Latest news with #PremiumResidency
Time of India
2 days ago
- Business
- Time of India
Forget the UAE Golden Visa: Bahrain's residency offers more freedom and lower costs
Bahrain is quietly emerging as the Gulf's most affordable and flexible destination for long-term residency, offering expats and investors an easier path than the UAE or Saudi Arabia/Representative Image TL;DR: Bahrain 's 10-year Golden Residency Visa is emerging as a cost-effective and flexible alternative to the UAE 's Golden Visa and Saudi Arabia's Premium Residency. With easier eligibility, lower financial thresholds, and a straightforward application process, Bahrain is fast becoming the Gulf's hidden residency gem. Here's why Indians and expats alike are increasingly choosing Bahrain over pricier, more restrictive Gulf residency options and how to apply. Why Bahrain's Residency is the Gulf's Best-Kept Secret The glitter of UAE's Golden Visa and the prestige of Saudi Arabia's Premium Residency have dominated headlines, but Bahrain's Golden Residency is quietly gaining serious traction. Introduced in 2022 as part of Bahrain's broader economic diversification strategy under Vision 2030, this visa offers long-term security, full work flexibility, and a family-friendly structure all at a fraction of the cost of its Gulf neighbours. Where the UAE demands steep investments or salaries, and Saudi Arabia places hefty price tags on its premium residency, Bahrain's requirements are refreshingly accessible. Whether you're a mid-level professional, a property investor, or a retiree, Bahrain's visa opens a door to a stable life in the Gulf without draining your bank account. What Makes Bahrain's Golden Residency Better? The first advantage is the freedom to work without employer many Gulf countries where your residency is tied to a job contract or a specific employer, Bahrain's Golden Residency grants you the liberty to work for any employer, start your own business, or freelance as you please. This work flexibility is a rare perk in the region. Secondly, Bahrain's cost of living is notably lower compared to the UAE or Saudi Arabia. From housing to education, healthcare, and everyday expenses, Bahrain offers a more affordable lifestyle while still providing a high standard of living. This makes it particularly appealing for families who wish to settle long-term without the financial pressure seen in places like Dubai or Riyadh. Additionally, Bahrain imposes no restrictions on how long you can stay abroad without losing your residency. In contrast, other countries in the Gulf often require residents to return within a certain time frame or risk forfeiting their residency status. Finally, the Golden Residency also extends comprehensive family benefits. Spouses, parents, and children can be sponsored easily, and renewals do not depend on continued employment or property holdings once the visa is secured. Who Can Apply? Bahrain has defined four clear eligibility categories: Skilled Professionals : You must have worked in Bahrain for at least five years with a stable monthly income of BHD 2,000 (approximately USD 5,300). This criterion ensures that the applicant has established roots and a sustainable career within the kingdom. Property Investors : If you own property in Bahrain valued at BHD 200,000 (about USD 530,000) or more, you qualify for the Golden Residency. Retirees : For retirees already residing in Bahrain, a pension income of BHD 2,000 per month qualifies them for the residency. Non-resident retirees can also apply if they earn BHD 4,000 monthly from pensions. Exceptional Talent : This includes individuals in fields such as science, sports, arts, and entrepreneurship who have been recognised by the Bahraini government for their contributions or achievements. This clear categorisation ensures that applicants from diverse backgrounds and not just the ultra-rich have pathways to long-term residency. Step-by-Step Guide to Applying for Bahrain's Golden Residency Check Your Eligibility : Confirm you meet the criteria in one of the four categories. This can be done by reviewing Bahrain's official Golden Residency portal. Prepare Your Documents : Depending on your eligibility path, gather necessary documents such as: Valid passport with at least six months' validity Health insurance coverage Proof of income or property ownership Bank statements Employment certificates or pension statements Awards or official letters for talented individuals Create an eKey Account : Bahrain's digital services require an eKey registration for a seamless application process. Apply Online : Submit your application via the official government portal. The application fee is a modest BHD 5 (around USD 13). Processing Time : Applications are processed within 5 to 10 working days depending on your eligibility category. Skilled workers, retirees, and property investors can expect faster turnaround, while the talented category may take slightly longer due to verification processes. Visa Issuance Fee : Upon approval, applicants pay a BHD 300 fee (around USD 795) to obtain their Golden Residency permit. Receive Your 10-Year Residency : Once approved and paid, you'll receive the 10-year residency, including the right to sponsor your family members. Sponsor Dependents : Family sponsorship is straightforward, allowing for spouses, children, and parents to be included under the same residency umbrella. Work Permit (Optional) : While the residency itself grants many rights, individuals who wish to work formally may need to apply for a separate work permit through Bahrain's Labour Market Regulatory Authority (LMRA). All steps, fees, and official requirements are clearly outlined on Bahrain's official Golden Residency portal : Why Expats, Especially Indians, Are Choosing Bahrain A growing number of Indian expatriates are viewing Bahrain's Golden Residency as the smarter, less costly alternative to similar schemes in the UAE and Saudi Arabia. