On January 11, 2024, Saudi Arabia unveiled its latest initiative, “Premium Residency Products”, signaling a wave of opportunities designed to entice foreign nationals to make the Kingdom their home. New residency visas in Saudi Arabia is a strategic initiative that aims to position the Kingdom as a global innovation hub, underscoring its commitment to diversify its economy from fossil fuels. This is exceptionally positive news for individuals with talent and motivation in Life Sciences who are keen to advance their careers and contribute to industry development.
What are 5 new residency visas in Saudi Arabia and who can apply?
New visas include Special Talent Residency, Gifted Residency, Investor Residency, Entrepreneur Residency, and Real Estate Residency.
- Special Talent Residency is a particularly exciting opportunity for talented healthcare individuals with unique knowledge and technology transfer skills, willing to further develop their careers in Saudi Arabia. Applicants for Special Talent Residency are required to possess an employment contract and hold a Bachelor’s degree or higher. Additionally, those in healthcare or science fields must have a minimum monthly income of SAR35,000, while researchers should have a monthly income of SAR14,000. Executives seeking this status must have an executive-level job contract and earn a monthly income exceeding SAR80,000.
- Gifted Residency aims to integrate skilled professionals and talented individuals into Saudi Arabia’s cultural and sports sectors, contributing to the vibrancy and growth of these fields. Eligible individuals are those nominated or honored by the Ministry of Culture and Ministry of Sports, provided they meet a minimum financial solvency requirement.
- Investor Residency, tailored for individuals seeking to leverage Saudi Arabia’s business opportunities. It provides permanent residency to applicants who invest SAR7 million and generate a minimum of 10 job positions within 2 years.
- Entrepreneur Residency is intended for aspiring entrepreneurs and owners of innovative projects, encouraging them to launch and develop startups in Saudi Arabia, contributing to the nation’s economic transformation. There are two categories the entrepreneur residency, depending on the volume of the investment and size of ownership stake.
- Real Estate Owner Residency, tailored for individuals owning real estate in Saudi Arabia while benefiting from the promising real estate market’s rapid development. This opportunity is available for individuals who own residential property in Saudi Arabia valued at SAR4 million or more, and it should not have any existing or future mortgages.
The benefits vary depending on the type of visa. Saudi premium residency holders can now extend premium residency status to their family members, operate businesses, conduct free money transfers, and host or invite relatives.
How to apply for a residency visa in Saudi Arabia?
Application for a premium residency in Saudi Arabia takes a few steps:
- Register online: Visit the Premium Residency portal to create and verify your account.
- Complete application: Fill out the “Request Premium Residency” application form with all the required details.
- Submit documents: Upload all the required documents, such as copies of your passport, ID, birth and marriage certificates, bank statement, and employment contract. Before submitting your application, make sure to carefully review it. A one-time application fee is SAR4,000.
- Approval process: Applications are being processed by the Premium Residency Center. A visa will be issued when reviewed and approved.
New Residency Program: a part of Vision 2030
The new residency visas in Saudi Arabia, introduced as “Premium Residency Products” are designed to attract individuals who can add value to the national economy and actively participate in Saudi Arabia’s rapid development journey under Saudi Vision 2030.
Overall, the expansion of the residency program marks another significant step towards transforming Saudi Arabia into a diversified, knowledge-based economy, making it an attractive destination for global talent and investors.
Job opportunities in Saudi Arabia
If you’re eager to advance your career in Saudi Arabia, boost your professional development, and be a part of significant investments towards economic growth made by the country, we encourage you to explore DNA Recruitment’s latest job opportunities. Visit our Job Search website to browse through a diverse range of available positions.
Published: 19 January 2024