Riyadh – Minister of Commerce Dr. Majed Al-Qasabi said that the Council of Ministers’ approval to organize the Premium Residency Center (PRC) is the right step to empowering the Kingdom’s national economy.
PRC will attract distinguished persons, talents, and capital. The weekly Cabinet session chaired by the Custodian of the Two Holy Mosques approved the organization of the PRC.
Minister of Investment Khaled Al-Faleh welcomed the Cabinet decision as an essential step to attract foreign investors to the Kingdom. The measure will boost the efforts to attract capabilities and people with global standards.
Foreign nationals can obtain permanent or limited-term residency without a sponsor through the Premium Residency Program. There are three simple steps – fill out the application in the prescribed format and pay the processing fee.
There are two categories of Premium Residency: permanent and temporary.
- The permanent Residency Permit costs SR800,000.
- While the temporary Residency Permit is available for SR100,000, renewable annually.
The proof of solvency is a condition for obtaining the Premium Residency. It proves the applicant’s ability to meet the financial and living obligations in the Kingdom. The criteria for financial solvency vary according to each applicant’s status.
Meeting specific conditions is a must. These conditions focus on the applicant’s ability to invest in the country and have the capacity to create employment for Saudi nationals, thereby adding more value to the economy.
The Premium Residency Scheme allows skilled foreign residents and financiers to invest, run a business, self-sponsor and travel freely in and out of Saudi Arabia.
It also provides a host of particular economic and personal privileges, such as the right to obtain residency visas for family members and sponsor visit visas for relatives.
In addition to offering permanent residency in Saudi Arabia, the Premium Residency visa permits ex-pats to use airport lanes dedicated to Saudi nationals and employ domestic workers such as housemaids.
The unique advantages also include:
- Conducting businesses following the Foreign Investment Law.
- Owning residential real estate and benefiting from real estate in Makkah and Madinah.
- Owning private means of transportation and freedom to leave Saudi Arabia and return to it on their own.
Applicants need to be 21 years of age with a valid passport—proof of financial solvency and a clean criminal record.
A recent health report, the date of health report should not exceed six months from the date of application. The applicant’s residency status must be legal if he applies from within the Kingdom.