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 is linked to an employer and requires regular renewal. In addition, several activities allowed under the conventional Iqama are tied to the employer’s permission.
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. Most of these benefits have been introduced in Saudi Arabia for the first time to offer maximum value for foreign nationals looking to build a future in 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. They can work, do business, own properties or be involved in any other commercial activity like the locals in the Kingdom of Saudi Arabia. Additionally, the Iqama holders are not bound by any job restriction or exit/re-entry visa requirements. 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, enabling them to leverage almost 35 million consumers in a thriving economy. As part of the benefits associated with their Premium Iqama, businessmen can invest in the Saudi capital market and establish their own companies without the need for a Saudi Partner.
Family Sponsorship
This is one of the most significant advantages of KSA’s Premium Iqama. A Premium Iqama holder can sponsor immediate family members, including spouse, children under 25, and parents. All family members also receive the same privileges to live, study, work, and be involved in other 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, which allow individuals to choose the right residency option according to their aspirations, professional goals, and potential 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. It is suitable for individuals who want to live in the KSA indefinitely without the need for annual renewal of their residency permit.
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. These investments can be secured through Venture Capital Funds or incubators recognized by the Premium Residency Center. Further requirements for this specific type of residency require individuals to 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 property must already be developed and appraised by the Saudi Authority TAQEEM.
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 special talent residency is divided into multiple tiers and awarded 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 Gifted residency is issued for five years, which can be renewed or turned into a permanent residency.
How does Carltrix help you obtain the KSA Premium Iqama?
The experts at Carltrix help you at every step of your Premium Iqama acquisition, from filling out the initial form to arranging the required documents and getting approvals from the relevant government bodies. The information provided above makes it easier for individuals to decide the type of premium residency they want to apply for in KSA. Once the residency type is selected, the Carltrix experts simplify the process, making the Iqama acquisition process stress-free for qualifying individuals and startups.
Contact us today to submit your application for the KSA’s premium residency.
