Five new resident permits for foreigners have been introduced by Saudi Arabia. These permits have many advantages, such as no foreigner fees, no need for a visa, and the capacity to own property within the nation.
The holders of these licenses will be able to grant their family members “premium residency status.” Inviting family members to join them in the kingdom, performing fee-free money transfers, and conducting business are further advantages.
The kingdom’s new resident packages, which fall into four categories—skilled, investor, entrepreneur, and real estate—come with specific requirements. A one-time sum of 4,000 riyals must be paid by anyone seeking for these permits.
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Candidates must provide standard documentation, such as a current medical certificate, a valid passport, and proof of their legal status in the country if they are applying in person.
Professionals in disciplines like science and medicine can apply for Saudi Arabia’s five-year special talent residency program.
To be qualified, applicants must be professionals with a minimum monthly salary of 35,000 Riyals, such as scientists or doctors.
The minimum monthly salary required for researchers to be considered for this role is 14,000 Riyals. Executives who work at the executive level and earn more than 80,000 Riyals per month are eligible to be considered for special talent.
There are two subcategories within the skilled category. To be eligible for the first subcategory, candidates must either meet the qualifying requirements established by both Ministries, or be nominated for or have received an award approved by the Saudi Ministry of Culture and Sports.
The Saudi government has mandated that investors seeking permanent residency make an investment of seven million Riyals in the nation. They also have to produce ten jobs or more in the first few years.
Applicants for the Entrepreneur Residency Class may designate two employees for special talent status.
Candidates for the first category of Entrepreneur Residency must fulfill the current qualifying requirements in addition to staying in the Kingdom for a minimum of 30 months.
Additionally, they need to get a minimum investment of $400,000 from an established company that will own at least 20% of the firm.
In order to qualify for direct permanent residence under the second category, applicants must invest a minimum of 1.5 crore Riyals and generate 10 jobs in the first year, followed by 10 jobs or more in the second year. They should also offer evidence of their 10% ownership stake in the company.
You must possess properties valued at least 4 million Riyals in order to be eligible for Real Estate Residency. These properties ought to be debt-free, both now and in the future.
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