The Kingdom of Saudi Arabia started on Sunday receiving online applications for its first-ever premium residency scheme for foreign nationals.
Under the new scheme, applicants are granted a one-year, renewable residency for an annual fee of SAR 100,000. Those applying for more than one year will receive a two percent discount.
Holders of the premium residency are entitled to invest in the country, buy property, start a business without a Saudi sponsor, change jobs without a sponsor, as well as invest in the Saudi Stock Exchange.
They are also exempt from fees imposed on expats and their dependents in the private sector.
Also read: Privileged residency holders won't need to pay dependent fee: report
The premium residency, however, can be annulled if its holder is convicted of a crime and charged for a minimum of 60-day imprisonment or a fine of SAR 100,000; in case of providing misleading information, violation of the related executive regulations, waiver of the residency or death of the residency holder.
The Premium Residency Center started today receiving and processing the applications electronically and applying for the Premium Residency System, via SAPRC.
Here’s a list of six requirements needed to consider before applying for the premium residency plan:
1) Hold valid passports
2) Be financially solvent
3) Be at least 21 years of age
4) Have no criminal record
5) Provide a medical report
6) The residency should be valid, in case the application is submitted inside the Kingdom
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