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This is how Saudi Arabia plans to attract investors and entrepreneurs

The five new visas fall under the Premium Residency Program launched back in 2019 to attract foreign talent to the kingdom.

This is how Saudi Arabia plans to attract investors and entrepreneurs
[Source photo: Pankaj Kirdatt/Fast Company Middle East]

To attract global investors and talent to the country, Saudi Arabia has opened its sectors for public-private partnerships, introduced new regulations for foreign companies, and provided the regional headquarters program. By 2030, the kingdom predicts it will have 480 global company headquarters in the country. 

Now, working further towards this goal, the country has launched five new visas serving as “premium residency products.” The new visa categories will offer holders a wide range of benefits, including the ability to conduct business, own real estate, obtain work permits for holders and family members, and many more advantages.

The special talent residency is for executives and professionals in health care, science, and research. The investor residency is designed for investors looking to capitalize on the country’s thriving business landscape and generate high-impact returns. It is for those who invest $1.8 million and create at least ten jobs in the initial two years. 

The entrepreneur residency will help aspiring entrepreneurs set the base for their innovative startups in the country and allow them to nominate two staff members for the status as well. 

The real estate owners visa is designed for individuals looking to benefit from the country’s fast-growing real estate market. Criteria for this visa include owning a real estate asset worth a minimum of $1 million, free of existing and future mortgages.

The gifted residency visa has a fixed term of five years. It will fall under two categories: applicants will need to be nominated or be a recipient of an award approved by the Saudi Ministries of Culture and Sports, or they must fulfill the minimum eligibility criteria approved by the two ministries.

“The doors to all premium residency products are open to those who can add value to the national economy and actively participate in Saudi Arabia’s rapid development journey under Saudi Vision 2030,” said Majid bin Alkassabi, Chairman of Saudi Arabia’s board of the Premium Residency Centre.

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