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like I Tried the $0.87 Generic Viagra and Here's What Happened! fridayplans Learn More Undo On online forums like Reddit's r/Bahrain, users frequently mention the affordability and lack of red tape in Bahrain's residency process compared to the UAE's high income and investment thresholds. Beyond cost, there's the allure of a more relaxed and culturally diverse society. Bahrain's education, healthcare, and multicultural fabric make it an appealing environment for families looking for stability without the hyper-competitiveness of Dubai or the strict social rules of Saudi Arabia. Furthermore, Bahrain's location within the GCC makes it a strategic hub, providing easy access to neighbouring Saudi Arabia, Qatar, and the UAE all within a short flight or drive. Bahrain's Golden Residency and Vision 2030 This residency initiative is a key part of Bahrain Vision 2030, which seeks to diversify the economy away from oil dependency by attracting skilled professionals, investors, and innovators. The Golden Residency aims to make Bahrain not just a financial hub but also a magnet for global talent, which aligns with broader regional competition for foreign expertise. Over 10,000 Golden Residencies have already been issued, according to official figures. This success positions Bahrain as a viable, less costly alternative for those who want the Gulf lifestyle without the associated financial strain. Verdict: For anyone looking to settle in the Gulf, whether as a professional, retiree, or investor, Bahrain's Golden Residency presents a golden opportunity. It's flexible, affordable, family-friendly, and refreshingly straightforward in both its process and maintenance. If the soaring costs of the UAE or the rigid social norms of Saudi Arabia are deterrents, Bahrain offers a balanced middle path, a stable, welcoming, and economically sensible choice for long-term residency in the Gulf.
Time of India
2 days ago
- Business
- Time of India
Forget the UAE Golden Visa: Bahrain's residency offers more freedom, lower costs: Here's the application process
Bahrain is quietly emerging as the Gulf's most affordable and flexible destination for long-term residency, offering expats and investors an easier path than the UAE or Saudi Arabia/Representative Image TL;DR: Bahrain 's 10-year Golden Residency Visa is emerging as a cost-effective and flexible alternative to the UAE 's Golden Visa and Saudi Arabia's Premium Residency. With easier eligibility, lower financial thresholds, and a straightforward application process, Bahrain is fast becoming the Gulf's hidden residency gem. Here's why Indians and expats alike are increasingly choosing Bahrain over pricier, more restrictive Gulf residency options and how to apply. Why Bahrain's Residency is the Gulf's Best-Kept Secret The glitter of UAE's Golden Visa and the prestige of Saudi Arabia's Premium Residency have dominated headlines, but Bahrain's Golden Residency is quietly gaining serious traction. Introduced in 2022 as part of Bahrain's broader economic diversification strategy under Vision 2030, this visa offers long-term security, full work flexibility, and a family-friendly structure all at a fraction of the cost of its Gulf neighbours. Where the UAE demands steep investments or salaries, and Saudi Arabia places hefty price tags on its premium residency, Bahrain's requirements are refreshingly accessible. Whether you're a mid-level professional, a property investor, or a retiree, Bahrain's visa opens a door to a stable life in the Gulf without draining your bank account. What Makes Bahrain's Golden Residency Better? The first advantage is the freedom to work without employer many Gulf countries where your residency is tied to a job contract or a specific employer, Bahrain's Golden Residency grants you the liberty to work for any employer, start your own business, or freelance as you please. This work flexibility is a rare perk in the region. Secondly, Bahrain's cost of living is notably lower compared to the UAE or Saudi Arabia. From housing to education, healthcare, and everyday expenses, Bahrain offers a more affordable lifestyle while still providing a high standard of living. This makes it particularly appealing for families who wish to settle long-term without the financial pressure seen in places like Dubai or Riyadh. Additionally, Bahrain imposes no restrictions on how long you can stay abroad without losing your residency. In contrast, other countries in the Gulf often require residents to return within a certain time frame or risk forfeiting their residency