Saudi Arabia, one of the wealthiest countries in the world, is rapidly becoming an increasingly popular destination for business migration. More and more investors are applying for an investor visa – also known as the Golden Visa – in Saudi Arabia and obtaining permanent residency permits for themselves and their family members.
Applying for an investor visa in Saudi Arabia is a sensible decision by foreign investors, as there are plenty of good reasons for them to be doing so.
Appeal of investor visa in Saudi Arabia
Saudi Arabia was ranked as one of the top 30 countries in the world for business opportunities in the 2020 Doing Business Report. The country has continued increasing its business scope in the following years to strengthen its position as a global business powerhouse further. For example, Saudi Arabia has enabled no less than 555 reforms to simplify company registration processes to boost business scopes in the country.
Premium Residency Program
One approach to improving business scopes has been to attract foreign investments. Saudi Arabia has created by design a new residency pathway called the Premium Residency Program specifically for foreign investors who can inject an amount into the economy. Investors are rewarded with residency permits in the country for themselves and their family members.
The Premium Residency Program offers investors two residency options:
- Permanent residence permit;
- Temporary one-year renewable residence permit.
Comparatively lower investment requirements
Another reason why investors are opting for Saudi Arabia’s Golden Visa is because investment requirements are significantly lower compared to competitor countries, such as some leading European nations. This makes the Golden Visa even more appealing to investors looking for new investment opportunities and willing to relocate with their families.
2019 Foreign Investment Act
Moreover, Saudi Arabia’s 2019 Foreign Investment Act was designed to increase the number of foreign-owned companies in the country to 70 per cent. This law also allows investors to form startup companies with full ownership.
Real estate and property ownership
Furthermore, investment visa holders in Saudi Arabia can own real estate and acquire properties in designated areas, which further appeals to foreign investors looking to invest in the country.
Tax holidays
In addition, investors who obtain permanent residency in Saudi Arabia do not have to pay any personal income tax.
Relaxed sponsorship requirements
Applicants can also apply for Saudi Arabia’s investor visa without having to meet any sponsorship requirements.
Diverse and dynamic economy
Investors can enjoy investment opportunities across a range of sectors, such as technology, healthcare and tourism, among others.
Requirements of investor visa in Saudi Arabia
Foreign investors can opt for either a permanent residency option or a one-year renewable residency option in Saudi Arabia, depending on the investment they make.
Investors can also have an uncapped number of family members accompany them as residents in Saudi Arabia via the investor visa.
For a premium residence permit, applicants must:
- Be at least 21 years old at the time of applying;
- Provide evidence of their financial stability;
- Have a clean criminal record; and
- Provide a medical record no older than six months.
Applicants must also provide the following documents when applying for an investor visa in Saudi Arabia:
- A recent bank statement indicating the applicant’s financial worth in the year prior to applying;
- A certified copy of the company’s registration documents;
- An audited financial statement from the last two years;
- Proof of current address;
- Photographs of the applicant and family members moving to Saudi Arabia;
- Passport copies of the applicant and family members moving to Saudi Arabia; and
- A medical record from an accredited healthcare facility for the applicant and dependents.
Benefits of investor visa in Saudi Arabia
Investors holding Saudi Arabia’s Golden Visa can enjoy benefits such as:
- Obtaining permanent residency for themselves and their family members;
- Enjoying tax holidays after getting a permanent residence permit;
- Registering a company in Saudi Arabia with 100% foreign ownership;
- Owning real estate and properties in Saudi Arabia;
- Having permission to make investments in Saudi Arabia’s Stock Exchange;
- Finding employment opportunities for private companies; and
- Ease in changing jobs or employers without needing to go through any sponsoring process.
eduaid can help you obtain an investor visa in Saudi Arabia!
For any assistance with applying for an investor visa to Saudi Arabia, get in touch with eduaid – licensed specialists in business migration to Saudi Arabia! From preparing all your necessary documents to lodging your application and finally obtaining your Investor Visa – eduaid will be with you every step of the way and ensure you achieve your dream of investing in Saudi Arabia!
Visit our offices, give us a call or send us an email today and get a head start on your investment aspirations in Saudi Arabia!
