In a significant move to boost investment, Saudi Arabia has unveiled five new visa categories collectively known as ‘Premium Residency products.’ This strategic initiative, designed to attract skilled professionals and investments, aligns with the Kingdom’s vision for economic transformation, growth, and the diversification of revenue sources beyond oil.
Dr. Majid bin Abdullah Alkassabi, Chairman of the Premium Residency Centre, announced the introduction of these visas on Wednesday. The newly introduced visas, named Special Talent, Gifted, Investor, Entrepreneur, and Real Estate Owner Residency, are specifically tailored for working professionals, talented individuals, and investors.
Highlighting the importance of the plan, the official underscored its role in propelling Saudi Arabia toward a diversified, knowledge-based economy in accordance with the ambitious goals set out in Saudi Vision 2030.
While specific details regarding the duration of stay allowed and visa costs are yet to be disclosed, the initiative signifies a bold step towards advancing the nation’s development objectives.
Here is a breakdown of each visa type:
- Special Talent Residency: This category is designed for executives and professionals specializing in healthcare, science, and research. The goal is to attract individuals with unique skills and experiences to contribute to knowledge and technology transfers.
- Gifted Residency: Geared towards integrating skilled professionals and talented individuals into Saudi Arabia’s vibrant cultural and sports sectors.
- Investor Residency: Crafted for investors aiming to capitalize on the thriving business landscape, generating high-impact returns across the economy.
- Entrepreneur Residency: This category targets aspiring entrepreneurs and owners of innovative projects, encouraging them to launch and develop their startups in Saudi Arabia, thus contributing to the nation’s ambitious economic transformation.
- Real Estate Owner Residency: Tailored for individuals owning real estate, providing an opportunity to enjoy the kingdom’s quality of life while benefiting from its rapidly developing real estate market.
These visa types have been introduced following a thorough analysis and examination of the kingdom by various government departments and entities. The aim is to offer benefits to aspiring investors and businesspeople, facilitating business operations, real estate ownership, and obtaining work permits for themselves and their family members. This strategic move reflects Saudi Arabia’s commitment to fostering a conducive environment for economic growth and diversification.
