Saudi Arabia has dramatically lowered the cost of entry for high-caliber expatriates, setting the one-time fee for its Premium Residency Permit at just SAR 4,000 (around $1,065) starting January 2024. This significant price adjustment, down from substantial annual fees, is a strategic effort to attract skilled talent, investors, and entrepreneurs to the Kingdom on a sponsor-free basis.
The revamped Premium Residency program, initially established in 2019, now boasts seven distinct tracks. Five of these tracks are eligible for the new, highly affordable SAR 4,000 issuance fee. This initiative specifically targets individuals with advanced qualifications and financial resources, offering them independence from the traditional work permit and sponsorship system.
Prospective residents can choose from tracks like Special Talent, designed for leaders in health, science, and research fields, requiring a bachelor’s degree and extensive professional experience. The Gifted track acknowledges individuals with outstanding achievements in arts and sports. For financial contributions, the Investor track demands a SAR 7 million investment in Saudi companies, while the Entrepreneur track requires a SAR 400,000 minimum investment in a promising startup with accredited backing. The Real Estate Owner track is for those holding residential property valued at SAR 4 million or more.
Beyond residency, the SAR 4,000 permit offers extensive privileges. Recipients and their dependents can live, work, and invest without a sponsor, enjoy visa-free travel, freely switch jobs in the private sector, and own property. The entire application process is managed online via the Premium Residency Center’s portal, with general requirements including being over 21, holding a valid passport, and maintaining a clear criminal record.
This accessible pricing strategy reinforces Saudi Arabia’s ambition to be a global magnet for top talent and investment, fostering a dynamic economy driven by both local and international expertise.