Saudi Arabia launches new visas to attract investors, entrepreneurs

The new premium residency products will offer holders unparalleled opportunities for settling in Saudi Arabia

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Published: Thu 11 Jan 2024, 8:26 AM

Last updated: Thu 11 Jan 2024, 1:25 PM

Saudi Arabia has introduced five new visa types, known as 'Premium Residency products,' to attract skilled professionals and investments to enhance the country's status as a global hub.

The initiative aims to further drive the KSA's economic transformation by creating employment opportunities and fostering knowledge transfers. The new visa categories are the Special Talent, Gifted, Investor, Entrepreneur, and Real Estate Owner Residency and will offer holders unparalleled opportunities for settling in Saudi Arabia.

The new new visas have been tailored for working professionals, talents and investors who fit into specific categories.

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Dr Majid bin Abdullah Alkassabi, Chairman of the Board of the Premium Residency Centre, outlined the five new Premium Residency products on Wednesday and emphasised the move will accelerate Saudi Arabia's trajectory towards a knowledge-based, diversified economy in new sectors.

He also highlighted that the doors to all Premium Residency products are open to those who can add value to the national economy and actively participate in Saudi Arabia's rapid development journey under Saudi Vision 2030.

However, no specifics have been provided regarding the duration of these five new visas or the associated costs for investors and entrepreneurs seeking to obtain them.

Special talent category

The ‘special talent’ residency caters to executives and professionals who specialise in healthcare, science, and research. It aims to attract individuals with unique skills and experiences who can contribute to knowledge and technology transfers.

‘Gifted category

The ‘gifted’ residency aims to integrate skilled professionals and talented individuals into Saudi Arabia’s vibrant and growing cultural and sports sectors.

Investor category

Meanwhile, the ‘investor’ residency is designed for investors looking to capitalise on Saudi’ Arabia's thriving business landscape and generate high-impact returns from across the economy.

Entrepreneur category

Additionally, the ‘entrepreneur’ residency is intended for aspiring entrepreneurs and owners of innovative projects, eager to launch and develop their start-ups in Saudi Arabia, contributing to the nation’s ambitious economic transformation journey.

Real Estate category

‘Real estate owner’ residency is designed for individuals who own real estate and are looking to enjoy the Kingdom’s exceptional quality of life while benefitting from its promising real estate market, which has undergone rapid and comprehensive development in recent years.

The five new products have been developed in collaboration with the Premium Residency Centre’s strategic partners across an array of government entities.

The products offer a wide range of benefits to holders, including the ability to conduct business, own real estate, obtain work permits for holders and family members, and many more advantages the Premium Residency Center provides in cooperation with government partners.

Inputs from SPA

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