status. Finally, the Golden Residency also extends comprehensive family benefits. Spouses, parents, and children can be sponsored easily, and renewals do not depend on continued employment or property holdings once the visa is secured. Who Can Apply? Bahrain has defined four clear eligibility categories: Skilled Professionals : You must have worked in Bahrain for at least five years with a stable monthly income of BHD 2,000 (approximately USD 5,300). This criterion ensures that the applicant has established roots and a sustainable career within the kingdom. Property Investors : If you own property in Bahrain valued at BHD 200,000 (about USD 530,000) or more, you qualify for the Golden Residency. Compared to the UAE's real estate threshold of AED 2 million, Bahrain's bar is much lower and thus more achievable for mid-level investors. Retirees : For retirees already residing in Bahrain, a pension income of BHD 2,000 per month qualifies them for the residency. Non-resident retirees can also apply if they earn BHD 4,000 monthly from pensions. Exceptional Talent : This includes individuals in fields such as science, sports, arts, and entrepreneurship who have been recognised by the Bahraini government for their contributions or achievements. This clear categorisation ensures that applicants from diverse backgrounds and not just the ultra-rich have pathways to long-term residency. Step-by-Step Guide to Applying for Bahrain's Golden Residency Check Your Eligibility : Confirm you meet the criteria in one of the four categories. This can be done by reviewing Bahrain's official Golden Residency portal. Prepare Your Documents : Depending on your eligibility path, gather necessary documents such as: Valid passport with at least six months' validity Health insurance coverage Proof of income or property ownership Bank statements Employment certificates or pension statements Awards or official letters for talented individuals Create an eKey Account : Bahrain's digital services require an eKey registration for a seamless application process. Apply Online : Submit your application via the official government portal. The application fee is a modest BHD 5 (around USD 13). Processing Time : Applications are processed within 5 to 10 working days depending on your eligibility category. Skilled workers, retirees, and property investors can expect faster turnaround, while the talented category may take slightly longer due to verification processes. Visa Issuance Fee : Upon approval, applicants pay a BHD 300 fee (around USD 795) to obtain their Golden Residency permit. Receive Your 10-Year Residency : Once approved and paid, you'll receive the 10-year residency, including the right to sponsor your family members. Sponsor Dependents : Family sponsorship is straightforward, allowing for spouses, children, and parents to be included under the same residency umbrella. Work Permit (Optional) : While the residency itself grants many rights, individuals who wish to work formally may need to apply for a separate work permit through Bahrain's Labour Market Regulatory Authority (LMRA). All steps, fees, and official requirements are clearly outlined on Bahrain's official Golden Residency portal : Why Expats, Especially Indians, Are Choosing Bahrain A growing number of Indian expatriates are viewing Bahrain's Golden Residency as the smarter, less costly alternative to similar schemes in the UAE and Saudi Arabia. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo On online forums like Reddit's r/Bahrain, users frequently mention the affordability and lack of red tape in Bahrain's residency process compared to the UAE's high income and investment thresholds. Beyond cost, there's the allure of a more relaxed and culturally diverse society. Bahrain's education, healthcare, and multicultural fabric make it an appealing environment for families looking for stability without the hyper-competitiveness of Dubai or the strict social rules of Saudi Arabia. Furthermore, Bahrain's location within the GCC makes it a strategic hub, providing easy access to neighbouring Saudi Arabia, Qatar, and the UAE all within a short flight or drive. Bahrain's Golden Residency and Vision 2030 This residency initiative is a key part of Bahrain Vision 2030, which seeks to diversify the economy away from oil dependency by attracting skilled professionals, investors, and innovators. The Golden Residency aims to make Bahrain not just a financial hub but also a magnet for global talent, which aligns with broader regional competition for foreign expertise. Over 10,000 Golden Residencies have already been issued, according to official figures. This success positions Bahrain as a viable, less costly alternative for those who want the Gulf lifestyle without the associated financial strain. Verdict: For anyone looking to settle in the Gulf, whether as a professional, retiree, or investor, Bahrain's Golden Residency presents a golden opportunity. It's flexible, affordable, family-friendly, and refreshingly straightforward in both its process and maintenance. If the soaring costs of the UAE or the rigid social norms of Saudi Arabia are deterrents, Bahrain offers a balanced middle path, a stable, welcoming, and economically sensible choice for long-term residency in the Gulf.
