New Saudi Residency Scheme Proving Popular With Wealthy Expats

Saudi Arabia is now rolling out its premium residency scheme for expats who meet the visa’s criteria.

After the news broke that a premium residency visa was to be introduced in the Kingdom, its immigration department received literally thousands of applications for the promised premium residency. The first batch of those lucky and rich enough to receive the visa contains the details of expats already in residence and well as those of professionals living overseas and comprises 73 successful applicants from 19 world countries. A wide spectrum of professional sectors are represented, including engineers, doctors and financiers, all of whom expressed a wish to live permanently in Saudi Arabia with their families.

According to the Saudi office dealing with the applications, the premium residency visa is also open to those already living and working in the kingdom provided they meet the scheme’s requirements. According to a government spokesperson, Saudi is one of the world’s prime locations for working, investing or taking up permanent residency. Its strategic location, advanced infrastructure, diversity, rich history and all-important stability and security are all advantages available to expat applicants who can meet the visa’s criteria.

For those considering a move to the kingdom, there are two versions of the permanent residency visa. The permanent premium residency permit requires a one-time payment of SAR800,000, whilst the annually renewable premium residency deal costs SAR100,000 per year. Holders of the permits can work in Saudi’s private sector as well as self-issuing entry and exit visas and visit visas for family visits. Other benefits include property and vehicle ownership, real estate usufruct rights and business licenses.