The Saudi Permanent Residency Program represents a significant shift in the country’s approach to attracting global talent and expertise. Through this program, the Saudi government aims to attract individuals with exceptional skills and investors seeking to take advantage of the promising opportunities in the Saudi economy. Since the launch of the Permanent Residency Program in 2019, the Kingdom has been offering multiple opportunities for foreigners to live, work, and invest, further enhancing Saudi Arabia’s role as a global hub for growth and innovation.
In a new step towards expanding the program, the Kingdom has announced the addition of five new categories to the Saudi Permanent Residency Program in 2024. These categories cover diverse fields such as investments, entrepreneurship, and property ownership, reflecting Saudi Arabia’s commitment to providing an encouraging environment for investors, entrepreneurs, and skilled professionals. This initiative significantly contributes to strengthening the national economy by attracting foreign direct investments and creating job opportunities for citizens, thereby fostering sustainable development.
What are the new categories added by Saudi Arabia?
In a move aimed at enhancing Saudi Arabia’s position as a global hub for investment and innovation, five new categories have been added to the Saudi Permanent Residency Program. These categories are designed to attract global talent and expertise while supporting investment in the Kingdom. The new categories offer exceptional benefits in various fields such as management, culture, sports, and investment. Minister of Commerce, Majid Al-Qassabi, emphasized through his account on the “X” platform: “I invite distinguished talents, investors, and entrepreneurs from around the world to come to the Kingdom and take advantage of the new offerings of the Permanent Residency Program, to live in a stimulating environment for stability and work in an ambitious country.
Among these categories:
- Exceptional Talent Residency: For professionals in administrative and research fields
The Exceptional Talent Residency aims to attract individuals with high-level expertise and skills in administrative and research fields. This category is ideal for professionals seeking to engage in large-scale projects that contribute to the development of vital sectors in the Kingdom. Through this residency, individuals can actively contribute to the Saudi economy, whether in technology, education, or healthcare. Saudi Arabia is working to attract global talent to stimulate innovation and drive sustainable development, thereby enhancing its position as a global center for economic growth. - Talent Residency: Supporting Culture and Sports :The Talent Residency targets creative individuals in the fields of culture and sports. This category represents a strategic step to support and develop the cultural and artistic sector in Saudi Arabia, enhancing the Kingdom’s modern efforts to expand the boundaries of Saudi arts and heritage. It also contributes to strengthening sports at various levels, from developing infrastructure to increasing participation in global sporting events. This initiative is part of the Kingdom’s vision to boost the Saudi economy by attracting and developing global talent in these fields, directly contributing to the advancement of culture and sports in the Kingdom.
- Business Investor Residency: Stimulating Investments in Economic Sectors: The Business Investor Residency contributes to stimulating investment in Saudi Arabia by offering foreign investors the opportunity to establish and expand their businesses in the Kingdom. Through this category, investors can benefit from a supportive business environment and government initiatives aimed at developing all economic sectors, such as industry, energy, and technology. This residency also provides various advantages, such as streamlining administrative procedures and offering the necessary support for executing large-scale projects. Increasing investment flows through this residency helps support the Saudi economy and strengthens its role in the global economy.
- Entrepreneur Residency: Facilitating the Establishment of Startups:The Entrepreneur Residency is an important step in facilitating the creation of startups in Saudi Arabia. This category targets entrepreneurs seeking to develop innovative projects in fields such as technology, e-commerce, and future industries. The residency provides a conducive environment for supporting creativity and innovation by simplifying administrative and business procedures and offering financial facilitation for small and medium-sized enterprises. Through this residency, entrepreneurs can expand and grow, contributing to enhancing investment in Saudi Arabia and creating new job opportunities that support the development of the national economy.
- Property Owner Residency: Facilitating Property Ownership for Foreigners: The Property Owner Residency allows foreigners to own property in Saudi Arabia, representing a strategic step to enhance real estate activity in the Kingdom. Through this category, foreign investors can purchase and own properties in various regions of the Kingdom, contributing to stimulating the local real estate market. It also offers an opportunity for individuals seeking to settle in Saudi Arabia to own property for residential or investment purposes. This opens the door for increased investment in Saudi Arabia’s real estate sector, which is one of the key sectors contributing to the growth of the Saudi economy.
Key Benefits of Permanent Residency
The Permanent Residency in Saudi Arabia offers a range of exceptional benefits that enhance the Kingdom’s appeal to global talent and expertise, while supporting a favorable environment for business and investment.
- Freedom to Work and Invest in Saudi Arabia: Permanent residency holders enjoy the freedom to work in private sector establishments and move between them without the need for sponsor approval, facilitating professional mobility and enhancing career development opportunities. They are also permitted to engage in business activities in accordance with investment regulations, allowing them to easily establish and manage businesses in the Kingdom.
- Property Ownership and Visa-Free Travel: Permanent residency holders have the right to own property in Saudi Arabia, whether residential, commercial, or industrial, allowing them to invest in real estate and take advantage of opportunities in the Saudi property market. Additionally, they enjoy the freedom to exit and re-enter the Kingdom without the need for a visa, facilitating international travel and enhancing business flexibility.
- Financial Exemptions and Facilitation in Hiring: Domestic WorkersPermanent residency holders and their families are exempt from the financial fees imposed on expatriates and dependents, reducing the financial costs associated with residency and employment in the Kingdom. Additionally, they are allowed to hire foreign domestic workers as needed, providing flexibility in managing household affairs and meeting personal needs.
Fees for New Categories of Permanent Residency in Saudi Arabia
According to the Saudi Center for Permanent Residency, the fees for permanent residency vary depending on the type of residency requested. The fee for a fixed-term residency is 100,000 SAR annually, while the fee for an indefinite residency is 800,000 SAR, payable as a one-time fee. For the targeted categories, such as Business Investor Residency, Property Owner Residency, Entrepreneur Residency, Exceptional Talent Residency, and Talent Residency, the fees have been reduced to 4,000 SAR, payable once. Additionally, an application processing fee of 170 USD is imposed for all products.
In conclusion, the Permanent Residency in Saudi Arabia represents a significant leap toward the future, opening doors for professionals, investors, and ambitious individuals to achieve success and expand in the heart of the Kingdom. With these vast opportunities, Saudi Arabia’s attractiveness as a global investment hub grows, making it the ideal destination for those seeking excellence and prosperity.
However, the most important step is choosing the right partner to facilitate the transition to these exceptional opportunities. HFA Firm is here to provide full support by offering free consultations, assisting with residency procedures, opening bank accounts, and completing all necessary legal formalities. We are here to make your experience in Saudi Arabia smoother and more successful, from starting a business to facilitating all residency-related transactions.
Are you ready to step into the future? Contact us now for a free consultation and start your journey with us today!
BY BELKIS HUSEIN
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