Saudi Premium Residency – The Golden Ticket

Jawazat & MOISaudi Premium Residency - The Golden Ticket

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According to Saudi Arabia’s Vision 2030, the Kingdom offers premium residency to its ex-pats. Colloquially known as the Saudi green card, this residency scheme has been in talks since 2016 under Crown Prince Mohammad Bin Salman. However, it was not until 2019 that the Shura Council finally approved the idea, and the first rounds of residence grants were done.

What is the Saudi Premium Residency?

All that glitters is not gold, but this certainly is. The Saudi Premium Residency program is a residence the government offers to expatriates in the Kingdom. This is a highly celebrated scheme. This is because it now allows ex-pats to reside within the country without the aid of a sponsor or employer. Home to over 10 million ex-worldwide world, this news is nothing short of a blessing to many.

This residency permit aims to bring the country highly skilled and extremely wealthy people. It is attracting doctors and entrepreneurs, business people, and investors. Valuable foreign nationals from just about anywhere in the world.

Ex-pats with this viable residency will enjoy the full benefit of Saudi nationals. They can keep their families, own businesses, and recruit workers. The residents can also buy properties and own vehicles. In other words, they can make a whole new life for themselves. They will also be granted equal rights as native Saudis under most circumstances.

Benefits of Saudi Residency

This comes with many benefits. Earlier, they were only reserved for Saudi nationals. These include:

Entry to and exit from the country at will without any visa issues.
Residence in the Kingdom is complete with family.
Enjoy special lanes and exclusive places otherwise only available for use to natives.
Own and run a business under Foreign Investment Laws.
Own legit real estate anywhere in the country for industrial, commercial, or residential purposes except Makkah & Madina.
Apply for a visit visa for relatives.
Private sector jobs and the ability to switch jobs as and when needed. Jobs specifically meant for Saudi nationals, of course, are not on the table for this.
Hiring domestic help from outside of the Kingdom
Use the real estate in Makkah and Madina, although you can’t own it
Own private means of transportation or commercial use
Use medical services and access to complete healthcare
Use of banking facilities and such

Types of Saudi Residency

The Kingdom of Saudi Arabia offers premium residency in basically two types. You can choose either depending on your financial assets and need of use.

i. Permanent Residence (SP1): This permanent residence needs a one-time payment only. It costs about 800,000 SR or $213,000.

ii. Temporary Residence (SP2): This Saudi residence is valid only for one year. It costs about 100,000 SR or $26,000 and has to be payable yearly.

Conditions for Saudi Premium Residency

A whole new country is considering you for possible residency. Do you know what that means? It means that this residency scheme comes with certain conditions. What makes you eligible for an SP1 or SP2 residence? Here is a short list of requirements.

A valid passport
An official Saudi Iqamah
At least legally 21 years of age
A decent and clean criminal record with the necessary proofs
Medical records to validate the absence of any infectious or transmissible diseases
If you apply within the Kingdom, you need to show that your current residency is legal
Financial security through bona fide bank statements

Documents required for Saudi Premium Residency

The residency scheme requires valid documentation before it can proceed. The following documents can be attached in English or their Arabic counterparts as the law requires.

Saudi Iqama number, current or even previous ones
Bank statements for the last two years
Information about spouses and children
Present address in addition to proof of National Address Registration
Most recent salary document stamped by the employer and Chamber of Commerce
Loan certificate from bank or lender and any guarantees involved
Title Deed/ Real Estate Ownership documents certified by the relevant authorities
Valid financial statements audited by an accountant
Certificates proving ownership of the shares as approved by the concerned jurisdiction
Pictures of the applicant and family members
Passport copy of applicant and family members
Reproduction of all previous and stamped Saudi Arabia visas on the applicant’s passport in the last 15 years

How to apply for a Saudi Residency?

The Saudi Residency can be applied online and has three simple steps. You can find these on their website, too. Firstly, register as a candidate. Secondly, follow all the given steps as we have briefly explained below.

Step 1: Fill in the form

This is the first step of the registration procedure. You need to fill out the form with all the necessary information. This includes name, passport number, details, email account, etc. You must verify your phone number and email address before your application can proceed.

Step 2: The application process

First of all, log in to your account. Select the Request Premium Residency option. You will need to enter the following details and the documents mentioned above.

Application and applicant information
Passport information
Address and contact info
Parents, spouse, and children details
Education and occupation details
Financial competence information
Travel history and visas
General and additional information

Step 3: Residency grant

If or once your application is approved, you will receive an email from the ministry. In short, they will ask you to pay for the premium residency. Moreover, the ministry needs this amount within 30 days of the acceptance of the application.

However, remember that permanent residence does not make an applicant eligible for Saudi citizenship.

What can cancel a Premium Residency Status?

As Saudi law goes, certain transgressions can result in the termination of Saudi Residency (SP1 & SP2). These are:

Failure to abide by rules and regulations laid down by the Kingdom
Incorrect information on the application form or discrepancies in documentation
Any criminal activity that leads to imprisonment for two months or a fine of over 100,000 SR.
Any judgment passed against you that requires you to be expelled from the state
Giving up the residence by will.
In case of the death of the applicant holder. The residence rights are transferred to the spouse as a one-time thing only.

Once residency terminates, the ex-pat can remain in the country for only up to 60 days. That is unless the government concedes to an extension.

In conclusion

The Saudi premium residence will be functional as soon as granted. In addition, the government does not require you to stay in the country for any minimum period. Furthermore, there is no particular taxing system for the residents either.

The Saudi government has long-term goals with this residency program. It aims to reduce the outflow of foreign remittances and increase investment in the country.

They hope for the development of non-oil-based businesses. The Saudi Arabia Vision 2030 is going strong and working to increase economic growth and nourish the state revenue.

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