Saudi Arabia's Premium Residency Program: Attracting Top Talent and Investors with Entrepreneurial Opportunities
Saudi Arabia's Premium Residency Program, launched in 2019, held a workshop in Riyadh on Wednesday to attract top foreign talent and investors.
The program offers five categories: special talent, gifted, entrepreneur, investor, and real estate residencies.
The entrepreneur category, discussed at the workshop, includes two sub-categories for entrepreneurs and innovators contributing to Saudi Arabia's development.
Category one offers a five-year premium residency, requiring an entrepreneurial license from the Saudi Ministry of Investment and a letter of recommendation from the investing party.
The text outlines two types of entrepreneur residency programs in Saudi Arabia.
For the first type, entrepreneurs need a minimum investment of SR400,000 and a 20% business ownership.
After five years, the residency can be renewed if eligibility criteria are met.
For the second type, entrepreneurs must create a minimum of 10 jobs in the first and second years, with a SR15 million investment and a 10% business ownership.
Benefits include nominating team members for exceptional competence residencies, owning real estate, issuing visit visas for relatives, and exemption from certain fees.
The Premium Residency Program in Saudi Arabia allows beneficiaries, including their families, to use lanes for citizens and citizens of the Gulf Cooperation Council countries at ports, travel in and out of the country without a re-entry visa, and work in private sector establishments.
Sarah Al-Hamad, an attendee of a workshop on the program, expressed her belief that it will boost economic growth and cultural exchange in the Kingdom.
The event also offered networking opportunities and discussions on funding and mentorship.