Saudi Arabia has announced a new golden visa for foreign investors. The Saudi Arabia Visiting Investor visa is available to investors from 60 countries including Australia, China, France, Germany, Russia, South Korea, UK and USA. First of all, this is a visa for those who want to do business in the Kingdom. This status will help simplify the business travel process for foreign investors and international companies.
The application process is through the applicant’s home country as well as the Kingdom of Saudi Arabia. Under the terms of the Saudi Arabia Visiting Investor visa program, there are two options: obtaining permanent residence – requires a minimum bank balance of $213,000 in the bank account. Or a renewable residence permit – requires that your annual account balance is $26,660.
Family members are also eligible to apply along with the main applicant without having to make any additional financial requirements.
This Saudi Arabia Visiting Investor provides a specific entry route for visiting investors, where none was previously available in Saudi Arabia. However, in 2022, Saudi Arabia already launched a visa for businessmen, but for this it was necessary to pay a large fee. And not just to have a designated amount in a bank account.
And what do neighboring countries offer investors in the meantime?
Kuwait, a small oil-rich Gulf country, is considering launching its own version of a residency by investment program.
Bahrain this June granted its first “golden licenses” offering special benefits to five companies that have made large-scale investment projects in the small state totaling more than $1.4 billion. According to the previously announced rules, in order to be eligible for the Golden License, companies and investors must make major investments or implement strategic projects that will create at least 500 jobs in Bahrain, or they must make an investment of at least US$50 million. Investors who obtain a license will enjoy benefits including automatic acquisition of residence permits in the Golden Residence for themselves, tax exemption for their company, and simplified access to government services such as business licensing and building permits, as well as support from the Fund Labor Bahrain, Tamkin, and the Bahrain Development Bank.
The UAE launched its popular golden visa in 2018 to attract foreign capital and talent. A residence permit can be obtained for investment. Residents are exempt from income, wealth, gift and inheritance taxes. Options for investors include opening a company in the UAE or investing in an existing company based in the country. Another option is to invest in UAE real estate, which requires a minimum amount of AED 2 million ($544,000). The residence visa allows the investor and his family to remain in the UAE as a resident and is valid for five to ten years with the possibility of renewal. Residents must visit the country every 180 days with no minimum stay.
Mind that if you have less local but more global interests, we recommend to consider obtaining Caribbean citizenship, and gain a multipass for travelling around the world including and more. For example, Second passport of Grenada. For obtaining citizenship of Grenada applicant may transfer donation to the government fund. That would be USD 200,000 for a family of 4. Or buy a share in an authorized branded hotel, such as InterContinental Grenada, for USD 220,000. Must hold period is 5 years.
