Saudi Premium Residency Program Legal Guide

As Ketenci&Ketenci law firm, we provide comprehensive guidance on the Saudi Premium Residency, commonly referred to as the “Saudi Green Card.” Launched in 2019, this initiative is a cornerstone of Saudi Arabia's strategy to enhance its economic competitiveness, foster entrepreneurial spirit, and draw investors to legally engage in business activities within the Kingdom.

The program also targets the reduction of commercial concealment, a phenomenon where non-Saudi individuals engage in commercial activities in Saudi Arabia without a proper investment license.

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Options Under the new Saudi Premium Residency Program (Saudi Golden Visa):

The program offers two main residency options:

• Annual Residency: Renewable every year, this residency costs SR100,000 (26.600 USD)
• Permanent Residency: Available for a one-time fee of SR800,000 (213.300 USD) this option grants permanent residency status in Saudi Arabia.

Both options bestow upon holders and their qualifying family members the right to live, invest, and work in private establishments in Saudi Arabia, with the freedom to switch jobs within the private sector. Moreover, they enjoy a host of exclusive benefits available only to premium residency cardholders.

Application Process

Applications for the premium residency visa should be submitted to the Premium Residency Center, a dedicated government agency. This agency, operating independently both financially and administratively, is tasked with streamlining the residency acquisition process in collaboration with various government entities.

Family Members Eligibility

Eligible family members for inclusion in the same application are the applicant’s spouse and children below the age of 21.

Benefits of Holding Saudi Premium Residency

Holders of the Saudi Premium Residency and their eligible family members enjoy numerous rights and privileges:

• Residency, work, and investment in Saudi Arabia.
• Ownership of residential, commercial, and industrial real estate (with some regional restrictions).
• Ownership and licensing of private vehicles.
• Issuance of visit visas for a wide range of relatives.
• Investment opportunities in the Saudi Capital Market.
• Recruitment of foreign domestic workers.
• Unrestricted entry and exit from the Kingdom.
• Retention of residency rights for the spouse and children under 21 in case of the primary holder’s demise.

Limited Duration Saudi Premium Residency

This option allows foreigners to obtain a one-year renewable Saudi Premium Residency for SR100,000 annually. It is ideal for investors and businessmen engaged in fixed-term projects or exploring the Kingdom’s residency and investment opportunities before committing to permanent residency.

Permanent Premium Residency in Saudi Arabia

This permanent residency option requires a one-time payment of SR800,000, granting indefinite premium residency benefits. Family members, including spouses and children under 21, can be added without extra fees. However, parents and adult children over 21 can be sponsored but will not enjoy the full privileges of Saudi Premium Residency.

Saudi Premium Residency Fees

• Limited Duration: SR100,000 annually.
• Unlimited Duration (Permanent): SR800,000 one-time fee.
• Application Processing Fee: 170 USD.

Requirements for Application

• Valid passport.
• Applicant must be at least 21 years old.
• Clean criminal record.
• Proof of financial solvency.
• Recent medical report certifying freedom from communicable diseases.
• Legal residency for applicants within Saudi Arabia.

Advantages of Residency in Saudi Arabia

Saudi Arabia is a global economic powerhouse and a G20 member, rich in natural resources and offering lucrative investment sectors including religious tourism, telecommunications, renewable energy, and more. With a blend of modern infrastructure, diverse communities, and appealing climatic conditions, Saudi Arabia presents a vibrant living and investment environment.

Required Documents

Applicants must furnish:

• Scanned passport copies for all family members included in the application.
• Recent personal photos.
• Proof of residence.
• 12-month bank statements.
• Certified academic qualifications.
• Approved medical reports.
• Documents evidencing financial solvency.

All documents must be in Arabic or English, or officially translated into one of these languages.

Conclusion

The Saudi Premium Residency Program offers a unique opportunity for foreigners to reside, work, and invest in Saudi Arabia, contributing to the Kingdom’s Vision 2030.

Please reach us for further consultation on the new Saudi Golden Visa application process.