Saudi Arabia is developing plans to expand its premium residency program to a wider selection of desirable populations, including superyacht owners, people looking to reside in the kingdom’s flagship development projects and top students, people 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 official said people buying property in Vision 2030 construction projects, such as Riyadh’s $60 billion Diriyah development, could be targeted.
The possibility of offering premium residency rights to the ultra-wealthy who dock their superyachts in Saudi waters appears aimed at encouraging visitors to a new Red Sea luxury resort.
This may include students with excellent grades.
Premium Residency is currently available based on a variety of criteria.
These include executives who earn more than 80,000 Saudi riyals ($21,300) a month and health science professionals who earn more than 35,000 riyals a month, according to an online brochure promoting the program.
Benefits include visa-free entry, the ability to work, and extension of premium residence status to family members.
Saudi Arabia’s Premium Residency Program did not immediately respond to emailed questions from Reuters.
The move would be the latest step in Saudi Arabia’s efforts to make it more attractive to foreign tourists.
Saudi Arabia already has rules in place that give premium residency rights to people who buy real estate worth more than $1 million.
The once ultra-conservative kingdom eased alcohol regulations last year, allowing non-Muslim high-end residents and high-income earners to buy alcoholic beverages at designated Riyadh stores.
Since January 22, non-Saudis have been allowed to own residential and commercial property in certain areas of the Kingdom, but the regulations have not yet been fully rolled out.
1 dollar = 3.75 riyals
(Reporting by Timur Azhari in Riyadh; Editing by Toby Chopra)
