Formal requirements
In the Kingdom of Saudi Arabia, there are six distinct types of special visas, called “Residency or Residencies”: Special Talent Residency, Gifted Residency, Investor Residency, Entrepreneur Residency, Real Estate Owner Residency, and both Limited Duration and Unlimited Duration Premium Residency. The first two apply to gifted and especially talented individuals and we omit a discussion of their requirements.
Special or Premium Residency costs SAR 100,000/annum or 800,000 for permanent status. This visa affords privileges that approximate citizenship status.
The Investor visa costs SAR 4000 but requires an investment in the country of at least SAR 7,000,000 and at least ten jobs must be created. The investor must also qualify for a business license to be granted by Saudi Arabia’s Ministry of Investment (MISA). Permanent residency is granted if SAR 7,000,000 is invested within the first two years and ten jobs created within this period.
The Entrepreneur’s visa is focused on start-ups and smaller business. There are two categories. For the first category, like the Investor visa, the cost is only SAR 4,000 but requires investment rounds of SAR 400,000, presumably by third-party investors. The applicant must own 20% of the new business. Nitaqat (requirement to hire Saudi nationals) rules are suspended for the first three years of operations. The investor must also qualify for an entrepreneurial license to be granted by MISA. The duration of this visa is five years, renewable upon a showing that the first category visa holder has spent at least 30 months in Saudi Arabia during this five year period. A second category under this visa is for a larger investment of at least SAR 15,000,000 and the creation of at least 10 new jobs in the first year and ten new jobs in the second year. The duration of this second category Entrepreneur’s visa is permanent assuming the job creation targets are met.
The Property Owner’s visa is available to those own or control unmortgaged residential real estate assets worth at least SAR 4 million. Certified Saudi valuation is required. Property used to qualify may not be mortgaged in the future. The application cost is SAR 4000. The duration of the visa is tied to ownership or control of the subject property.
All of these visas grant privileges such as use of Saudi national/GCC citizen lanes at all ports of entry, free entry/exit from the Kingdom, permission to work in the Kingdom for the applicant and dependents and the right to engage in commercial activities. Note that these rules, or the amounts stated in this summary are subject to change at any time.
Other investment opportunities
Saudi Arabia is a business-friendly government and is in the process of streamlining the country’s regulations to make it easier to do business here. There are at least six mega-projects, with more planned, that create substantial opportunities. The opening of the mining sector and discovery of nearly unlimited lithium reserves are other areas of future growth. Finally, Saudi Arabia has passed a new Petroleum Law which contemplates private sector involvement in the country’s key oil sector.
Document link for further information.
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The material provided on this page is for information purposes only, as immigration policies are frequently subject to review and change, with each case being unique. We therefore strongly recommend contacting the law firm listed on this page for the latest, most accurate guidance and advice in respect of this jurisdiction.