RIYADH: On Wednesday, a workshop was held in Riyadh as part of Saudi Arabia’s residency program, which draws in top foreign talent and investors.
Through five residency categories, the Premium Residency Programme, introduced in 2019, attracts talented individuals, investors, and skilled professionals to the Kingdom.
It is intended for foreigners who want to be granted preferential residency in Saudi Arabia.The categories of gifted, entrepreneur, investor, real estate residencies, and special talent were revealed in January.
There are two subcategories within the residency programme for innovators and entrepreneurs who support the growth of various industries in Saudi Arabia.The individual must demonstrate a minimum investment of SR15 million and a 10 percent ownership stake in the business.
Under the entrepreneur residency program category one, a five-year premium residency is offered. The Saudi Ministry of Investment’s entrepreneurial licence and the investing party’s recommendation letter are prerequisites for applicants. They must secure a minimum investment of SR400,000 ($106,000) from an established organization and maintain at least a 20 percent stake in the startup.At ports throughout the Kingdom, beneficiaries will have access to the lanes reserved for citizens and citizens of the Gulf Cooperation Council nations.
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