Saudi Arabia launched a permanent residency by investment programme for High Net Worth Individuals. The qualifying amount is 800,000 riyals (213,000 USD or 188,000 EUR). The Premium Residency scheme is a part of the “Kingdom’s Vision 2030” reform plan.
Moreover, this Saudi scheme contains another option as well, the renewable temporary residence permit for investors (valid for one year) costs 100,000 riyals (27,000 USD or 23,500 EUR). Furthermore, the “premium residents” may buy property in Saudi Arabia, and they can start a business in the Kingdom without a local, Saudí sponsor. They can also change or switch jobs and quickly exit the country. The investors may also sponsor their family members. Saudi Arabia accepts applicants at least 21 years old; they must prove their financial solvency, clean criminal record and must provide a medical exam document as well.
Saudi Arabia is not the only nation in the Gulf-region, where they rethink the role of the wealthy and high-skilled foreigners.The United Arab Emirates and Qatar also launched their long-term residency programs to not only attract the talents but to keep the expats, who helped to develop these extremely wealthy countries. In Saudi Arabia, the slow economic growth of the last years has prompted hundreds of thousands of expatriates to leave, according to the Jakarta Post.
The Saudi Cabinet enforced the regulations for the pr scheme in May 2019 because the country is competing with the neighboring Gulf-countries to create an attractive visa program and jobs. According to the Arab News, the Premium Residency Center is already receiving applications for the new residency by investment scheme through the official governmental electronic platform SAPRC.
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