Saudi Arabia is considering a significant expansion of its Premium Residency program, signaling a strategic move to attract more foreign capital, entrepreneurs, and high-net-worth individuals to the Kingdom. The proposed changes aim to bolster the country’s economic diversification efforts and intensify its competition with other regional hubs.
New Eligibility Tiers Under Review
According to reports, the Kingdom is reviewing plans to open the program to a much wider range of candidates beyond its current scope. The new categories may include high-net-worth individuals, owners of large yachts, high-achieving students, and a broader pool of entrepreneurs.
One key proposal under consideration would allow individuals with net worths near $30 million to apply for premium residency. It is expected that applicants in this tier would require a recommendation from the Ministry of Investment,
indicating a selective and strategic screening process. While the changes have not been finalized, sources suggest the new rules could be announced as early as April, pending final approvals.
Bolstering Vision 2030 Goals
The move to expand the residency program is directly aligned with Saudi Arabia’s Vision 2030, which prioritizes private sector growth and economic diversification away from oil dependency. Attracting long-term residents with significant capital and specialized skills is seen as critical to accelerating the development of priority sectors and fostering a more dynamic local economy.
The program’s benefits are designed to encourage deeper economic and personal commitments. Holders can freely enter and exit the country, enjoy greater job mobility, and extend residency privileges to family members. Certain tiers also offer incentives such as reduced business fees and expanded access to real estate ownership.
About Saudi Premium Residency
The Saudi Premium Residency program is a government initiative aimed at providing qualified foreign nationals with the ability to live and work in the Kingdom without requiring a local sponsor. The program currently targets specific professional groups, including senior executives, business owners, researchers, and highly skilled specialists. Application fees start at approximately $1,000, with permanent residency options costing up to $200,000.
Source: Waya
