The Law in Saudi Arabia grants a special residency permit to qualified individuals who plan to invest in Saudi Arabia and allows them to bring their family members with them to reside in the country. Furthermore, such individuals have the legal right to own real estate in the kingdom and establish their corporations.
Saudi Arabia encourages more foreign nationals to the nation. The ”premium residency” permit is being made available with the aim of attracting overseas investment, as the economy of Saudi Arabia continues to evolve.
The Saudi Premium residency, or ”privileged iqama” scheme grants the permit holder the right to live, work, and own business and property in KSA without having a sponsor.
There are 2 types of premium residency:
Considering the opportunities Saudi Arabia offers, a residency visa will be considered a worthy investment by many entrepreneurs.
Advantages of Being a Premium Resident in KSA
The following documents are mandatory for the premium residency status:
Step 1: Registration and Account Set Up – before beginning the application process, you will need to fill up the registration online. The information required for this include your name, your father’s and grandfather’s name, passport expiry date, passport issue date and other personal details.
Step 2: Fill the Online Form – after your account is successfully created, you can proceed with filling up the online application form. Make sure you fill in all the details accurately to avoid any delays in processing or an outright rejection of your application. You will need to enter your passport information, information regarding your children and spouse, education details, details about your parents, insurance details, travel dates, property and real estate information and other general data. You will also need to provide details such as the amount present in your savings account, in an investment account and so on.
Step 3: Residency Issuance – the approval decision will be declared within a month of submitting the application. Keep in mind that a permanent residency does not make the applicant eligible for Saudi citizenship.
Privacy World offers its services to anyone, not only looking to obtain residency and/or citizenship processes but our experts figure out legal ways to:
Privacy World can also help you incorporate your company in Saudi Arabia, assisting in getting you settled in the country, and coordinating with you so that this experience will be less of a hassle.
Want Privacy World to handle your case? Have any questions? Contact us!
Dual citizenship is not recognized in Saudi Arabia.
Upon submitting the application, the applicant must acquire the status of ordinary permanent residence in the Kingdom of Saudi Arabia, under the provision of its system for a period of no less than five consecutive years.
It takes 10 years of continuous legal residency.
Yes, there will be an interview via Zoom, Microsoft teams, Skype, Facetime, or possibly in person. Additionally, an interview with the hospital in the Saudi Arabia is required.
There is no individual income tax scheme in Saudi Arabia. Income tax is not imposed on an individual earnings if they are derived only from employment in Saudi Arabia.
A non-resident person with no PE who derives income from a source in Saudi Arabia is taxed based on the withholding tax (WHT) regulations.
There are no net worth/wealth taxes in Saudi Arabia.
There are no inheritance taxes in Saudi Arabia.
Foreigners are allowed to own real estate, but are subject to approval of the licensing authority.
Arabic is the official language of Saudi Arabia, and the mother tongue for most of Saudi’s native.