Time of India
6 days ago
- Business
- Time of India
Saudi property buying rules: What expats and investors need to know
Foreigners will be allowed to buy property in key Saudi cities like Riyadh and Jeddah from January 2026 under new regulations aimed at boosting investment and diversifying the economy/Representative Image TL;DR: Saudi Arabia to allow foreigners to buy property from January 2026 in designated zones like Riyadh and Jeddah. REGA will define eligible areas and publish detailed rules within 180 days. Mecca and Medina remain restricted to long-term leases only (not ownership) Valid Iqama or Premium Residency required to purchase. 5% real estate transaction tax applicable on purchases. Foreign companies and individuals can both buy. Property purchases to be completed via digital platforms like Absher and registered under REGA. Who Can Buy Foreign individuals and companies will be allowed to buy property. You'll need to meet specific conditions, but you won't need to be a Saudi citizen. If you're a Premium Residency holder or a GCC national, you're already allowed to own property under certain conditions. Where You Can Buy The law will allow purchases in places like Riyadh, Jeddah, and other areas that will be announced soon. You can't buy property in Mecca or Medina, but long-term leases (up to 99 years) may be possible in those cities. The Real Estate General Authority (REGA) will release the final list of areas and rules before January 2026. They will also open a public feedback process on a platform called Istitaa. How to Buy Property as an Expat Here's a basic outline of how the process is expected to work: Check your eligibility — you'll likely need a valid residency permit (Iqama) or a business license. Choose a property in an approved area. Apply for a permit through Saudi's official digital platforms like Absher. Get clearance from REGA and possibly from the Ministry of Interior or Investment. Sign the deal and register the ownership. Pay a 5% property transaction tax. Keep in mind: rules for financing, taxes, and other approvals may vary depending on the zone and the type of property. Why This Matters Real estate now makes up a growing part of Saudi Arabia's economy. The new law is meant to boost that even more by attracting outside buyers and encouraging development in major cities. It also brings Saudi rules closer to what's already allowed in countries like the UAE and Qatar, where expats have been able to buy property for years. Things to Keep in Mind You can't buy just anywhere. Specific zones will be named. Mecca and Medina remain off-limits for freehold ownership. Government approval is a must before completing a deal. The law starts in January 2026, but the details will come out earlier. Digital tools like Absher will be used to handle most of the paperwork. FAQs Q. Can foreigners buy property in Saudi Arabia now? Not yet. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 3.5, 4.5 BHK Homes starting at ₹4.89 Cr.* Hero Homes Learn More Undo The law takes effect in January 2026. Q. Can I buy in Mecca or Medina? No, but you may be able to lease long-term. Q. Do I need to live in Saudi Arabia to buy? Yes. You'll likely need a valid Iqama or Premium Residency. Q. Are companies allowed to buy property too? Yes. Foreign companies can buy property in approved zones. Q. Is a mortgage possible? It might be, but most expats pay in cash. Saudi banks have strict lending rules. Q. What taxes do I have to pay? There's a 5% real estate transaction tax on most purchases.
