Saudi Arabia recently announced adding five new categories under its Premium Residency Permit (PRP) scheme, aimed at attracting foreign investment and top-tier talent.
The new categories are as follows:
Special Talent Residency:
This category is open to researchers, healthcare and scientific professionals, and executives. The validity of the residency is five years, which can be renewed once.
Gifted Residency:
This category is available to recognized individuals in culture, arts, or sports. The validity of the residency is five years, which can be renewed once.
Investor Residency:
This category requires a minimum investment of SAR 7 million and the creation of 10 new jobs. Immediate permanent residency will be granted, subject to investment conditions.
Entrepreneur Residency:
This category is for start-up founders investing either SAR 400,000 or SAR 15 million, with job creation requirements. The validity of the residency is five years, which can be renewed once, or immediate permanent residency, subject to conditions.
Real Estate Owner Residency:
This category is for property owners or beneficiaries of properties worth at least SAR 4 million. The residency will be valid as long as the property ownership is retained.
Applicants must meet financial, criminal, and medical criteria and have valid medical insurance. An electronic platform by the Saudi Premium Residency Centre (SPRC) streamlines the application process. The government fees for each PRP type are SAR 4,000, with an additional SPRC fee for the initial assessment. Dependents of principal applicants are exempt from government fees and the 2017-introduced dependents‘ levy.
The PRP scheme was initiated in 2019, and the new categories supplement the existing PRP options. The expansion is expected to increase the influx of skilled individuals, entrepreneurs, and investors, aligning with the nation’s strategy to enhance global competitiveness.
How TME Legal Consultants Can Support You Regarding Your Investment in the Kingdom
This dynamic approach of Saudi Arabia in expanding its Premium Residency Permit categories not only enriches the nation’s talent pool but also solidifies its position as an appealing destination for foreign investment and expertise. As the country continues to evolve its policies, these changes are anticipated to stimulate economic growth and innovation.
At TME Services, our team of 45 experts is ready to help your business make the most of these opportunities. With over 18 years of experience in the KSA, the UAE and the Middle East, we specialize in legal, tax, accounting, and compliance matters.
