the facility from scopes for the first three years of operation.

The second category enjoy the opportunity of immediately obtaining permanent premium.