Saudi Arabia launches new visa scheme to attract investors and entrepreneurs

Saudi Arabia has launched five new visas to attract skilled professionals and investors as the Arab world’s biggest economy seeks to strengthen its position as a global centre for business.

The “premium residency products” are in line with the kingdom’s goals to drive economic transformation, create employment opportunities and increase knowledge transfer, Majid bin Alkassabi, chairman of Saudi Arabia’s board of the Premium Residency Centre, said yesterday.

The new visa categories of special talent, gifted, investor, entrepreneur, and real estate owner residency will offer holders “unparalleled opportunities for settling in Saudi Arabia”, he said.

The special visas “offer a wide range of benefits to holders, including the ability to conduct business, own real estate, obtain work permits for holders and family members, and many more advantages”.

He did not, however, give details on the validity or the cost of new special visas.

Saudi Arabia, Opec’s biggest oil producer, aims to reduce its reliance on the sale of hydrocarbons and diversify its economy away from oil.

Expansion of its industrial base, creating jobs, boosting knowledge exchange and increasing foreign direct investment are among the key pillars of the kingdom’s Vision 2030 agenda.

Saudi Arabia opened up several sectors for public-private partnerships and has introduced several schemes, including dedicated industry free zones and tax rebates, to attract new talent and investors to the kingdom.

It also introduced regulation for foreign companies to set up regional headquarters in the kingdom to support the country’s non-oil economy. The kingdom hopes to have 480 global companies establish headquarters in the kingdom by 2030. In October 2021, 44 companies received government licences to set up headquarters in the country.

The companies that had already relocated their regional headquarters by then included PepsiCo, DiDi, Unilever, Siemens, KPMG, Novartis, Baker Hughes, Halliburton, Philips, Flour, Schlumberger, SAP, PwC, Oyo, Boston Scientific and Tim Hortons.

The regional headquarters programme aims to attract multinational companies by offering benefits and premium support services including a 30-year tax break.

Mr Alkassabi said the five new visa products have been developed in collaboration with the Premium Residency Centre’s strategic partners across several government entities.

The special talent residency caters to executives and professionals who specialise in health care, science and research. It aims to attract people with unique skills and experiences who can contribute to knowledge and technology transfers.

The residency aims to integrate skilled professionals and talented people into Saudi Arabia’s growing cultural and sport sectors. The investor residency is designed for investors “looking to capitalise on Saudi’s thriving business landscape and generate high-impact returns from across the economy”, Mr Alkassabi said.

The entrepreneur residency is intended for “aspiring entrepreneurs and owners of innovative projects” looking to set up their start-ups in the kingdom. The real estate owners visa is designed for people looking to benefit from the country’s fast-growing real estate market, according to Mr Alkassabi.

“The doors to all premium residency products are open to those who can add value to the national economy and actively participate in Saudi Arabia’s rapid development journey under Saudi Vision 2030,” he said.

The new visa categories comprise special talent, gifted [person], investor, entrepreneur and real estate owner