Number of foreign investors obtaining the premium residency in Saudi Arabia reached 1,200

In less than a year since its introduction, 1,200 foreign investors have acquired the premium residence in Saudi Arabia, according to Saudi Minister of Investment Khalid Al-Falih. The minister revealed that those who received the premium residence are regarded as though they were in their home countries during his remarks at the World Investment Conference in Riyadh on Monday. There are over 2,500 investors attending the conference from 30 different nations.

Saudi Arabia updated its Expatriate Residency Law in January 2024, enabling certain types of investors and skilled individuals to obtain a premium residency that offers ten benefits to its holders. These benefits include the ability to own real estate and operate a business without a sponsor, the exemption from paying fees for expatriates and dependents, and the ability to travel without a visa. The advantages also included the freedom of exit and reentry processes within the Kingdom, as well as a simpler and fee-free process for transferring services between establishments and hosting family.

It enables qualified foreign nationals who are self-sponsored to acquire a residence permit for a maximum of one year, with the option to extend it indefinitely. Applications for the new premium residency products are open to people of all nationalities as long as they fulfill all qualifying requirements.