Saudi Arabia Golden Visa – Premium Residence Scheme

Saudi is one of the safest countries in the world, ranked third among G20 nations in the Security Indicator. Saudi aims to have three cities among the world’s best 100 cities in which to live.

The Kingdom of Saudi Arabia has opened new Golden Visa / Premium Residency scheme (Privilege Iqama), giving permanent resident (green card) status for foreigners and expats. This scheme is dubbed as Golden visa, similar to gold card status issued by UAE. This is the first time the Kingdom has launched the premium residence scheme to attract businesses, foreign investment, talents and skills to Saudi Arabia under the 2030 vision. Riyadh is widening economic diversification efforts, the kingdom is broadening its investment base and boosting other non-oil income.

The 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.

Premium Residency Center

The Government has established Premium residency center to review permanent resident applications. The Premium Residency Center was established on May 14, 2019, in conjunction with the Royal decree, with the approval of the Council of Ministers, on the Premium Residency System. It is an independent administrative and financial agency, associated with the Economic Affairs and Development Council. The system coordinates with all sectors and state agencies to implement the Premium Residency System which is distinguished for those who wish to obtain a distinctive residence in Saudi Arabia, through its electronic services system, its various departments, and its direct contact with customers from everywhere.

The Saudi Government has expanded the PR scheme in 2024 to include real estate owners, investors and entrepreneurs, gifted and special talents.

PR Benefits

Issuance of visit visas for relatives: parents and their ascendants, children and their descendants, siblings and their children, and any other relatives determined by the Center, in accordance with the Law and the Regulations.
Ownership of private means of transportation (land, sea, and air) and any other movables which are intended for personal use and permitted by law in the Kingdom; such ownership shall be subject to the procedures and provisions applicable to Saudi nationals.
Employment in private sector establishments and the ability to change jobs within such sector, excluding the professions and jobs limited to Saudi nationals under the Labor Law and pursuant to relevant decisions. This privilege shall not prejudice the fees applicable to non-Saudis.
Exemption from the fees applicable to non-Saudis when changing employment between different establishments.
Exit from the Kingdom and entry thereto without a visa.
Use of the lanes designated for Saudi nationals at the Kingdom’s exit and entry points.
Engagement of one of the family members in commercial activities in the event of the death of the principal premium residency permit holder or his loss of competence, in accordance with the Foreign Investment Law.
Ownership of residential, commercial, and industrial real estate by one of the family members in the event of the death of the principal premium residency permit holder or his loss of competence in other than the cities of Mecca and Medina, border areas, and areas where ownership of real estate is prohibited by law.

Eligibility

Present a valid passport.
Applicant at least 21 years of age.
Submit a criminal record demonstrating the applicant’s lack of precedents.
Provide proof of the applicant’s financial solvency.
Submit a health report on the applicant’s condition of being free from contagious diseases, no later than six months from the date of progress.
The applicant’s current residency status is legal if he applies from within the Kingdom.

Investment Conditions

The Premium residence scheme is a fee and investment based model. Note this is not investment, paid as one time fee to government

Investors – SAR 7 million (US$1.9) during the first two years and create 10 jobs.
Real Estate Owner – Own or Usufruct real estate assets worth a minimum of SAR 4,000,000 (US$1m) within Saudi Arabia.
Entrepreneur – Minimum of 400,000 SAR round/s as investment from an entity accredited by the Ministry of Investment.
Unlimited validity – Pay SAR 800,000 (US$ 215,000) to get the permanent resident status.
Limited validity – Pay SAR 100,000 ($27,000) paid annually for one year validity. (Renewable every year)

An Application fee is SAR 4000 charged by government.

Real Estate Conditions

The Residency duration is Tied to real estate ownership or usufruct

Own or Usufruct real estate assets worth a minimum of SAR 4,000,000 within Saudi
The property is free from existing and future mortgages.
Property ownership or utilization is not associated with real estate financing.
The real estate must be residential.
The real estate must be developed and not from undeveloped or unimproved lands.
The real estate asset must be appraised by accredited valuers within the Saudi Authority for Accredited Valuers “Taqeem”.

Investor Conditions

The Investor Resident Visa holder:

is linked to obtaining an investment license for a non-Saudi national according to the Foreign Investment Law. The investor’s name stated as “owner,” must be stated on the investment license.
is linked to a sponsor (the investment establishment), whereas a Premium Residency holder is not associated with a sponsor.
shows the occupation of the Holder as “investor,” on their residency card
cannot be issued a work permit
may not hold the registration of a residential property

Restricted Rights

The Permanent residence status in Saudi Arabia, does not grant free movement within the GCC region.
Premium Residency does not make its holder eligible for Saudi citizenship. No citizenship for foreigners
The Premium residency is NOT investor visa. Investor’s Visa is linked to obtaining an investment license for a non-Saudi natural person according to the Foreign Investment Law, and stating the investor’s name as owner in the investment license. Investor visa holders are linked to sponsor, will not qualify for work permits and buying real estate.
Premium Residency can be terminated or revoked anytime 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.

Income Taxes

Saudi Arabia is no longer a tax free country. There is no individual income tax scheme in Saudi Arabia. Income tax is not imposed on an individual’s earnings if they are derived only from employment in Saudi Arabia. Non-employment income is taxed as an entity or permanent establishment (PE). Refer to corporate tax rates.

How to Apply

Applications can be filed online directly with the government website: https://pr.gov.sa/