Saudi Arabia Eyes Expansion of Premium Residency Program

Saudi Arabia is planning to extend its premium residency program to attract more desirable individuals, including superyacht owners, top students, and real estate investors, as part of its Vision 2030 to diversify the economy away from oil.

Saudi Arabia is contemplating extending its premium residency program to attract a broader range of individuals, including superyacht owners, real estate investors, and top-tier students, according to inside sources. This initiative aligns with Crown Prince Mohammed bin Salman's Vision 2030 plan, seeking to diversify the kingdom's economy beyond oil reliance and drive socio-economic transformation.

The premium residency scheme, currently available to high-earning executives and specialists, offers various benefits such as visa-free entry and family sponsorship. This expansion aims to lure wealthy visitors to luxury Red Sea resorts and flagship developments, like the $60 billion Diriyah project in Riyadh.

This move is part of broader efforts to make Saudi Arabia more appealing to foreign investors and visitors. Eased restrictions on alcohol for non-Muslim residents and new property ownership rules for non-Saudis further underscore the kingdom's strategic transformation.

(With inputs from agencies.)