{"id":82162,"date":"2024-01-23T00:00:00","date_gmt":"2024-01-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/23\/everything-you-need-to-know-about-the-premium-residency-scheme\/"},"modified":"2024-01-23T00:00:00","modified_gmt":"2024-01-23T00:00:00","slug":"everything-you-need-to-know-about-the-premium-residency-scheme","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/23\/everything-you-need-to-know-about-the-premium-residency-scheme\/","title":{"rendered":"Everything you need to know about the premium residency scheme"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The <\/strong><strong>government has unveiled a list of priority sectors for its new special <\/strong><strong>talent residency<\/strong>, <a target=\"_blank\" href=\"https:\/\/saudigazette.com.sa\/article\/639814\/SAUDI-ARABIA\/Saudi-Arabia-unveils-priority-specializations-eligible-to-obtain-Special-Talent-Residency\" style=\"\" rel=\"noopener\">Saudi Gazette<\/a> reports. This type of residency is one of the five new categories introduced earlier this month as part of the <strong><a target=\"_blank\" href=\"https:\/\/pr.gov.sa\/\" style=\"\" rel=\"noopener\">premium residency scheme<\/a><\/strong> launched in 2019 in a bid to attract skilled professionals to the local market. (You can apply for the ST residency <a target=\"_blank\" href=\"https:\/\/pr.gov.sa\/login\" style=\"\" rel=\"noopener\">here<\/a>.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Priority sectors for the ST residency include <\/strong>healthcare and life sciences, digital technologies, financial services, advanced manufacturing, space and defense, energy and circular economy, metals and mining, logistics and transport, tourism infrastructure, and agritech.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>The scheme had initially included only one type of residency with the permanent version costing SAR 800k and the one-year renewable costing SAR 100k, before introducing five new categories earlier this month. The new categories include residency types for <a target=\"_blank\" href=\"https:\/\/pr.gov.sa\/product-details-apply-special-talent\" style=\"\" rel=\"noopener\">special talents<\/a>, gifted professionals in the culture and sports spaces, owners of high-value real estate, well-funded entrepreneurs, and investors who have made investments in the local economy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eligibility criteria: <\/strong>The ST residency caters to academic researchers, professionals, and executives who are currently employed in one of the priority sectors with contracts worth a minimum of SAR 14k for researchers, SAR 35k for professionals, and SAR 80k for executives. They must also hold a bachelor degree or higher and boast a minimum of 3 years of professional experience.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Duration + fees for the new categories: <\/strong>The new categories provide applicants with a five-year renewable residency for a fee of SAR 4k. Holders of the new residencies can obtain a permanent residency if they comply with their residency eligibility criteria for a period of 30 months within 5 consecutive or non-consecutive years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The benefits provided to holders of premium residencies, in short:<\/strong><\/p>\n<ul>\n<li>The residency include the parents, spouses, and children under 25 years old of the holder;<\/li>\n<li>Freedom to move between companies;<\/li>\n<li>Exemption from financial fees imposed on expats and their dependents;<\/li>\n<li>Issuance of visit visas for relatives;<\/li>\n<li>Allowing the spouses and children of the holder to work in the private sector;<\/li>\n<li>Allowing holder to conduct business activities;<\/li>\n<li>Holders are allowed to own and use real estate properties.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investors can have it better: <\/strong>Those who don\u2019t fall within the ST category but have plans to <a target=\"_blank\" href=\"https:\/\/pr.gov.sa\/product-details-investor-residency\" style=\"\" rel=\"noopener\">invest SAR 7 mn<\/a> in their first two years of residency and create 10 jobs within the local economy, are eligible for all of the above benefits along with a permanent SAR 4k residency. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You are an entrepreneur? <\/strong>You qualify for an entrepreneur residency if you own a 10%-20% stake in a startup and have raised investment rounds worth the equivalent of a minimum of SAR 400k or SAR 15 mn. Those whose qualifications fall within the lower ranges of ownership and investments are eligible for a renewable five-year residency, while the upper ranges qualify the applicant for a permanent residency. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expats can obtain the real estate owners residency <\/strong>if they own an existing residential property valued at a minimum of SAR 4 mn and that wasn\u2019t financed by a credit line. The residency would be valid for as long as the title to the property is valid.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Five new residency categories for a fee of SAR 4k<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2641],"tags":[39,10,315,314],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-82162","post","type-post","status-publish","format-standard","hentry","category-enterprise-explains","tag-enterprise-explains","tag-enterpriseam-ksa","tag-expats","tag-premium-residency-scheme","wpautop","entry"],"acf":{"mongo_id":"9253d901-ff90-46d0-915f-e37c2d9652fe","is_powered_by":false,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Everything you need to know about the premium residency scheme","related_issue":[82147],"teaser":"Five new residency categories for a fee of SAR 4k","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.ce728308-51ef-49f4-9868-dcc3927c984e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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