How Saudi Arabia seeks to attract foreign talent, investments

Saudi Arabia has launched a new premium residency scheme to attract and retain foreign talent, investment and entrepreneurs, as part of the kingdom’s broader strategy to accelerate economic transformation by creating jobs and fostering knowledge transfers.

The five new products offer a wide range of benefits to holders, including the ability to conduct business, own real estate, and obtain work permits for holders and family members.

Dr. Majid bin Abdullah Alkassabi, the chairman of the Saudi Premium Residency Center said that the launch of the new residency visa products will accelerate the Gulf state’s trajectory towards a knowledge-based and diversified economy.

Saudi Arabia’s new residency products are expected to offer holders unparalleled opportunities for settling in the kingdom, the Saudi Premium Residency Center said in a statement.

The new residency scheme is open to individuals or groups that can add value to the country’s economy and actively participate in its rapid development under Vision 2030.

Saudi Arabia’s new residency scheme

The ‘Special Talent’ Residency caters to executives and professionals who specialise in healthcare, science, and research while the ‘Gifted’ Residency seeks to integrate skilled professionals and talented individuals into Saudi Arabia’s buoying sport and cultural sectors.

Furthermore, the Saudi Premium Residency Center said the ‘Investor’ Residency is designed for foreign investors looking to invest in the kingdom’s thriving business landscape. The ‘Entrepreneur’ Residency will cater to aspiring entrepreneurs and owners of startups and small businesses looking to open a shop in Saudi Arabia.

The fifth premium residency product ‘Real Estate Owner’ Residency is designed for individuals who own properties in Saudi Arabia and are looking to tap into the country’s promising real estate market.

Rethinking the role of foreigners

The idea for a long-term Saudi residency program was first floated in 2016 by Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia as a part of his plan to reduce the economy’s heavy reliance on oil.

Saudi Arabia approved a program that offers permanent residency for some foreigners to attract talent and investments in 2019. Under the law allowing foreigners to own property, those eligible can apply for an indefinite stay or a one-year renewable residency.

The UAE approved a plan to grant citizenship to investors and other professionals including scientists, doctors and their families in 2021 while its golden visa allows wealthy foreigners to stay in the country for 10 years. In 2017, Qatar also passed a law that would grant some permanent residencies.

Read: UAE launches international campaign to attract foreign talent