Saudi Arabia is undergoing a progressive transformation under its Vision 2030, offering numerous opportunities for investors, innovators, entrepreneurs, and celebrities in their respective fields. To empower such individuals and help them leverage one of the fastest-growing economies in the world, the Saudi government has launched several meaningful initiatives. One such initiative is the KSA’s Premium Iqama, which can also be referred to as the Saudi Green Card.
The Premium Iqama offers unprecedented freedom and opportunities for expatriates beyond the traditional sponsorship system. It facilitates a pathway to living in Saudi Arabia and contributing to the country’s diversifying economy.
What is the Premium Iqama?
The Premium Iqama is a special residency permit that allows expatriates to live in Saudi Arabia without requiring a local sponsor, Kafeel. Unlike the traditional Iqama, the Premium Iqama offers unparalleled independence and flexibility to foreign nationals.
A traditional Iqama links the holder to an employer and requires them to renew it regularly. In addition, the employer must grant permission for several activities allowed under the conventional Iqama.
What are the Benefits of the Premium Iqama in Saudi Arabia?
In addition to maintaining a long-term visa, the Premium Iqama offers several other notable advantages. Saudi Arabia has introduced most of these benefits for the first time to provide maximum value to foreign nationals seeking to build a future in the KSA.
Some of the significant advantages of KSA’s Premium Iqama include:
Independence and Freedom
The Premium Iqama Holders do not require a local sponsor. Premium Iqama holders can work, run businesses, own properties, and engage in other commercial activities just like locals in Saudi Arabia. Additionally, they do not need to follow any job restrictions or obtain exit/re-entry visas. They can travel in and out of the Kingdom without seeking any permission.
Business and Investment Privileges
The Premium Iqama program offers exceptional benefits for investors and entrepreneurs. It allows them to access nearly 35 million consumers in a thriving economy. Additionally, businessmen can invest in the Saudi capital market and establish their own companies without needing a Saudi partner.
Family Sponsorship
One of the most significant advantages of KSA’s Premium Iqama is family sponsorship. A holder can sponsor immediate family members, such as a spouse, children under 25, and parents. Moreover, they can extend the same privileges to all family members, allowing them to live, study, work, and engage in commercial activities in KSA.
The Premium Iqama offers the most suitable opportunity for individuals looking for long-term residency in the KSA with their family. The Premium Iqama holders and their dependents are exempt from specific expat fees, which can lead to significant long-term savings.
Real Estate Ownership
Foreign nationals can now buy and own real estate in any KSA city for commercial, industrial, or residential purposes. This is one of the Saudi government’s newest offerings, allowing expatriates to invest strategically in Saudi Arabia’s booming real estate sector.
What are the Types of Premium Residency
The Saudi Premium Residency comes in different types. These options allow individuals to choose the residency that best fits their aspirations, professional goals, and intended stay in the Kingdom.
Limited Duration Premium Residency: This is a limited-duration premium residency visa issued for one to five years. The annual fee is SAR 100,000, and it is ideal for those who want to experience the KSA lifestyle without opting for a permanent visa.
Unlimited Duration Premium Residency: The unlimited duration premium residency is also known as the permanent or lifetime visa in the KSA. This residency option costs a one-time fee of SAR 800,000 and allows you to live in the KSA indefinitely. This option suits individuals who want to live in the KSA indefinitely without renewing their residency permit each year.
Entrepreneur Residency: Entrepreneurs and startups can also benefit from the KSA Premium Iqama. To qualify for the entrepreneur residency, a startup venture must secure investments or investment rounds of at least SAR 400,000. Applicants can secure these investments through Venture Capital Funds or incubators recognized by the Premium Residency Center.
Applicants for this type of residency must obtain an entrepreneurial license from the Saudi Ministry of Investment and a recommendation letter from the investing entity.
Real Estate Owner Residency: This is another type of premium residency in the KSA that is primarily designated for individuals who own a residential real estate property in the country valued at a minimum of SAR 4 million. The Saudi Authority TAQEEM must first develop and appraise the property.
Special Talent Residency: This type of residency program directly recognizes exceptional professionals in executive leadership, research, health, innovation, and other progressive fields. It is valid for five years and can potentially be converted into permanent residency. The government divides the special talent residency into multiple tiers and awards it to individuals based on their experience, salary, and executive level.
Investor Residency: Investor residency is the ultimate choice for businessmen and investors who want to obtain a permanent license. To qualify for this particular residency, an investment license is required in Saudi Arabia. In addition, the applicant must invest at least SAR 7 million and create 10 job opportunities in the country within two years of acquiring the investment visa.
Gifted Residency: The Saudi government offers gifted residency for exceptional individuals who have done remarkably well in popular fields such as sports, cinema, health, research, art, culture, literature, and more. The government issues the Gifted Residency for five years, and holders can renew it or convert it into permanent residency.
How does Carltrix help you obtain the KSA Premium Iqama?
Furthermore, the experts at Carltrix guide you at every step of your Premium Iqama acquisition. They handle everything from filling out the initial form to arranging the required documents. They also obtain approvals from the relevant government bodies, ensuring a seamless and stress-free process.
The information above helps individuals choose the type of premium residency they want to apply for in KSA. Once you select a residency type, Carltrix experts simplify the process. They assist you in acquiring the Iqama, making it stress-free for qualifying individuals and startups.
Contact us today to submit your application for the KSA’s premium residency.
