Saudi Arabia Adds New Categories For Premium Residency Applicants (image@ Pixabay)
Saudi Arabia added new eligibility criteria to its Premium Residency application. The new categories will ease the process for the residents who seek to apply for the visa scheme. The Kingdom’s residency permit, the Saudi Premium Residency, which grants the foreign nationals to live, work, and own businesses and property in the country without any sponsor, earlier did not specified categories for individuals who wish to apply for the visa.
Saudi Arabia introduced five new categories for the applicants. The categories include, skilled individuals (specialists, executives), talents (cultural, Sports), business investors, property owners and, entrepreneurs. Those who have the Saudi Premium Residency possess the right to reside in the country for an extended period of one year (renewable) or an unlimited duration, as per the plan they select while applying.
Cost of the Premium Residency plan is, for one year, it costs $26,665 (100,000 SAR), and for unlimited plan, it costs, $213,320 (800,000SAR). The amount must be paid upfront. For the individuals who are applying under the newly introduced five categories, the Saudi Premium Residency costs $1,066 (SAR 4,000).
There is more to the Premium Residency holders. The immediate family members of the holders can also stay in Saudi Arabia without paying the dependent fee. The family members will have right to live, work and invest in Saudi Arabia. They are also allowed to freely change employment or employers while living in the country.
Individuals are allowed to own residential buildings, commercial and industrial real estate in all areas of the Kingdom including Mecca, Madina, and border regions of the country. The holders of Premium Residency are also allowed the right to own vehicles and other modes of transportation within the country. They are also allowed to move in and out of the country as often as they please. Saudi Premium Residency also give holders the right to invest in Saudi Capital Market.
