Saudi Arabia recently updated its premium residency visa options to attract wealthy expatriates and investors. This change is a big deal for non-Saudis looking to own property and run businesses without a sponsor.
The premium residency visa, started in 2019, comes with perks like no expat fees, visa-free travel, and the ability to own property and do business.
To bring in more talent and boost the economy, Saudi Arabia added five new options to the premium residency program in January 2024. Now, holders can own homes worth at least SR4 million ($1.07 million) in the Kingdom.
This move is expected to encourage more investment in luxury properties and encourage developers to build more high-end homes, especially in big cities like Riyadh, Jeddah, and Dammam.
Talal Raqqaban from Knight Frank sees this as a smart way to attract international investors and rich expats looking for long-term residency.
Saudi Wealthy Visa, Residency for Rich Expats, Saudi Investor Visa, Expats in Saudi Arabia, High-Net-Worth Residency