Company Formation
Saudi Arabia started a new program called Premium Residency. It aims to attract talented people, investors, and business owners from all over the world. This program began in 2019. The goal is to boost the economy and spark new ideas. Premium Residency lets people live, work, and invest in Saudi Arabia. There are great perks like permanent residency and visa-free travel. Anyone can apply, whether you’re an investor, a business owner, a skilled worker, or even a retiree, as long as you meet the requirements.
Saudi Arabia's Premium Residency Program offers two main types of residency options designed to cater to the needs of expatriates seeking to live and work in the Kingdom. These options are:
1. Temporary Premium Residency
2. Permanent Premium Residency
|
Feature |
Temporary Premium Residency |
Permanent Premium Residency |
|
Duration |
1 year (renewable) |
Permanent |
|
Fee |
100,000 SAR annually |
800,000 SAR one-time |
|
Travel Flexibility |
Yes |
Yes |
|
Property Ownership |
Yes |
Yes |
|
Need for Local Sponsor |
No |
No |
To qualify for Premium Residency in Saudi Arabia, applicants must meet several criteria:
1. Financial Requirements
Applicants must demonstrate sufficient financial means to support themselves while residing in Saudi Arabia. This includes proof of income or assets that meet or exceed specific thresholds.
2. Criminal Record Clearance
A clean criminal record is required. Applicants must provide documentation proving they have no serious criminal convictions.
3. Health Status and Medical Insurance
Applicants must undergo health assessments to ensure they do not have any communicable diseases. Additionally, they must possess valid medical insurance that covers their stay in Saudi Arabia.
4. Valid Passport and Visa History
A valid passport is essential for application. Applicants should also have a clean visa history without any violations or overstays in Saudi Arabia or other countries.
The application process for obtaining Premium Residency in Saudi Arabia is straightforward and can be completed online through the Saudi Premium Residency Portal. Here are the steps involved:
1. Application Processing Fee: Approximately 170 USD.
2. Premium Residency Fees:
3. The overall application process typically takes around 4 to 6 weeks, depending on processing times and completeness of documentation.
Premium Residency in Saudi Arabia offers numerous advantages to expatriates and their families:
1. Freedom to Invest in Real Estate and Businesses
Holders of Premium Residency can invest freely in real estate and establish businesses without requiring a local sponsor, facilitating economic participation.
2. Exemption from Sponsorship (Kafala)
Premium residents are exempt from the traditional sponsorship system (kafala), allowing greater independence in employment and residency matters.
3. Ability to Travel Freely
Premium residents can travel in and out of Saudi Arabia without needing exit/re-entry permits, enhancing mobility.
4. Access to Healthcare and Education
Premium residents have access to healthcare services and educational institutions within Saudi Arabia, ensuring quality support for themselves and their families.
5. Long-Term Stability for Expatriates and Their Families
The program provides long-term residency options that contribute to stability for expatriates and their families, allowing them to build a life in Saudi Arabia.
Rights Granted to Premium Residency Holders
The costs associated with obtaining Premium Residency in Saudi Arabia vary depending on the type of residency chosen. Here’s a detailed breakdown:
|
Type of Residency |
Duration |
Cost (in SAR) |
Cost (in USD) |
|
1 year (renewable) |
100,000 SAR |
Approximately 26,670 USD |
|
Permanent |
800,000 SAR |
Approximately 213,340 USD |
|
One-time fee for specific categories |
4,000 SAR |
Approximately 1,067 USD |
Application Processing Fee: A one-time fee of approximately 638 SAR is required for processing the application across all residency types.
Discounts: For the temporary residency, applicants who pay for multiple years upfront may be eligible for a 2% discount on the total fee.
The introduction of the Premium Residency program has significant implications for Saudi Arabia's economy and society:
Contribution to Economic Growth
The program attracts foreign investment and skilled professionals, stimulating economic development and diversification in line with Saudi Arabia's Vision 2030 objectives.
Attraction of Global Talent and Investors
By offering favorable residency conditions, Saudi Arabia positions itself as an attractive destination for global talent and investors, enhancing its competitiveness in the region.
Integration of Expatriates into Saudi Society
The Premium Residency facilitates the integration of expatriates into Saudi society by allowing them to live and work without the constraints of traditional sponsorship systems, fostering a more inclusive environment.
Understanding Legal Requirements for Premium Residency
Managing Application Rejections
Staying Compliant with Residency Rules
The Premium Residency program in Saudi Arabia is a great chance for people to build a safe and bright future in the country. It offers many benefits like permanent residency, visa-free travel, and VIP services. This program aims to bring in talented workers, investors, and business people from all over the world.
Reyson Badger, an expert in residency programs in Saudi Arabia is a big deal for anyone looking for a secure future in the Middle East. With a clear path to residency and citizenship, Saudi Arabia is becoming a key place for innovation and business growth. The Premium Residency program is a big part of this plan.
A certificate issued on request that allows applicants to take advantage of the Double Taxation Agreement.
The Tax Residency Certificate is issued by the Federal Tax Authority (FTA) in the UAE.
No, the UAE does not issue a Tax Residency Certificate to non-residents.
The processing time varies, but it typically takes a few weeks to a few months.
You will receive a notification explaining the reason for rejection and can reapply with revised documents.
Yes, but you may have to apply for separate TRCs for personal and business purposes. The Tax Residency Certificate for Treaty Purposes and Domestic Purposes is mentioned above.
The FTA must be notified and your information must be updated through the FTA's EmaraTax Portal.
Tax Residency Certificate's are country-specific and cannot be transferred.
TRC's are only issued to individuals who are 18 years of age or older.
Follow the cancellation procedure and notify the FTA through the EmaraTax Portal.
Yes, but you must provide proof of income and meet the eligibility requirements.
TRCs are available to all UAE residents who meet the eligibility criteria, regardless of their nationality.