- The Kingdom of Saudi Arabia is making significant efforts to attract talent with the introduction of a new visa programme.
- The Saudi government is hoping to attract skilled workers and their families to capitalise on the country’s booming business and domestic landscape.
- With a heavy focus on the minerals and exploration industry, the scheme aims to help tap into the kingdom’s $1.4trn mineral reserve, thus attracting international high net-worth individuals (HNWIs).
Saudi Arabia’s Premium Residency Center, in alignment with its Vision 2030 objective to position the country as a global hub for business, has recently introduced five new visa categories.
These additions are aimed at not only retaining skilled talent within the kingdom but also attracting entrepreneurs and investors from around the world. This initiative comes as the estimate for the kingdom’s untapped mineral reserves nearly doubles from $1.3tn to $2.5tn.
The residency permit grants foreigners the freedom to live, work and own businesses and property in Saudi Arabia without the need for a sponsor. Previously, the residency permit did not have specific categories for individuals looking to apply.
Chairman of the Board of the Premium Residency Center, Majid bin Abdullah Alkassabi, outlined the five new products that are being offered – special talent, entrepreneur, gifted, investor, and real estate owner programs.
These programs are designed to cater to executives and professionals specialising in healthcare, science and research, and skilled professionals and families in the cultural and sports sectors, while the real estate owner category offers benefits to families who own property in the kingdom.
With the goal of capitalising on Saudi Arabia’s thriving business landscape, the investor residency programme has been specifically designed to cater to the needs of investors looking to establish a foothold in the kingdom.
HNWIs looking to benefit from this initiative should use a secure money transfer service to guarantee seamless international payments.
This initiative follows in the footsteps of similar programmes in the UAE, which have attracted skilled professionals and offered long-term residency opportunities to investors, entrepreneurs and real estate owners.
The UAE rolled out its Green Visas in 2021, which allows individuals to sponsor themselves for five years without the need for a UAE national or employer to sponsor them.
This strategic drive aligns with initiatives such as the Regional Headquarters (RHQ) programme, which aims to attract multinational corporations to establish their regional headquarters in Saudi Arabia.
The government set a deadline of 1 January 2024 for companies to relocate their headquarters to Riyadh, or risk losing out on government contracts.
As Saudi Arabia’s economy booms, the introduction of new visas is especially appealing to ultra-wealthy and highly skilled individuals who are looking for new opportunities in a fast-growing economy.
By reading money transfer reviews, HNWIs can gain valuable insights into identifying efficient service providers and getting the best exchange rates.
