Dubai: Earlier this year, Saudi Arabia introduced the premium residency programme, by updating its Expatriate Residency Law, allowing different categories of investors and talented individuals to obtain ‘premium residency’ in the country. Since being introduced, over 1,200 foreign investors have obtained the premium residency so far, according to Saudi Minister of Investment Khalid Al-Falih.
But, what exactly is the premium residency and how do expats benefit from it? Here is all you need to know.
What is the Saudi premium residency?
The premium residency permit gives foreign nationals the right to live, work, and own businesses and property in Saudi Arabia without requiring a sponsor.
It allows eligible self-sponsored foreign nationals to obtain a residence permit for two main types of duration: A one-year renewable option and an unlimited duration option. People of all nationalities can apply for this permit, provided that they meet all eligibility criteria and requirements.
Benefits of Saudi premium residency
The premium residency provides the following benefits to expatriates in the country:
1. Premium residency for family members – On this permit, you can live in Saudi Arabia with your family members, including parents, spouses, and children under 25.
2. Exemption from dependent fees – Expats in Saudi Arabia are required to pay a dependent fee of SAR400 (Dh391) per month for each dependent listed on their Iqama. Those who have premium residency are exempt from this fee.
3. The right to run a business without requiring a sponsor.
4. Own and usufruct (temporary right to derive income from someone else’s property) property in Saudi Arabia.
5. Flexibility in exit, re-entry procedures to Saudi Arabia, as they don’t need to apply for a visa.
6. Move jobs within the private sector more easily, as this is a self-sponsored visa.
7. The entitlement to work in the private sector and move between establishments applies to the husband, wife, and dependents.
8. The entitlement to obtain visit visas for relatives.
9. Use tracks dedicated to citizens and GCC nationals at airports.
Am I eligible for a premium residency?
There are different categories within which you can apply for a premium residency, as long as you fulfil the specific criteria. The categories are: Skilled and talented individuals (specialists, executives), talents (cultural, sports), investors, entrepreneurs and property owners.
To know more about the eligibility criteria for premium residency, read our detailed guide here.
