Saudi Arabia is expected to deliver the first batch of premium residence permits in mid-November.
The Saudi government announced in June that it would start receiving applications for those who wish to obtain special residency through the comprehensive electronic platform, SAPRC.
The premium residency offers two options: the first: a permanent residency in Saudi Arabia, obtained by the applicant after meeting the statutory requirements, and paying the amount of SAR 800,000 ($213,000) for one time; and the second, a one-year renewable residency, which the applicant receives after fulfilling the statutory conditions and paying SAR 100,000 Saudi Riyals ($27,000) per year.
The premium residency also provides many advantages, including owning residential, commercial and industrial properties, working in private sector establishments, conducting business, benefiting from real estate, issuing visit visas for relatives, bringing domestic workers, owning private transportation, in addition to the freedom to exit and return to Saudi Arabia.
As for the conditions of obtaining the residency, those include a valid passport of the applicant, who must be above 21 years-old, a clean criminal record, a proof of financial solvency, and a health report on the condition of the applicant, which proves that he does not have any infectious diseases.