Saudi Arabia issues record 8,074 'premium residency' permits in 2024 to attract global talent

Dubai: Saudi Arabia issued 8,074 "Premium Residency" permits in 2024 to eligible applicants from various categories who met the program’s criteria.

The permits were granted to both residents within the country and foreign nationals, aligning with the nation's goals to enhance its position as a global hub for talent and investment.

This initiative is part of Saudi Arabia's effort to boost its economy by creating jobs, transferring knowledge to the local workforce, and facilitating the exchange of expertise.

The National Transformation Program, part of Saudi Arabia's Vision 2030, reported that 5,578 "Premium Residency" permits were issued to the "competence" category, 348 to "talents," and 2,148 to other categories in 2024. Applications were reviewed and processed by the "Premium Residency Center" to ensure compliance with the program’s requirements.

Launched in 2019, the "Premium Residency" program is a key initiative to attract unique global talent to Saudi Arabia. Its aim is to benefit from successful experiences across various sectors, enrich local human capital, raise the country’s competitiveness, and stimulate the growth of the domestic market.

The program offers several advantages to its holders, including residence in Saudi Arabia with family, exemption from fees for expatriates and their dependents, property ownership, the ability to invite family members, the right to engage in business activities, and the freedom to travel in and out of the country without the need for a visa, among other benefits offered in collaboration with government entities.

In mid-2019, Saudi Arabia began accepting applications for the Premium Residency program, offering two types: a permanent residency permit priced at 800,000 SAR ($213,000) and a one-year renewable residency for 100,000 SAR ($26,000). The first batch of 73 applicants, representing 19 nationalities, received their permits in November 2019, including investors, doctors, and individuals seeking to settle with their families.

In early 2024, Saudi Arabia introduced five new categories to the program, bringing the total to seven: Exceptional Talent, Talent, Business Investor, Entrepreneur, Property Owner, alongside the previously available one-year renewable and indefinite residency options.