For business leaders and executives eyeing opportunities in the Middle East, understanding the tools available to establish a foothold in Saudi Arabia is critical. One such tool, the Saudi Premium Residency, offers a unique pathway for professionals and investors to live, work, and grow their ventures in the Kingdom without the need for a local sponsor. Launched in 2019 and often dubbed the “Saudi Green Card,” this program has evolved significantly, especially with updates in 2024, making it a game-changer for those relocating to Saudi Arabia or expanding their operations in the region. Here’s what you need to know about the Saudi Premium Residency and why it matters to your business strategy.
The Saudi Premium Residency is a residence permit designed to attract talent, skilled professionals, entrepreneurs, and investors to Saudi Arabia. Unlike traditional expatriate arrangements that require a sponsor—typically an employer—this program allows foreign nationals to live, work, and own businesses and property independently. Introduced as part of Saudi Arabia’s Vision 2030 to diversify its economy beyond oil, it has gained international attention for opening doors to top-tier talent and investment. For business leaders, this means greater flexibility to explore opportunities in one of the region’s largest markets without the constraints of conventional visa dependencies.
Since its inception, the program has expanded from two initial options—limited duration and permanent residency—to include five additional categories in 2024. These updates streamline the application process and broaden eligibility, catering to a wider range of professionals and investors. Whether you’re considering moving to Saudi Arabia for a short-term project or planning a long-term relocation, this residency offers tailored solutions to suit your goals.
For executives and entrepreneurs, the Saudi Premium Residency is more than just a visa—it’s a strategic enabler. Saudi Arabia’s robust economy, bolstered by ambitious growth initiatives, presents a compelling environment for investment and expansion. The ability to operate without a sponsor simplifies company structuring, a process Peninsula has mastered through years of supporting expatriates in Saudi Arabia. This residency aligns with the needs of busy leaders who value efficiency, autonomy, and the opportunity to tap into a market poised for transformation. Understanding its options and requirements can help you make informed decisions about relocating to Saudi Arabia and scaling your business.
The program offers seven distinct categories, each designed to meet different professional and investment needs. Here’s a breakdown to help you identify the best fit for your objectives.
This option provides residency for one to five years, renewable upon expiry, with an annual fee. A 2% discount applies if you pay upfront for multiple years, making it cost-effective for phased commitments. It’s ideal for executives testing the waters in Saudi Arabia or managing time-bound projects. The minimum age requirement is 21, and it suits those wanting to assess the business climate before a deeper investment.
For those seeking a permanent base, this category offers lifetime residency for a one-time fee. Aimed at business leaders planning to relocate to Saudi Arabia indefinitely, it eliminates the need for renewals, providing stability for long-term ventures. Like the limited option, applicants must be at least 21, making it a strong choice for establishing a lasting presence in the Kingdom.
If property investment aligns with your strategy, this pathway grants residency tied to owning a residential property valued at least four million Saudi Riyals. The property must be fully developed and appraised by accredited Saudi valuers (TAQEEM), with no financing or mortgages allowed. This option suits executives looking to combine personal relocation with real estate opportunities, offering residency for as long as you hold the property.
Tailored for business investors, this permanent residency requires an investment license and a minimum investment of 7 million Saudi Riyals within two years, alongside creating at least 10 jobs. It’s a dual-benefit opportunity—grow your business while securing a Saudi Arabia visa for yourself and your family. With Saudi Arabia’s thriving market, this is a compelling choice for leaders aiming to capitalize on regional growth.
Startup founders can secure a five-year renewable residency by attracting at least 400,000 Saudi Riyals in investment from recognized venture capital funds or incubators. You’ll need an entrepreneurial license and a recommendation from the investor, maintaining a 20% stake in your venture. Permanent residency becomes an option if your investment hits 15 million Saudi Riyals and sustains 10 jobs annually. Notably, your startup enjoys a three-year exemption from the Nitaqat localization program, easing early-stage growth—a significant perk for expatriates in Saudi Arabia.
This five-year renewable residency targets skilled professionals in fields like healthcare, science, research, and executive leadership. Requirements vary: researchers need a bachelor’s degree, three years of experience, and a 14,000 Saudi Riyal monthly salary, while executives require an 80,000 Saudi Riyal salary and employer recommendation. It’s renewable and can convert to permanent status, offering flexibility for high-caliber talent moving to Saudi Arabia.
Aimed at cultural, artistic, and sports talents, this five-year renewable residency requires a recommendation from a Saudi authority like the Ministry of Culture or Sports. Eligibility hinges on exceptional achievements or meeting specific criteria, with potential for permanent residency. It’s a niche option for leaders in these sectors looking to contribute to Saudi Arabia’s cultural landscape.
While each category has unique requirements, certain standards apply across the board. Applicants and their families need passports valid for at least six months, free of travel restrictions. Financial solvency is key—expect to provide bank statements proving you can support yourself and dependents. A clean criminal record is mandatory, with background checks conducted by the Saudi Premium Residency Center. Health-wise, you and your family must be free of communicable diseases, verified by a recent medical report from a certified provider. If you’re already in Saudi Arabia, proof of legal residency is required. These criteria ensure the program attracts credible, capable individuals—qualities business leaders naturally bring to the table.
Applying for a Saudi Arabia visa under this program involves straightforward documentation. If you’ve lived in Saudi Arabia before, include your Iqama number. Submit bank statements from the past 12 months, proof of address (like a utility bill), and personal photos of yourself and your family. Passports and any Saudi visas from the last 15 years are essential, alongside a medical report for all applicants. Employees need a certified salary statement, while investors submit commercial registration and audited financials from the past 24 months. Additional documents, like property contracts or recommendation letters, depend on your chosen category. Peninsula’s expertise ensures these are compiled efficiently, minimizing delays.
Navigating the Saudi Premium Residency process can feel daunting, but it doesn’t have to be. At Peninsula, founded by Alistair Paine, we’ve spent 15 years helping entrepreneurs, SMEs, and multinationals establish themselves in Saudi Arabia and the UAE. Our team combines deep regulatory knowledge with practical business insight, streamlining everything from residency applications to company formation and tax advice. For business leaders relocating to Saudi Arabia, we offer a trusted partner to simplify the complexities of regional expansion, ensuring your focus remains on growth.
The Saudi Premium Residency opens doors for expatriates in Saudi Arabia, offering autonomy and opportunity in a dynamic market. Whether you’re moving to Saudi Arabia for a short-term venture or a permanent shift, understanding its options positions you to leverage the Kingdom’s economic potential. With Peninsula by your side, you’re equipped to turn that potential into action.
Alistair Paine brings 15 years of dedicated experience in Saudi market entry, guiding Fortune 500 companies and innovative scale-ups through successful establishment in the Kingdom. His expertise in Saudi company formation, licensing and market entry strategy, positions him as a leading authority and consultant in international business expansion to Saudi Arabia.
Schedule a free consultation with Alistair and the Peninsula team to understand which market entry strategy is best suited to your business setup in Saudi Arabia.
Email: Alistair@peninsulacs.com
