Saudi Arabia issues first batch of ‘premium’ residence visas for investors

Programme offers foreigners privileges that were previously not available to non-Saudis

Saudi Arabia’s Crown Prince Mohammed bin Salman has driven a social reform programme. AP

Saudi Arabia issued its first batch of "premium" residence visas on Monday, for investors, doctors, engineers or financiers who wish to live in the kingdom.

The changes are part of Crown Prince Mohammed bin Salman's economic and social reform plans to diversify the economy and steer it away from its reliance on oil.

Saudi Arabia's Premium Residency Centre said it had received thousands of applications through its online portal from inside and outside the country over the past few months.

"The kingdom welcomes everyone. Applying for a premium residency is available to anyone who meets the relevant conditions, whether they are residing in the kingdom or those wishing to come and settle here," said the centre's chief executive, Bandar Al Ayed.

NEOM will be a high tech, cross-border city in the Tabuk Province of northwestern Saudi Arabia. Courtesy SCTH

Neom is the flagship project of Saudi Arabia’s post-oil diversification plan known as Vision 2030 that seeks to reduce the kingdom's reliance on hydrocarbons. Courtesy SCTH

The zone is located in north-western Saudi Arabia and is set to include territory from the Egyptian and Jordanian borders. Courtesy SCTH

Located between the coastal cities of Umluj and Al Wajh, the Red Sea will is also being developed for Saudi tourism. Courtesy SCTH

The project will be the first fully integrated, luxury, mixed-use resort in the Middle East and is expected to attract visitors all year round. Courtesy SCTH.

Amaala is a 3,000 square kilometre development and will have its own airport and target luxury travellers. Courtesy SCTH.

The development will add 2,500 hotel rooms and 700 private residential villas along with a retail area with 200 outlets. Courtesy SCTH.

Amaala will also feature an academy of the arts that aims to further develop young artists from Saudi Arabia and the broader region. Courtesy SCTH.

Amaala will border the city of Neom and the Red Sea Project within the Prince Mohammed bin Salman Natural Reserve. Courtesy SCTH.

Qiddiya City is a major entertainment development project to be established in Saudi.

Qiddiya is set to be Saudi's "pre-eminent entertainment, sports and cultural destination". Courtesy SCTH.

Six Flags Qiddiya is being built as part of a new city outside Riyadh and is due for completion in 2023. Courtesy SCTH.

The Qiddiya entertainment development will also include motor sport facilities and a safari park.Courtesy SCTH.

Six Flags Qiddiya will be home to a host of record-breaking rides — including the world's fastest roller coaster. Courtesy SCTH.

The programme offers foreign nationals and their families long-term visas and privileges that were previously not available to non-Saudis.

Applicants must be at least 21 years old, prove they are financially solvent, have no criminal record and have a clean bill of health.

They can choose between the permanent premium residency with a one-time fee of 800,000 Saudi riyals (Dh783,500), or a renewable premium residency with an annual fee of 100,000 riyals.

The centre said both  visas will make it easy for  applicants to obtain business licences, and give them the right to own private vehicles and real estate, including property in Makkah and Madinah.

"When an investor comes to the kingdom, they come to a country with great economic and investment potential, and major projects led by Vision 2030, which ensures that the kingdom will be a fertile ground for minds, talent, venture capital, and a land of innovation and futuristic industries," Mr Al Ayed said.

Those working in the private sector will be able to move freely from company to company, except for professions and jobs that are restricted to Saudi citizens.

Furthermore, premium residency holders will be able to issue exit and entry visas, and obtain visit visas for relatives.

"Our country today is one of the most important destinations, whether for working or investing, or even for residing, in light of many advantages including the strategic location of the kingdom, rich history and diversity, advanced infrastructure and most importantly, its security and stability," Mr Al Ayed said.

The Saudi Cabinet approved the residency programme last June.