Premium Residency
| Premium Residency | |
|---|---|
 | |
| Type of project | Governmental |
| Established | 2019 |
| Status | Active |
| Website | https://pr.gov.sa/ |
The Premium Residency, informally known as the Saudi green card,[citation needed] is a residence permit in Saudi Arabia that grants expatriates the right to live, work and own business and property in the Kingdom without the need for a sponsor.[1] The scheme aims to attract highly skilled and wealthy foreign nationals as well as investors and entrepreneurs.[2] The introduction of the Premium Residency comes as a part of Saudi Arabia's Vision 2030 reform plan, which was announced by Crown Prince Mohammed bin Salman to boost the Saudi economy.[3] The permanent residency is granted for SAR 800,000 (US$213,000 as of 2022) while the one-year renewable residency costs SAR 100,000 ($26,660).[4][5]
Premium Residency is separate from the current iqama residency because it grants more of the rights and privileges given to permanent residents in other countries. Current iqama holders must have a sponsor and must still regularly renew their permits based on their employment status as well as the government's migration policy decisions. These are often subject to change. Recent legal changes may soon be implemented allowing for foreign property ownership; currently, iqama holders must rent property and vehicles from Saudi owners with the sponsor acting as the guarantor.
Requirements
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Qualifying applicants are required to have a valid passport and evidence of sufficient financial resources. The renewable permit is issued for one-year and can be renewable for an unlimited number of times.
Benefits
[edit]Eligible foreigners enjoy some benefits, including recruiting workers, owning businesses, property, and means of transportation. Generally, they will be granted equal rights to Saudis in most cases.[6] The permit does not grant citizenship. Other laws pertaining to non-Saudis, such as restrictions against working in certain reserved occupations and investing in certain economic sectors, still apply.[7]
See also
[edit]Foreign workers in Saudi Arabia
References
[edit]- ^ "The Saudi 'Green Card' gets a green light". Arab News. 2019-05-12. Retrieved 2019-05-15.
- ^ Bridge, Sam. "Saudi Arabia approves plan for Green Card-style system". ArabianBusiness.com. Retrieved 2019-05-15.
- ^ "Saudi 'green card' online platform is open for business". Arab News. 2019-06-23. Retrieved 2019-08-07.
- ^ "Saudi Arabia launches special residency scheme to boost investment, non-oil revenue". Arab News. 2019-06-23. Retrieved 2019-06-23.
- ^ "Premium Residency Portal". 2022-07-25.
- ^ "Saudi Shura Council approves Green Card-style residence". gulfnews.com. Retrieved 2019-05-15.
- ^ "Law and Regulations". saprc.gov.sa. Retrieved 2022-11-23.
External links
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