RIYADH – In a bid to spur investment, Saudi Arabia has introduced five new visa types, collectively termed ‘Premium Residency products.’
The initiative, aimed at attracting skilled professionals and investments, aligns with the Kingdom’s ambition for economic transformation and growth and to diversify revenue streams away from oil.
Dr. Majid bin Abdullah Alkassabi, Chairman of the Premium Residency Centre introduced the visas on Wednesday which are named Special Talent, Gifted, Investor, Entrepreneur, and Real Estate Owner Residency and they cater specifically to working professionals, talented individuals, and investors.
The official emphasized the plan’s role in propelling Saudi Arabia towards a diversified, knowledge-based economy in alignment with Saudi Vision 2030.
Though the complete details regarding the duration of stay allowed and the costs for the visas have not been announced, the move signals a bold step to bolster the nation’s development journey.
The details regarding each visa type are as under:
The ‘Special Talent’ Residency caters to executives and professionals specializing in healthcare, science, and research, with the goal of attracting individuals possessing unique skills and experiences to contribute to knowledge and technology transfers.
Moreover, the ‘Gifted’ Residency seeks to integrate skilled professionals and talented individuals into Saudi Arabia’s dynamic cultural and sports sectors.
The ‘Investor’ Residency is crafted for investors aiming to capitalize on the thriving business landscape, generating high-impact returns across the economy.
As the name implies, the ‘Entrepreneur’ Residency targets aspiring entrepreneurs and owners of innovative projects, who intend to launch and develop their startups in Saudi Arabia, thereby contributing to the nation’s ambitious economic transformation journey.
The ‘Real Estate Owner’ Residency is 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.
The visa types have been introduced after a thorough analysis and examination of the kingdom by different government departments and entities to offer benefits to aspiring investors and business people to conduct business, own real estate, and obtain work permits for themselves and family members.
