The Kingdom of Saudi Arabia launched the Premium Residence Scheme (Privilege Iqama), which grants foreigners and expats permanent resident (green card) status. Golden visa is the name given to this scheme, which is identical to the UAE’s gold card status. Under the 2030 vision, the Kingdom was launched to attract enterprises, foreign investment, talents, and skills to Saudi Arabia. Riyadh is expanding its economic diversification initiatives by diversifying its investor base and increasing non-oil revenue.
To assess permanent resident applications, the government has established a Permanent Residency Center. The Premium Residency Center was founded on May 14, 2019, in accordance with the Royal order on the Premium Residency System, which was approved by the Council of Ministers. It is a separate administrative and financial body affiliated with the Council on Economic Affairs and Development. Through its electronic services system, various departments, and direct contact with customers from all over the world, the system coordinates with all sectors and state agencies to implement the Premium Residency System, which is distinguished for those who wish to obtain a distinctive residence in Saudi Arabia.
- A Premium Residency holder’s family includes his or her spouse and children (not exceeding 21 years of age).
- The holder of a Premium Residency is not compelled to stay in the Kingdom for a specific amount of time.
- Visas for relatives to visit. Fathers and mothers; grandfathers and grandmothers; children, grandchildren, and their descendants; full brothers and sisters and their offspring; and any other relative the Center considers necessary to include are all considered relatives.
- Domestic helpers from other countries are hired according to his or her needs.
- Ownership of residential, commercial, and industrial real estate in places other than Mecca and Medina, as well as border areas, in conformity with the Regulations.
- For a period of not more than 99 years, unrestricted rights over real property in the towns of Mecca and Medina. It’s possible that such a right can be transferred to someone else.
- Right to invest in the capital market of the Kingdom
- Private ownership of means of transportation and other movables is permitted under Kingdom law.
- Working at private enterprises with the flexibility to change jobs; this applies to family members as well. Saudi-only professions and jobs will be excluded. This privilege does not apply to fees charged to non-Saudis.
- Exiting and entering the Kingdom at his or her leisure.
- Use of Saudi-only lanes at leave and entry points to the Kingdom.
- Engagement in commercial operations, as defined by the Foreign Investment Law.
- Holders of a Premium Residency and their family members will not be subject to any special taxes, but they will be subject to the Kingdom’s tax laws.