Within months of launch of the Saudi Premium Residency (SPR) Scheme, the Government has received thousands of applications under the scheme, of which 76 persons were already given permanent resident gold cards.
The Saudi Premium Residency scheme offers immediate permanent resident status for SR 800,000 ($213,000) to qualifying foreigners and this is the first time the Kingdom has introduced green card option in a bid to open up the country for foreign investment. Under this scheme selected people to buy property and do business without a Saudi sponsor.
There is also a cheaper one year option to receive temporary one year residency with extensions for SR 100,000 ($26,000)
Under this special scheme, there is no minimum period which the holder of a Premium Residency is required to spend in the Kingdom.
Another important benefit is, foreign investors in the SPR scheme can buy ownership of real estate for residential, commercial, and industrial purposes, in areas other than the cities of Mecca and Medina and border areas.
Saudi residency was first floated in 2016 by Crown Prince Mohammed bin Salman. At the time, he estimated the scheme would generate about $10 billion in annual revenue by 2020.
Eligibility
The Special Privilege Iqama will be issued to persons who have ties to Kingdom irrespective of nationality. Applying for Premium Residency is available to any person that meets the following requirements:
- Submitting a valid passport.
- The applicant must be at least 21 years of age.
- Providing proof of the applicant’s financial solvency.
- Submitting a criminal record that proves the applicant has no criminal precedents.
- Providing a medical report proving that the applicant has no communicable diseases. Such report shall not be older than six months at the date of filing.
- If applying from within the Kingdom, the applicant must be legally residing in the Kingdom.
Benefits of Saudi Residency
- Residence in the Kingdom with his/her family. The family includes dependents of a Premium Residency holder: spouses, and children (not exceeding 21 years of age).
- Visit visas for relatives. Relatives include fathers and mothers; grandfathers and grandmothers; children, grandchildren and their descendants; full brothers and sisters and their children; and any other relative whom the Center deems necessary to add.
- Recruitment of domestic workers from abroad according to his/her needs.
- Ownership of real estate for residential, commercial, and industrial purposes, in areas other than the cities of Mecca and Medina and border areas, in accordance with the Regulations.
- Usufruct rights on real property located in the cities of Mecca and Medina for a period not exceeding 99 years. Such right may be transferable to other parties.
- Ownership of private means of transportation, and other movables the acquisition of which is permitted under the law in the Kingdom.
- Working at private establishments with the ability to change jobs; this shall extend to family members. Professions and jobs limited to Saudis shall be excluded. This privilege shall not prejudice fees applicable to non-Saudis.
- Exiting and entering the Kingdom at his/her own accord.
- Use of lanes designated for Saudis at the Kingdom’s exit and entry points.
- Engagement in business activities, in accordance with the Foreign Investment Law.
Taxes
No special taxes will be imposed on the holders of a Premium Residency and their family members, but they will be subject to the tax provisions applied in the Kingdom.
Citizenship
The Saudi Premium Residency does not make its holder eligible for Saudi citizenship.
Termination
The SPR residency can be revoked under the following conditions
- The holder of a Premium Residency is convicted of a crime punishable by imprisonment for a term not less than 60 days, or a fine not less than 100,000 riyals or its equivalent.
- The issuance of a judicial decision or judgement deporting the holder of a Premium Residency from the Kingdom.
- The application for a Premium Residency is proven to include false information.
- Failure of the holder of a Premium Residency to comply with the obligations provided for in the Law, its Regulations, and other laws and directives in force in the Kingdom.
- Relinquishment of the Premium Residency by the holder.
- Death or loss of competency of the holder of a Premium Residency.
More details available at the official website: https://saprc.gov.sa
