Saudi Arabia announces the launch of new visas to Attract Investments
The Kingdom of Saudi Arabia has introduced five new visa categories, called "Premium Residency Products," in an effort to increase its international prestige by luring investors and highly trained individuals.
Saudi Arabia Introduces Five Premium Residency Products
By creating jobs and transferring expertise, these programs support the country's economic reform objectives. Individuals can apply for residency in the Kingdom under one of five distinct categories: special talent, gifted, investor, entrepreneur, or real estate owner residency.
Objectives and Impact
Aligning with the ambitious Saudi Vision 2030, the introduction of these visas aims to expedite Saudi Arabia’s transformation towards a diversified, knowledge-based economy. The Chairman of the Premium Residency Centre, Dr. Majid bin Abdullah Alkassabi, stressed that the center welcomes individuals who can make substantial economic contributions to the country, which would aid in its fast path to progress.
Categories and Targeted Individuals:
Special Talent Category:
- Targets executives and professionals specializing in healthcare, science, and research.
- It aims to attract individuals with unique skills who contribute to knowledge and technology transfers.
Gifted Category:
- Focuses on integrating skilled professionals and talented individuals into the cultural and sports sectors.
Investor Category:
- Tailored for investors seeking opportunities in Saudi Arabia's flourishing business landscape.
Entrepreneur Category:
- Designed for aspiring entrepreneurs and owners of innovative projects, it fosters economic transformation.
Real estate category:
- Targets real estate owners seeking an exceptional quality of life in Saudi Arabia.
Benefits and Collaboration:
With the help of several government agencies, the Premium Residency Center guarantees visa holders a number of advantages, such as the ability to own property, conduct business, and even bring family members to work legally. An important part of Saudi Arabia's strategy to diversify its economy, this step shows the kingdom's dedication to luring international talent and investment. What is unknown, however, is the exact length of time that investor and entrepreneur visas are valid for and the price tag that comes with them.
Moreover, these Premium Residency products align with Saudi Arabia's vision for economic diversification, inviting skilled professionals and investors to contribute to the nation's growth and development.
