In May 2022 the Saudi Cabinet revealed a slew of new regulations including the organization of a Premium Residency Centre and the Unified National Platform for Saudi Arabia’s Premium Residency Visas, under the jurisdiction of the Ministry of Foreign Affairs. Eligible expats can now apply for Saudi Arabia’s Premium Residency Visa in three simple steps through its newly announced Unified National Platform for Visas.
What are the benefits of Saudi Arabia’s Premium Residency visa?
In addition to offering permanent residency in Saudi Arabia, the Premium Residency visa permits expats to use airport lanes dedicated to Saudi nationals, to conduct businesses, to sponsor visit visas for relatives, to buy and own real estate, and to employ domestic workers such as housemaids.
The official website of the Premium Residency Centre allows expats to apply for either a limited Premium Residency visa that is renewable on a yearly basis under the SP2 category, or a permanent residency that permits foreigners to reside in the country indefinitely under the SP1 category.
“The SP1 qualifies the applicant for permanent residency in Saudi Arabia in accordance with the premium residency Saudi Law, after satisfying the required conditions and paying a one-time fee of SAR 800,000,” the government stated. That’s approximately USD $213,000.
In order to apply for the permanent residency or limited-term residency without a sponsor in Saudi Arabia through the Premium Residency program (Saudi Arabia’s Premium Residency), expats will need to:
- To present a valid passport
- Must be at least 21 years of age
- Submit proof of a clean criminal record with no precedents
- Provide proof of financial solvency
- Submit an updated health report of being free from contagious diseases
- Proof of legal current residency status, if applying from within the kingdom
Mind that if you have less local but more global interests, we recommend to consider obtaining Caribbean citizenship, where you may invest about the same sum (including government fees) but gain a multipass for travelling around the world including the EU, UK and more.
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New alternative investment option was implemented in Citizenship of St. Kitts and Nevis program this year (valid since 1st of January 2022). Applicant may invest in socially significant infrastructure project as a non-refundable investment. Basically, this is an offer for a family of 2-4 people. It would take USD 175,000 while investment in a government fund is USD 195,000.