Arab News
03-05-2025
- Business
- Arab News
How Saudi Arabia is reshaping the global talent landscape
RIYADH: In the field of attracting global talent, Saudi Arabia stands out as a hub of innovation and opportunity, recruiting skilled professionals from all over the world to drive growth in key sectors including technology, finance, and manufacturing. With a strong focus on talent development and labor market improvements, initiatives such as the Premium Residency program represent an important step in transforming the Kingdom's workforce. More than 2,600 healthcare workers became beneficiaries of this scheme, dubbed the Saudi Green Card, in October – a clear sign that the Kingdom is proactively working to secure international talent within the country's borders How Saudi Green Card is reshaping landscape for global talent attraction in Saudi Arabia Launched in 2021, the Premium Residency program offers long-term residency to skilled workers, entrepreneurs, and investors to create a more competitive environment for top professionals. It offers expats access to benefits available to Saudi nationals, including the ability to own property, start businesses, and make use of public services. Raymond Khoury, partner and public sector practice lead, at Arthur D. Little, Middle East, believes the program will positively impact key sectors by attracting the talent needed to service the growing population — set to rise from 34.4 million today to 55 million by 2030. 'Such incentives allow skilled professionals to have a more stable personal life environment with their families and the facility to make long-term investments in their careers – a better work-life balance in general,' Khoury told Arab News. The Arthur D. Little partner went on to note that attracting skilled professionals in sectors like healthcare, technology, tourism, and renewable energy will help diversify Saudi Arabia's economy, reduce oil dependency, and boost gross domestic product through innovation and strategic partnerships in non-oil industries. 'The program also facilitates international professionals in academia and research, allowing for stronger collaborations between universities and private institutions in Saudi Arabia and their international counterparts,' he said. Khoury added that while the initiative does face challenges, such as the time it takes for international talent to adapt to local cultural and legal norms, these can be mitigated by providing clear integration pathways and support for newcomers. The international talent infusion not only accelerates progress within key sectors but also drives cultural and intellectual exchange, fostering long-term growth and innovation. Raymond Khoury, Partner and public sector practice lead at Arthur D. Little, Middle East While Saudi Arabia has this program, its Gulf Cooperation Council neighbors, such as UAE and Qatar, have their own talent attraction schemes in place, meaning there is competition for skilled professionals, Khoury explained. Abhishek Sharma, partner at Oliver Wyman's Government and Public Institutions practice for India, Middle East and Africa, said the Kingdom's Premium Residency program is transforming the expatriate model by attracting highly skilled professionals. 'Given the Kingdom's large-scale economic ambitions and the significant opportunities emerging across various sectors, these factors collectively position Saudi Arabia as an increasingly attractive destination for global talent,' Sharma told Arab News. The Saudi Green Card is improving talent mobility especially in technology, by allowing professionals to work and live without a sponsor, he added. This supports Vision 2030's goal of making Saudi Arabia an innovation hub, and boosts technological growth in sectors like artificial intelligence and digital transformation, according to Mamdouh Al-Doubayan, managing director of Middle East and North Africa at Globant. 'However, while attracting global talent is crucial, sustainable growth depends on balancing international expertise with local knowledge development. The real opportunity lies not just in recruitment but in fostering a dynamic, homegrown workforce capable of driving long-term digital adoption,' Al-Doubayan told Arab News. International talent influx The influx of international talent is vital for advancing key sectors in Saudi Arabia, such as technology, healthcare, tourism, and renewable energy — all of which support Vision 2030's goal of reducing oil dependence and fostering a sustainable, knowledge-based economy. Khoury believes innovation and technology advancement across core and adjacent sectors is critical in creating innovation hubs and driving the digital transformation of industries. 'This also covers supporting technology research, development and innovation startups and an encompassing ecosystem that fosters knowledge transfer and international collaboration,' he said. Healthcare was raised as an area where attracting skilled medical professionals — doctors, nurses, and researchers — can effectively and efficiently improve patient outcomes, introduce advanced medical practices, and lead groundbreaking research. By incentivizing industries that rely on highly skilled professionals, Saudi Arabia can accelerate sectoral growth and enhance its overall economic contribution. Abhishek Sharma, Partner at Oliver Wyman's Government and Public Institutions practice 'Establishing the Kingdom as an attractive medical tourist destination is part and parcel of some mega-projects — for example the Red Sea project — today under Vision 2030,' Khoury said. The Arthur D. Little partner also highlighted that improving the education sector in Saudi Arabia is essential for building a knowledge-based economy, particularly in STEM fields. Attracting international talent in tourism, hospitality management, event planning and arts development is key for Saudi Arabia, particularly for destinations such as Qiddiya and the Red Sea project, where the target is to attract and service between 60 million and 70 million visitors per year by 2030. 'Such a large target requires domain knowledge of global trends and international best practices, which international talent can bring in a timely manner,' Khoury said. He also flagged the need for international expertise in green technologies as being crucial for Saudi Arabia's Vision 2030, especially in renewable energy. Global partnerships and innovative solutions will aid in achieving net-zero emissions, optimizing energy efficiency, and creating sustainable business models. 