As part of Saudi Arabia’s Vision 2030, which aims to diversify the economy and enhance global openness, the Kingdom launched the Premium Residency Program as a strategic tool to attract top global talent and distinguished investors.
This program marks a significant shift in Saudi Arabia’s foreign investment policies, offering competitive advantages such as long-term visas and direct government support, opening vast opportunities for investment in key sectors that contribute to the ambitious vision.
In this article, we will explore the details of the program, its economic significance, the opportunities and challenges investors may face, and the role of facilitators like Al-Safadi Business Services in streamlining this journey.
Strategic Context
Vision 2030 as a Cornerstone
Vision 2030 serves as the primary roadmap for Saudi Arabia’s transformation into a diversified and sustainable economy, reducing its traditional reliance on oil. One of the fundamental pillars of this vision is improving the investment environment to attract foreign capital, which is clearly reflected in the launch of the Premium Residency Program.
According to IMF data, Saudi Arabia aims to increase the share of foreign direct investment (FDI) to 5.7% of GDP by 2030, up from 0.7% in 2020.
This highlights the need for innovative tools, such as the Premium Residency Program, to stimulate investment inflows, supported by partners like Al-Safadi Business Services, which provides comprehensive solutions for international investors.
What is Saudi Arabia’s Premium Residency Program?
Officially launched in 2019, the program is part of a broad package of economic and social reforms.
It grants long-term or permanent residencies to eligible individuals, exempting them from many restrictions imposed on regular visa holders. The program offers flexibility with two types of residency:
1.Permanent Premium Residency
- Requires a one-time investment of at least SAR 800,000 in approved real estate or business projects.
- Grants lifetime residency without the need for a sponsor, with the option to include family members.
2.Temporary Premium Residency (Annual)
- Costs SAR 100,000 per year, with the option to renew.
- Suitable for investors who prefer flexibility in evaluating opportunities before committing long-term.
Compared to similar programs in the Gulf region, such as the UAE’s Golden Visa, Saudi Arabia’s program offers unique competitive advantages, especially with strong government support for major projects and the presence of strategic partners like Al-Safadi Business Services, which simplifies application procedures and investment management.
Exceptional Benefits for Investors: More Than Just a Visa
The program is not merely about residency; it offers a comprehensive package of incentives designed to attract global investors, supported by specialized entities like Al-Safadi Business Services:
1.Freedom of Ownership & Investment
- Premium Residency holders can own real estate in designated areas and establish businesses without a Saudi partner, a significant shift from previous regulations.
2. Partial Tax Exemptions
- Particularly in sectors like renewable energy and technology, with up to 10 years of exemptions in special economic zones.
3. Fast-Track Services
- The government, along with platforms like Al-Safadi Business Services, provides integrated digital solutions to complete registration and licensing procedures within days instead of months.
4. Family Privileges
- The program includes free visas for spouses and children, with access to international schools and public universities.
5. Unrestricted Travel
- The “Exit and Re-Entry Visa” requirement for regular residents is waived.
These benefits reflect Saudi Arabia’s commitment to improving its Ease of Doing Business ranking, where it has climbed 30 places in the World Bank Index between 2019 and 2023.
Government Support: The Engine Driving Investment
The success of the Premium Residency Program is closely tied to strong government support, which manifests in several ways, including enhanced services through partners like Al-Safadi Business Services:
1️⃣ New Legislative Framework
- Laws such as the “Foreign Investment Law” and the “New Companies Law” have reduced bureaucratic barriers.
- Labor law amendments allow for greater flexibility in hiring international talent.
2️⃣ Mega Infrastructure Projects
- NEOM (USD 500 billion investment) and The Red Sea Project (34,000 new jobs) create significant opportunities in construction and logistics, backed by investment support via funding platforms.
3️⃣ Financial Incentives
- The Public Investment Fund (PIF) partners with foreign investors in sectors like entertainment and energy.
- Partial funding for SMEs through programs like “Bader”, supported by advisory firms like Al-Safadi Business Services.
4️⃣ Special Economic Zones
- King Abdullah Economic City offers 100% customs exemptions for 20 years, with fully integrated logistics services.
Investment Opportunities: Sectors Shaping the Future Economy
Under the Premium Residency Program, seven key sectors stand out as highly attractive for capital inflows, with new investment opportunities supported by partners like Al-Safadi Business Services:
1️⃣ Renewable Energy
- Projects like Sakaka Solar Park and Dumat Al-Jandal Wind Farm aim for 50% clean energy by 2030.
- Expected investments: USD 130 billion.
2️⃣ Tourism & Entertainment
- Development of 50 tourism islands on the Red Sea and 310,000 new hotel rooms.
- Qiddiya Project (USD 8 billion) as the largest entertainment destination in the Middle East.
3️⃣ Technology & AI
- Establishment of “Diriyah Digital Zone” with a SAR 20 billion investment.
- USD 6.4 billion investment in data infrastructure and AI.
4️⃣ Healthcare
- Privatization of 290 public hospitals and opening foreign investments in specialized medical fields.
- Prince Mohammed Bin Salman Medical City, the largest medical complex in the region.
5️⃣ Real Estate
- Plans to build 1.5 million new housing units and expand Riyadh’s area by 23% by 2030.
- New Qiddiya Airport to serve large residential projects.
6️⃣ Logistics Services
- USD 147 billion investment in transportation networks to transform Saudi Arabia into a global trade hub.
- Expansion of Jeddah Islamic Port to become the largest in the Red Sea.
7️⃣ Advanced Manufacturing
- Development of 13 industrial complexes specializing in chemicals and pharmaceuticals.
- Lucid Motors partnership to produce 150,000 electric cars annually.
Challenges & Solutions: Investor Insights
Despite the program’s advantages, investors may face:
🔹 Cultural adaptation, especially outside major cities.
🔹 Local competition in sectors like construction and retail.
🔹 Regulatory changes as the legal framework evolves.
💡 Expert Recommendations:
✔️ Partner with Saudi firms or consultants like Al-Safadi Business Services to understand the market.
✔️ Leverage government support programs such as the Strategic Partnerships Center.
✔️ Hire legal advisors specialized in new regulations.
Success Stories & Key Figures
Since its launch, the program has achieved remarkable results, supported by partners like Al-Safadi Business Services:
📈 200% increase in foreign direct investment applications (2023 vs. 2020).
📈 35,000 Premium Residency holders by end-2023, 40% in tech sector.
📈 USD 17 billion direct investment in NEOM-related projects.
Conclusion: Why Invest in Saudi Arabia Now?
The Premium Residency Program is more than just a visa—it’s an invitation to participate in a historic transformation. With unprecedented government support, world-class investment projects, and flexible visa options, Saudi Arabia is redefining economic innovation in the Middle East.
As Crown Prince Mohammed bin Salman said:
“We are not selling land; we are selling the future.”
For ambitious investors, this is the perfect moment to be part of Saudi Arabia’s economic revolution, with expert assistance from Al-Safadi Business Services. 🚀
