While welcoming the measure, Minister of Investment Khaled Al-Faleh said that the Cabinet decision is an important step toward attracting foreign investors and enhancing the attractiveness of the investment environment in the Kingdom. This will contribute to the growth and expansion of investment, as well as to boost the efforts to attract distinguished capabilities and persons with creativity of global standard, he said.

Foreign nationals can obtain permanent residency or limited-term residency without a sponsor through the Premium Residency Program. There are three simple steps for getting issued the Premium Residency - filling out the application in the prescribed format and payment of the fee for processing the application; studying the application in terms of reviewing the applicant’s data and attached documents, analyzing and processing the request; and then issuing the Premium Residency after ensuring that there is a valid medical insurance and that the fees have been paid for the type of residence required.

There are two types of Premium Residency: permanent and temporary. A permanent Residency Permit comes at a cost of SR800,000 while the temporary Residency Permit is available at a cost of SR100,000 and can be renewed annually.

The proof of solvency is a condition for obtaining the Premium Residency, and it is intended to prove the ability to meet the financial and living obligations and requirements in the Kingdom. The criteria for financial solvency vary according to the status of each applicant, and they are proven by submitting income and investment documents or any financial resources and assets.

There are specific conditions that must be met. These will focus mainly on the applicant’s ability to invest financially in the country as well as 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 special 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 expats to use airport lanes dedicated to Saudi nationals and to employ domestic workers such as housemaids.

The special advantages also include conducting businesses in accordance with 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.

The applicant must be at least 21 years of age with a valid passport. He has to submit proof of a clean criminal record with no precedents as well as to provide proof of financial solvency, submission of an updated health report of being free from contagious diseases. The date of the health report does not exceed six months from the date of application. The applicant’s residency status must be legal if he is applying from within the Kingdom.