'The international talent infusion therefore not only accelerates progress within key sectors but also drives cultural and intellectual exchange, fostering long-term growth and innovation for the Kingdom,' Khoury said. Knowledge economy From Oliver Wyman's side, Sharma explained that human capital is a key driver of economic growth, with skilled professionals fostering expansion, which in turn attracts more talent. Saudi Arabia is set to experience this positive cycle over the next seven to 10 years. 'As the Kingdom advances toward its Vision 2030 goals, transitioning to a knowledge-based economy, improving the overall quality, skill level, and productivity of the workforce will be critical. By incentivizing industries that rely on highly skilled professionals — such as professional services, technology, and advanced manufacturing — Saudi Arabia can accelerate sectoral growth and enhance its overall economic contribution,' he said. While attracting global talent is crucial, sustainable growth depends on balancing international expertise with local knowledge development. Mamdouh Al-Doubayan, Managing director of Middle East and North Africa at Globant According to Al-Doubayan from Globant, international talent is crucial to the Kingdom's shift toward a knowledge-based economy, bringing specialized skills and innovative approaches, particularly in technology. Collaborating with local professionals drives progress, supports Vision 2030's goals of economic diversification, and enhances competitiveness in a digital, AI-driven world. 'By integrating global expertise with local capabilities, Saudi Arabia is not only strengthening its workforce but also creating an environment where homegrown talent can thrive. The impact goes beyond immediate job creation — it builds a long-term, self-sustaining innovation ecosystem that reduces reliance on traditional industries and positions the Kingdom as a leader in digital transformation,' he said. Future strategies As Saudi Arabia aims to become a global hub for business, technology, and culture through Vision 2030, the ongoing influx of international talent will play a crucial role in driving economic growth and fostering innovation. Arthur D. Little's Khoury believes that enhancing immigration policies, including expanding programs like the Saudi Green Card, could see tailored benefits being offered to professionals in sectors such as renewable energy, AI, and biotech, as well as healthcare and fintech, providing long-term opportunities. He explained that availing and advancing innovation hubs and ecosystems in support of attracting and retaining tech entrepreneurs, researchers, and innovators, is vital, as is offering them not only business opportunities but also a platform to collaborate with global experts in their fields. 'This is a key focus of the Saudi Research Development and Innovation Authority in its aim to bolster RDI capabilities and create a compelling environment for leading scientists, engineers, and researchers,' Khoury said. He added that the government is boosting investments in incubators, accelerators, and venture capital to support local and international startups, aiming to create a diverse innovation ecosystem and foster new tech-driven industries. Additionally, the partner explained how the Kingdom's investment in education and upskilling initiatives to build a knowledge-based economy, focusing on attracting international students and researchers while pairing global talent with local professionals, will enhance expertise. 'Having a skilled and diverse workforce will better enable Saudi Arabia to effectively compete on the international stage and attract more high-value investments that will spur further economic development and prosperity,' Khoury said. Oliver Wyman's Sharma highlighted attracting top talent is key to the Kingdom's goal of becoming a global leader in AI. He said that a parallel strategy of aggressively upskilling the local workforce will be 'equally critical' in sustaining long-term economic and innovation-driven growth. Al-Doubayan from Globant explained with growing demand for skilled professionals in technology, entertainment, and sustainability, organizations must offer not just jobs but upskilling, career development, and innovation-driven environments to position the Kingdom as a long-term career destination. He said: 'The increasing integration of AI across industries is intensifying competition for top talent. Organizations now face a paradigm shift: moving from simply retaining talent to empowering professionals to grow, innovate, and remain engaged within the Kingdom's evolving workforce. The key challenge is no longer just recruitment — it is creating an environment where individuals choose to stay despite global demand for elite professionals.'
CairoScene
28-04-2025
- Business
- CairoScene
Saudi Arabia Issues Record 8,074 Premium Residency Permits in 2024
Launched in 2019, the Premium Residency initiative aims to attract global talent and drive domestic market growth. Saudi Arabia issued a record 8,074 Premium Residency permits in 2024, the highest number since the programme's launch in 2019. According to the Premium Residency Center, 5,578 permits were awarded under the "Competence" category, 348 under "Talents," and 2,148 to other eligible applicants. The Premium Residency initiative, part of Saudi Arabia's Vision 2030 framework and overseen by the National Transformation Program, is designed to attract skilled professionals, investors, and entrepreneurs to the Kingdom. Applications were assessed to ensure they met the programme's rigorous criteria, focusing on global expertise, specialised skills, and investment potential. Both residents and foreign nationals were among the successful applicants. Officials stated that the initiative aims not only to bring global talent into Saudi Arabia, but also to boost the competitiveness of the domestic market, enhance human capital development, and create knowledge transfer opportunities for the local workforce. Since its launch, the Premium Residency programme has become a key tool in Saudi Arabia's economic diversification efforts, supporting the Kingdom's ambition to establish itself as a major destination for international talent and investment.
