The premium property residency is one of the most attractive incentives for investment in Saudi Arabia. This residency offers numerous benefits to its holder and requires compliance with certain conditions. In this article, Skyline Holding will explore this type of residency and its distinctive features.

What is the Premium Property Residency for Property Owners in Saudi Arabia?

The premium property residency in Saudi Arabia presents a valuable opportunity for non-Saudis to invest and settle in the country, leveraging a range of criteria and multiple advantages. The Kingdom's investment appeal makes it a preferred destination for global investors due to the diverse opportunities it offers.

Saudi Arabia ranks third among G20 countries in terms of security index and aims to have three of its cities listed among the top 100 cities to live in globally.

In this blog post, we will outline the premium property residency for property owners in Saudi Arabia, including the benefits one can enjoy, eligibility criteria, costs, and all relevant details.

Benefits of Obtaining the Premium Property Residency for Property Owners in Saudi Arabia

The premium property residency offers property owners in Saudi Arabia several advantages, such as:

• Residency for the family, including parents, spouses, and children under 25 years old.
• Freedom to move between facilities without restrictions.
• Exemption from financial fees required from expatriates and their companions.
• The ability to travel and return without a visa for residency holders and their family members.
• Issuing visit visas for relatives.
• Access to dedicated paths for citizens and GCC nationals at entry points.
• Employment opportunities in the private sector and mobility between various establishments for the spouse and children.
• Conducting commercial activities according to investment regulations.
• Full ownership and utilization rights of real estate.

Eligibility Criteria for Obtaining the Premium Property Residency for Property Owners in Saudi Arabia

To qualify for the premium property residency in Saudi Arabia, the following conditions must be met:

• The value of the property or properties owned and utilized in the Kingdom must be no less than 4 million Saudi Riyals.
• The property must not be mortgaged or have any loans against it. It should also be a residential property only.
• The property must be fully constructed.
• An accredited evaluation of the property's value must be provided by certified appraisers from the Saudi Authority for Accredited Valuers (Taqeem).

Types of Properties Eligible for the Premium Property Residency in Saudi Arabia

Applicants must own a residential property with a value of no less than 4,000,000 Saudi Riyals to be eligible for the premium property residency.

Procedures for Obtaining the Premium Property Residency in Saudi Arabia

1. Purchase the Property: The applicant must buy a residential property that complies with local laws and regulations.
2. Confirm Property Ownership: Ownership of the property must be documented through the required official documents.
3. Submit the Application: The applicant should submit their application for the premium property residency through designated online platforms.
4. Document Review: The immigration and passport office will review the submitted documents to ensure compliance with residency requirements.
5. Security Check: A security check will be conducted to ensure the applicant does not pose any security threats.
6. Pay the Fees: The applicant must pay the required fees for obtaining the premium property residency.
7. Receive Residency: Upon successful completion of the previous steps, the applicant will be issued a premium property residency card.

Required Documents for Obtaining the Premium Property Residency in Saudi Arabia

• A valid passport.
• A health report indicating the applicant is free of contagious diseases.
• A clean criminal record.
• The applicant must be at least 21 years old.
• If the applicant is within the Kingdom, their residency must be legal.

Duration of the Premium Property Residency for Property Owners in Saudi Arabia

The duration of the premium property residency in Saudi Arabia is linked to the period during which the property owner benefits from their property, i.e., the period the property remains registered under the owner's name who holds this residency.

By understanding these details, investors can make informed decisions about leveraging the premium property residency program to enjoy the benefits of living and investing in Saudi Arabia. For more information or assistance with the application process, contact Skyline Holding today!