Saudi Arabia has introduced five new residency programs for 2024, in a bid to attract foreign skilled professionals and investments.
The five new premium programs are designed in particular for experts working in real estate, sports, and healthcare, among other sectors, VisaGuide.World reports.
More specifically, the five new programs for premium residency are:
- Exceptional Efficiency Residency
- Talent Residency
- Business Investor Residency
- Entrepreneur Residency
- Property Owner Residency
This initiative is part of the country’s plan to become a global center for talent and investments, according to a press release issued by the Saudi authorities. Their goal is to enhance the national economy by creating jobs and encouraging knowledge transfers.
Saudi authorities further revealed that those enrolled in these programs will be granted several benefits, including the possibility of conducting business, owning real estate, and securing work permits for themselves and their families.
The five distinctive residency programs will provide their holders with the opportunity to settle and work in the Kingdom, and open doors for anyone who adds value to the national economy, making them partners in contributing to the Kingdom’s 2030 vision.
This initiative is part of Crown Prince Mohammed bin Salman’s Vision 2030 economic reform, which aims to reduce Saudi Arabia’s dependence on oil and attract more international direct investment to diversify the economy, as reported by Reuters.
In November last year, Saudi Arabia launched the second phase of its “Visiting Investor” visa program. This program, which provided business visit visas and first covered 60 nations, now includes all countries around the world.
The provided e-visa permits multiple entries and is valid for a duration of up to one year. Certain eligible individuals may also benefit immediate access, enabling them to explore investment prospects within the Kingdom.
This program is considered an important factor of Saudi Arabia’s continuous commitment to align with the Vision 2030 initiative, which prioritizes enhancing the investment climate and easing the commencement of business activities.
Apart from the business visit visas, in October last year Saudi Arabia also expanded its e-tourists visa program to six more nationalities, thus reaching a total number of 63. Countries that joined this program were Türkiye, Thailand, Mauritius, Seychelles, Panama, Saint Kitts and Nevis. As Saudi authorities stated back then, such an initiative was taken in an effort to increase tourism within the country.