Saudi Arabia issued 8,074 premium residency permits in 2024 to eligible applicants across government supported categories. Approvals were granted to both local residents and foreign nationals, aligning with the nation’s goals to enhance its position as a global hub for talent and investment.
Important Initiative to Diversify The Kingdom`s Economy
Accordingly, the initiative is part of the Kingdom’s efforts to boost the economy and diversify its reliance on oil. Therefore, the scheme facilitates the exchange of expertise by creating jobs and transferring knowledge to the local workforce. As part of Saudi Arabia’s Vision 2030, the National Transformation Programme reported that 5,578 premium residency permits were issued in the ‘competence’ category. Further data revealed that 348 applications were approved in the ‘talents’ class and 2,148 in ‘other’ categories in 2024. Requests were reviewed and processed by the “Premium Residency Centre” to ensure compliance with the programme’s requirements.
The Premium Residency Programme Targets Global Talent
The “Premium Residency” programme was launched in 2019 and is a key initiative to attract unique global talent to Saudi Arabia. Additional goals aim to raise the country’s competitiveness and stimulate the growth of the domestic market. The scheme began by originally accepting applications that year by offering two types of permits. The permanent residency category is priced at SAR 800,000 (USD 213,000) and a one-year renewable option costs SAR 100,000 (USD 26,000). Accordingly, holders receive numerous benefits, which include residency for their families and exemption from fees for expatriates and their dependents. Further advantages extend to property ownership, the right to engage in business activities and the freedom to enter and exit the country without a visa.
Programme Expanded To 7 Categories in 2024
Notably, in early 2024, Saudi Arabia introduced five new categories, thereby expanding the number of options to seven. Subsequently, the new classifications include Exceptional Talent, Talent, Business Investor, Entrepreneur and Property Owner. These are in addition to the original one-year renewable and indefinite residency offering.
Soutien Group Can Assist With Your Saudi Business Requirements
Soutien Group is part of a network of consultants, partners and investors. Our clients are corporate, private and international with an interest in exploring new markets. We can offer expertise in Market Research and Assessment Saudi, Saudi Business Case, Saudi Business Model Development. Feasibility Study and Business Plan Saudi, Organizational and Operational Structuring Saudi, Saudi Sponsorship and Partnership, Company Formation Saudi among others.
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