The Premium Residency, informally known as the Saudi green card, is a
residence permit
A residence is a place (normally a building) used as a home
A home, or domicile, is a space used as a permanent or semi-permanent residence for one or more human occupants, and sometimes various companion animals. Homes provide shelte ...
in
Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...
that grants expatriates the right to live, work, and own business and property in the Kingdom without the need for a sponsor.
The scheme aims to attract highly skilled and wealthy foreign nationals as well as investors and entrepreneurs. The introduction of the Premium Residency comes as a part of
Saudi Arabia's Vision 2030 reform plan, which was announced by
Crown Prince Mohammed bin Salman to boost the
Saudi economy
The economy of Saudi Arabia is highly reliant on its petroleum sector. Oil accounts for approximately 30% of Saudi GDP and 55% of government revenue, with substantial fluctuations depending on oil prices each year.
The kingdom has the seco ...
. The permanent residency is granted for
SAR800,000 (US$213,000 as of 2022) while the one-year renewable residency costs SAR100,000 ($26,660).
Premium Residency is separate from the current
iqama
The ''iqama'' () is the second Islamic call to prayer, recited after the ''adhan''. It summons those already in the mosque to line up for prayer (''salah'').
It is traditionally given a more rapid and less sonorous rendering than the ''adhan'', ...
residency because it grants more of the rights and privileges given to permanent residents in other countries. Currently, iqama holders must have a Saudi
sponsor and must still regularly renew their permits. These are issued at the government's discretion, with frequent policy changes affecting renewals. As well, iqama holders must rent property and vehicles from Saudi owners with the sponsor acting as the guarantor.
Requirements
Qualifying applicants are required to have a valid passport and evidence of sufficient financial resources. The renewable permit is issued for one-year and can be renewable for an unlimited number of times.
Benefits
Eligible foreigners enjoy some benefits, including recruiting workers, owning businesses, property, and means of transportation. Generally, they will be granted equal rights to Saudis in most cases. The permit does not grant citizenship (see
Saudi Arabian nationality law).
Other laws pertaining to non-Saudis, such as restrictions against working in certain reserved occupations and investing in certain economic sectors, still apply.
Impact and reception
The Premium Residency initiative has been well-received among expatriate entrepreneurs and professionals, with observers noting its role in attracting talent and capital. According to Saudi authorities, the program aligns with Vision 2030 by diversifying the economy and reducing reliance on oil revenue.
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See also
Foreign workers in Saudi Arabia
Foreign workers in Saudi Arabia (), estimated to number about 9 million as of April 2013, began migrating to the country soon after crude oil was discovered in the late 1930s. Initially, the main influx was composed of Arab people, Arab and W ...
References
External links
Premium Residency Center
Saudi Arabian nationality law
Residence permit
2019 establishments in Saudi Arabia
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