A groundbreaking initiative in Saudi Arabia has drastically reduced the cost of obtaining a Premium Residency Permit. As of January 2024, the one-time issuance fee is set at SAR 4,000 (approximately $1,065), a substantial cut from previous annual costs. This reform aims to attract a wider pool of highly skilled international professionals, investors, and entrepreneurs by offering a sponsor-free route to residency.
The expanded Premium Residency program, first introduced in 2019, now features seven tracks, with five designated for this new, affordable fee. These tracks are meticulously designed to onboard individuals possessing specialized expertise and significant financial standing, liberating them from the constraints of the conventional iqama and sponsorship system.
Individuals can explore options such as the Special Talent track, catering to accomplished professionals in health, science, and research with specific educational and experience prerequisites. The Gifted track is designed for exceptional talents in arts and sports. Investors are required to deploy at least SAR 7 million into Saudi businesses, while entrepreneurs need a minimum SAR 400,000 investment backed by accredited accelerators. Property owners meeting a SAR 4 million valuation threshold for their residential real estate are also eligible.
The SAR 4,000 permit grants holders and their families a wealth of benefits. These include the ability to live, work, and invest independently, visa-free international travel, the flexibility to change jobs within the private sector, and the right to own various types of property. The application process is conveniently managed online through the Premium Residency Center, requiring applicants to be at least 21 years old, hold a current passport, and possess a clean criminal record.
This strategic fee reduction makes Saudi Arabia a highly competitive destination, actively seeking to integrate top global talent and capital to fuel its dynamic economic development and long-term vision.