That is why Saudi Arabia is making the ‘Premium Residency’ visa easier

Last Updated on April 11, 2024 3:05 am

 

The government of Saudi Arabia is taking steps to expand the ‘Premium Residency’ visa and make its conditions easier. This initiative has been taken to attract skilled expatriates and foreign investors. This will make it easier for foreigners to live and buy land/flats in Saudi Arabia.

Saudi owns the second largest oil reserves. However, the country has been trying to reduce its dependence on fuel for the past several years. As part of that effort, the Premium Residency Visa was first introduced in 2019. Premium Residence visa holders enjoy duty free travel within Saudi Arabia, bringing family members, buying land or flats, doing business without sponsoring.

However, these visas were granted selectively, and to a small number of foreigners. As per the government’s new decision, premium residency visas will now be granted to more talented and skilled expatriates and capable foreign investors. In addition, these visa holders can keep a maximum property of 40 million dollars in Saudi.

According to Saudi economists and government officials, if visa coverage is extended and conditions are eased, foreign investors will be more interested in buying land/flats in Saudi; And the real estate sector of the country will become stronger.

In addition, it is expected that a sufficient number of residential buildings and commercial centers will be developed in the suburbs and relatively backward areas of big cities including the capital Riyadh, Jeddah, Dammam.

According to officials of real estate consultancy firm Knight Frank, the Saudi government’s mega project Neom is the desired destination of many foreign wealthy investors at the moment. The city has all the amenities that a modern city in the developed world has.

Neom is said to be the dream city of Saudi Crown Prince Mohammed bin Salman. The construction of this city is not yet complete. But now many foreigners have started buying property there.

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