Saudi Arabia weighs expansion of premium residency program to lure talent

By Timour Azhari

Jan 28 (Reuters) – Saudi Arabia is drafting plans to extend its premium residency program to a wider selection of desirable individuals, including superyacht owners, those looking to live in the kingdom’s flagship development projects and top students, a person with direct knowledge of the matter said. 

The deliberations, which have not yet been finalized, are part of efforts to attract foreign capital and visitors under Crown Prince Mohammed bin Salman’s Vision 2030 plan to diversify the country’s economy away from oil and transform society. 

The person said that people purchasing real estate at Vision 2030 construction projects, such as Riyadh’s $60 billion Diriyah development, could be eligible. 

Potentially offering premium residency to ultra-wealthy individuals who moor superyachts in Saudi Arabia’s waters appeared aimed at encouraging visitors to the new luxury Red Sea resorts.

High-achieving students may also be included.

Premium residency is currently available based on varying criteria.

It includes executives earning more than 80,000 Saudi riyals ($21,300) per month and specialized health and science professionals earning more than 35,000 riyals per month, according to an online brochure marketing the program. 

Benefits include entry without a visa, the ability to work and the ability to extend premium residency status to family members.

The Saudi Premium Residency program did not immediately respond to emailed questions from Reuters.

The move would be the latest step in trying to make Saudi Arabia more attractive to foreign visitors. 

The kingdom has already implemented rules affording premium residency to anyone purchasing a property worth more than $1 million.

Last year, the once ultra-conservative kingdom loosened restrictions on alcohol, allowing non-Muslim premium residents and high-earners to purchase alcoholic beverages at a designated Riyadh store.

Since January 22, non-Saudis have been allowed to own residential and commercial property in certain parts of the kingdom, though regulations have not yet been fully rolled out.

$1 = 3.75 riyals

(Reporting by Timour Azhari in Riyadh; Editing by Toby Chopra)