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Saudi Arabia is evaluating an expansion of its premium residency programme as part of broader efforts to attract foreign capital, high-net-worth individuals and skilled talent under its Vision 2030 economic diversification strategy. The proposed changes could widen eligibility to include superyacht owners, buyers of homes within flagship development projects and high-performing students, according to people familiar with the discussions. While the plans remain under consideration, the move signals a push to position the kingdom as a long-term destination for affluent residents and global professionals. Existing eligibility criteria are largely income-based, with benefits such as visa-free entry, work rights and family sponsorship. The initiative builds on recent reforms, including property ownership rights for foreigners and relaxed lifestyle regulations, aimed at enhancing Saudi Arabia's appeal to international investors and residents.
Saudi Arabia is weighing plans to broaden its premium residency programme to include a wider pool of high-value individuals, as the kingdom steps up efforts to draw foreign investment and long-term residents. People familiar with the matter indicated that discussions are underway to extend eligibility beyond current income-based thresholds to groups such as superyacht owners, buyers of homes in major development projects and top-performing students. Advertisement
The deliberations form part of Crown Prince Mohammed bin Salman's Vision 2030 agenda, which seeks to reduce the country's dependence on oil revenues while reshaping its economic and social landscape. While the proposals have not yet been finalised, they reflect a growing emphasis on attracting affluent residents who can contribute capital, consumption and global visibility.
Individuals purchasing residential property within flagship Vision 2030 developments could become eligible under the expanded criteria. This may include buyers investing in large-scale mixed-use projects such as Diriyah, a development near Riyadh with a reported investment value of around USD 60 billion. Extending premium residency to such buyers is expected to support demand for high-end real estate within these master-planned districts.
The programme could also be opened to ultra-wealthy individuals who berth superyachts in Saudi waters, a move that appears aimed at boosting footfall and spending at the country's emerging luxury Red Sea tourism destinations. In addition, high-achieving international students may be considered as part of a longer-term strategy to retain global talent within the kingdom.
At present, premium residency is granted based on specific income and professional criteria. Executives earning more than SAR 80,000 per month and specialised professionals in sectors such as healthcare and science earning above SAR 35,000 per month are among those currently eligible. Holders of premium residency benefit from visa-free entry, the right to work without a sponsor and the ability to extend residency privileges to immediate family members.
The potential expansion follows a series of reforms introduced over the past year to make Saudi Arabia more attractive to foreigners. These include allowing premium residents and high earners to purchase alcohol at designated outlets in Riyadh, easing long-standing lifestyle restrictions. More recently, non-Saudis were permitted to own residential and commercial property in select areas, although detailed regulations are still being rolled out.
Taken together, these measures point to a strategic shift towards positioning Saudi Arabia as a competitive destination for wealth, talent and long-term residency, aligned with its broader economic transformation goals.
Source - Reuters
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