Saudi Arabia welcomes investors with first batch of residency visas

Saudi Arabia issued its first batch of premium residence visas for investors, doctors, engineers or financiers who wish to live in the kingdom.

The changes are part of Crown Prince Mohammed bin Salman’s economic and social reform plans to diversify the economy and steer it away from its reliance on oil.

Saudi Arabia’s Premium Residency Centre said it had received thousands of applications through its online portal from inside and outside the country over the past few months.

“The kingdom welcomes everyone,” said the centre’s chief executive, Bandar Al Ayed.

“Applying for a premium residency is available to anyone who meets the relevant conditions, whether they are residing in the kingdom or those wishing to come and settle here.”

The programme offers foreign citizens and their families long-term visas and privileges that were previously off limits for non-Saudis.

Applicants must be at least 21 years old, prove financial solvency, have no criminal record and a clean bill of health.

They can choose between permanent premium residency with a one-time fee of 800,000 Saudi riyals (Dh783,500) or an annual renewable premium residency with an annual fee of 100,000 riyals.

Both residencies offer easily obtained business licences, the right to own real estate and private vehicles and rights on property in Makkah and Madinah, according to the centre.

“When an investor comes to the kingdom, they come to a country with great economic and investment potential, and major projects led by Vision 2030, which ensures that the kingdom will be a fertile ground for minds, talent, venture capital, and a land of innovation and futuristic industries,” Mr Al Ayed said.

People working in the private sector will be able to move freely from company to company, except for professions and jobs that are restricted to Saudi citizens.

Premium residency holders will be able to self-issue exit and entry visas, and obtain visit visas for relatives.

“Our country today is one of the most important destinations, whether for working or investing, or even for residing, in light of many advantages including the strategic location of the kingdom, rich history and diversity, advanced infrastructure and most importantly, its security and stability,” Mr Al Ayed said.

The Saudi Cabinet approved the residency programme in June, and the first visas were issued yesterday.

When an investor comes to the kingdom, they come to a country with great economic and investment potential BANDAR AL AYED Premium Residency Centre