Pursuant to the goals in Vision 2030, the Kingdom of Saudi Arabia has been trying to reform its existing economic, religious, and cultural paradigms. The underlying motive is simple: to strengthen the investors’ trust, especially foreign investors. Saudi Arabia’s track record in human rights cases, especially for women, and restrictions in the conduct of economic activities are known all over. Of course, there are arguments around the reformation process, and we shall not dwell on those. Our priority is to recognize the potential the country has to offer to investors.
As the country braces for a series of reforms in the coming years, it is reasonable to expect that its residency program may pick up momentum. Its Premium Residency Program is an opportunity for foreign nationals to contribute to the local economy in consideration of residency and the benefits associated with the same. What does this program entail? Well, read along, and you shall know.
What is it all about?
Simply put, the Premium Residency Program is the Permanent Residence Program under which foreign nationals can own and manage their businesses in the country. A typical Premium Residency (SP1) program will cost an investor around USD 213,000; the said amount is a one-off payment. Moreover, a premium residency visa holder will not require sponsorship from anyone, and unlike an investor visa, he is permitted to work here.
What are the eligibility criteria?
The applicant should satisfy a set of conditions to apply for the program. These conditions are:
- They must hold a valid passport.
- Must be at least 21 years of age or more.
- It is necessary to show that they have the sources of income required to sustain themselves.
- They must come clean of any criminal antecedent.
- Sound health and the absence of any contagious disease are mandatory.
- Possession of a valid Saudi Residency Permit (Iqama) or should be resident abroad.
What documents need to be furnished
A huge list of documents is stipulated in the program. The items in the list include but are not limited to:
- Proof of Residency
- Scanned copy of title deeds of the house
- Copies of bank statements from the last two years.
- Audited financial documents on shareholding.
- Details of the family members you wish to include in the application.
- Police Clearance Certificate that shows a clean criminal record of the applicant.
- Proof of present or former Saudi Residency Number.
When can the Saudi Premium Residency get terminated?
There are certain things the applicant must bear in mind while applying. They should not have been convicted and imprisoned for a period of not more than six months or must not have been subject to deportation by a judicial order or decree. Provision of false information in the application will invite cancellation of the visa. If the applicant dies or becomes incapacitated, the visa will be terminated. Where the continuance of the visa will affect the public interest, the visa can be canceled. Failure to adhere to the local law will, obviously so, invite cancellation. The applicant can also choose to give up the visa.
What benefits to derive from the program
To name a few, the applicant can bring family members to reside in the country. They can stay or leave the country whenever they desire and can own movables as per the laws and regulations of the Kingdom. Owning residential, commercial, or industrial real estate is possible except in certain areas; the said properties can also be leased out. As noted earlier, visa holders can legitimately work in the Kingdom. It is also relatively easy to acquire family visit visas under the program. The visa holders can recruit domestic helpers from abroad under the program.
Have you read?
World’s trendiest countries, 2023.
World’s Richest People (Top Billionaires, 2023).
Best Apps for Reading News for Google’s Android and Apple’s iOS.
Music successful CEOs and c-level executives listen to.
Which are the healthiest countries in the world for 2023?
Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Thank you for supporting our journalism. Subscribe here.
For media queries, please contact: info@ceoworld.biz
