Saudi Arabia is set to extend its Premium Residency program to a select group of individuals, including superyacht owners, top students, and buyers of properties in the kingdom’s high-profile Vision 2030 developments. This strategic move aims to attract foreign capital and further advance Crown Prince Mohammed bin Salman’s Vision 2030 goal of diversifying the economy and reducing the country’s reliance on oil.
Expanding the Premium Residency Program
The Premium Residency program, which offers a variety of benefits such as visa-free entry, work permits, and family extension privileges, is currently available to executives earning high salaries and specialized professionals. However, under the new proposals, the program will broaden its criteria to attract ultra-wealthy individuals, including those investing in Saudi Arabia’s flagship projects like the $60 billion Diriyah development in Riyadh.
Targeting High-End Investors and Top Talent
In line with Saudi Arabia’s push to transform its society and economy, the Premium Residency program will also target luxury tourism. Superyacht owners who choose to moor their vessels in the country’s luxury Red Sea resorts may qualify for the new benefits. Additionally, exceptional students and individuals investing in mega-project real estate could also become eligible.
Previous Criteria for Premium Residency
Under current guidelines, Premium Residency is available to individuals who meet specific income and professional criteria. Executives earning over SR80,000 ($21,300) monthly and health and science professionals with salaries exceeding SR35,000 ($9,300) are eligible. The program offers a range of privileges, including the ability to work, live in the country without a visa, and bring family members under the residency status.
Aiming for Foreign Capital and Visitors
The Saudi government’s efforts to attract foreign visitors and investment are part of broader economic reforms. The kingdom has already rolled out a program allowing non-Saudis to own property in certain regions, a move set to boost the real estate market. The expansion of the Premium Residency program further emphasizes the country’s aim to become a global hub for both tourism and business.
With this expansion, Saudi Arabia is positioning itself as an attractive destination for high-net-worth individuals, top-tier students, and investors. The enhanced Premium Residency program aligns with the kingdom’s Vision 2030 transformation goals and offers substantial incentives for foreign capital to flow into the country, ultimately driving long-term economic growth and diversification.
