Saudi Arabia’s decision to introduce new residence permits for foreigners

Saudi Arabia is to introduce five new residence permits for foreigners, which will allow eligible applicants to enjoy benefits such as exemption from foreigner fees, visa-free international travel and the right to own property while in the kingdom. will be able to

Recipients of these permits will also be able to obtain ‘premium residency status’ for their family members, run businesses, transfer money without fees and invite relatives to the kingdom.

Specific qualifications will be required for residency packages, which will include the categories of skilled, skilled, investor, entrepreneur and real estate.

A one-time fee of 4000 riyals will be required for each product.

In most cases the general application requirements will apply, including a valid passport, an up-to-date medical certificate, and proof of legal residency in Saudi Arabia (for in-country applicants).

To get the five-year special talent residency option, applicants must be professionals with expertise in medicine and science and earn at least 35,000 Riyals per month or researchers earning a minimum monthly salary of 14,000 Riyals.

Executives receiving special talent status will need an executive-level employment contract with a monthly salary of more than 80,000 Riyals.

For the skilled category the residence permit will be granted for a fixed period of five years and will be divided into two categories. Applicants in the first category must be nominated for or receive an award approved by the Saudi Ministry of Culture and Sports. Alternatively they have to meet the minimum eligibility criteria approved by both the Ministries.

Direct permanent residence will be offered to investors who invest 7 million Rials in the country and create at least 10 jobs during the first two years. Investment license will be issued to the applicants.

Entrepreneur Residency Class applicants will be allowed to nominate two staff members for special talent status.

The Category One Entrepreneur Residency will provide for a fixed period of five years renewable but with an additional condition of meeting existing eligibility criteria and spending at least 30 months in Saudi Arabia within five years.

Applicants have to get at least four lakh investment from a recognized organization and hold at least 20% stake in the startup.

Direct permanent residence under the second category will be provided on the condition that the business creates at least 10 jobs in the first year and 10 or more jobs in the second year. To qualify, an investment of at least one and a half crore Rials has to be shown with proof of a 10% share in the business venture.

Real Estate Residency shall relate to the ownership or usufruct of the property. For this it is necessary to own a real estate asset worth at least 40 lakh Riyals which should be free of current and future debt.

In 2019, Saudi Arabia launched a one-year limited-term residency program with an annual fee of 100,000 riyals, which required proof of financial stability. The fee is eight lakh Riyals for an unlimited period of residence and also requires applicants to provide proof of financial stability.