Saudi Arabia weighs expanding Premium Residency to target ultra-rich: Report

The Kingdom of Saudi Arabia's flag

Saudi Arabia is considering expanding its Premium Residency program to include a wider pool of applicants, notably high-net-worth individuals and luxury yacht owners, Bloomberg reported.

Proposals include allowing applications from individuals with net assets of about $30 million, likely subject to a recommendation from the Saudi Ministry of Investment.

The expansion may also cover owners of large yachts, high-achieving students, and a broader segment of entrepreneurs.

The new rules could be announced as early as next April, though final decisions have not yet been taken, according to Bloomberg.

According to Argaam data, the Premium Residency program was launched in 2019 to attract foreign talent and investment by offering stable residency without the need for a local sponsor.

Key benefits include unrestricted entry and exit, employment and job mobility, property ownership under certain conditions, and family sponsorship. The program originally targeted executives, investors, entrepreneurs, researchers, and specialized talents.