Saudi Arabia has granted 73 foreigners “premium” residency under a new programme to attract overseas investment by enabling selected people to buy a property and do business without a Saudi sponsor.
The first batch of recipients come from 19 countries and include investors, doctors, engineers and financiers, according to a statement yesterday from the government’s Premium Residency Centre.
The kingdom received thousands of applications after offering permanent residency for 800,000 riyals ($213,000) or a one-year renewable permit for 100,000 riyals.
These applications are handled by a specialized team to analyze and communicate with the applicants to ensure a smooth application process in accordance with the Premium Residency regulations.
The center also said that the Kingdom welcomes everyone — whether already residing in the Kingdom or based abroad — as the Premium Residency is open for anyone who meets SAPRC requirements.