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The government has unveiled a list of priority sectors for its new special talent residency, Saudi Gazette reports. This type of residency is one of the five new categories introduced earlier this month as part of the premium residency scheme launched in 2019 in a bid to attract skilled professionals to the local market. (You can apply for the ST residency here.)
Priority sectors for the ST residency include healthcare and life sciences, digital technologies, financial services, advanced manufacturing, space and defense, energy and circular economy, metals and mining, logistics and transport, tourism infrastructure, and agritech.
ICYMI- The scheme had initially included only one type of residency with the permanent version costing SAR 800k and the one-year renewable costing SAR 100k, before introducing five new categories earlier this month. The new categories include residency types for special talents, gifted professionals in the culture and sports spaces, owners of high-value real estate, well-funded entrepreneurs, and investors who have made investments in the local economy.
Eligibility criteria: The ST residency caters to academic researchers, professionals, and executives who are currently employed in one of the priority sectors with contracts worth a minimum of SAR 14k for researchers, SAR 35k for professionals, and SAR 80k for executives. They must also hold a bachelor degree or higher and boast a minimum of 3 years of professional experience.
Duration + fees for the new categories: The new categories provide applicants with a five-year renewable residency for a fee of SAR 4k. Holders of the new residencies can obtain a permanent residency if they comply with their residency eligibility criteria for a period of 30 months within 5 consecutive or non-consecutive years.
The benefits provided to holders of premium residencies, in short:
- The residency include the parents, spouses, and children under 25 years old of the holder;
- Freedom to move between companies;
- Exemption from financial fees imposed on expats and their dependents;
- Issuance of visit visas for relatives;
- Allowing the spouses and children of the holder to work in the private sector;
- Allowing holder to conduct business activities;
- Holders are allowed to own and use real estate properties.
Investors can have it better: Those who don’t fall within the ST category but have plans to invest SAR 7 mn in their first two years of residency and create 10 jobs within the local economy, are eligible for all of the above benefits along with a permanent SAR 4k residency.
You are an entrepreneur? You qualify for an entrepreneur residency if you own a 10%-20% stake in a startup and have raised investment rounds worth the equivalent of a minimum of SAR 400k or SAR 15 mn. Those whose qualifications fall within the lower ranges of ownership and investments are eligible for a renewable five-year residency, while the upper ranges qualify the applicant for a permanent residency.
Expats can obtain the real estate owners residency if they own an existing residential property valued at a minimum of SAR 4 mn and that wasn’t financed by a credit line. The residency would be valid for as long as the title to the property is valid.
