Saudi Arabia has recently made a landmark decision to significantly reduce the cost of its Premium Residency Permit for expatriates under five key tracks, aiming to attract highly skilled professionals and investors to the Kingdom. Announced in January 2024, this new initiative slashes the one-time issuance fee to SAR 4,000 (approximately $1,065), a dramatic reduction from the previous annual cost of SAR 100,000. This move reflects Saudi Arabia’s strategic intent to open its doors wider to global talent and capital, facilitating easier, sponsor-free residency with full benefits for qualified foreigners.
### Overview of the Premium Residency Program
The Premium Residency scheme, initially launched in 2019, was designed to provide expatriates with long-term residency rights in Saudi Arabia without the need for a local sponsor (known as iqama), a major hurdle in traditional employment and business setups. The program offers multiple eligibility tracks tailored to specific groups such as investors, entrepreneurs, real estate owners, and talented individuals in various sectors. With the latest fee reduction, five of the seven available tracks now offer this affordable SAR 4,000 issuance fee, making the program far more accessible.
Saudi Arabia’s objective with the new pricing is to attract high-caliber professionals and investors who meet stringent eligibility requirements and who can contribute to the Kingdom’s economic diversification and Vision 2030 goals. By lowering financial barriers, the government hopes to compete more effectively on the global stage for international talent and capital.
### The Five Key Tracks for the Reduced Fee
The five tracks eligible for the newly reduced fee cater to various categories of expatriates, each with specific eligibility criteria:
1. **Special Talent Track** This track targets highly skilled professionals in sectors such as healthcare, science, research, and executive management. Applicants must hold at least a bachelor’s degree, have a minimum of three years of relevant work experience, and meet minimum salary thresholds that vary by profession, ranging from SAR 14,000 to upwards of SAR 80,000 monthly. This track is ideal for specialists and executives seeking to live and work in Saudi Arabia with independence.
2. **Gifted Track** Designed for exceptional talents in cultural fields, arts, and sports, this track requires applicants to have received recognized awards or endorsements from relevant Saudi ministries. Candidates must also demonstrate financial solvency. This pathway acknowledges individuals with distinguished achievements who can enrich Saudi society and culture.
3. **Investor Track** This track is tailored for foreign investors willing to inject significant capital into the Saudi economy. Applicants must invest a minimum of SAR 7 million into approved Saudi companies and commit to creating a specified number of jobs. This track supports Saudi Arabia’s economic diversification by encouraging foreign direct investment and job creation.
4. **Entrepreneur Track** This track welcomes founders of promising startups with guaranteed funding. Entrepreneurs must hold a qualified startup license and demonstrate a minimum investment of SAR 400,000, backed by accredited accelerators or incubators. This initiative aligns with Saudi Arabia’s push to foster innovation and a startup ecosystem.
5. **Real Estate Owner Track** This path is available to non-Saudis who own residential properties valued at SAR 4 million or more. The property must be developed, free of mortgages, and applicants must hold ownership or usufruct rights. This track encourages foreign investment in Saudi real estate while enabling property owners to secure long-term residency.
Applicants who fulfill the specific criteria for these tracks are eligible for a five-year renewable Premium Residency Permit by paying the reduced SAR 4,000 fee, providing an affordable, stable foundation for their stay.
### Benefits of the Premium Residency
The Premium Residency offers a host of benefits that surpass those of typical work visas or temporary permits. It grants holders and their dependents—including spouses, children under 25, and potentially parents—unprecedented freedom and privileges in Saudi Arabia:
- **Sponsor-Free Residency**: Holders can live, work, and conduct business in Saudi Arabia without requiring a local sponsor. This removes a major administrative and legal obstacle commonly faced by expatriates.
- **Freedom of Movement**: Premium residents enjoy visa-free entry and exit privileges within Saudi Arabia, including access to expedited airport lanes, facilitating easy travel.
- **Job Flexibility**: Unlike traditional work permits tied to a specific employer, this permit allows holders to work in the private sector and switch jobs without additional restrictions.
- **Property Ownership Rights**: Residents can own residential, commercial, and industrial real