Saudi Arabia weighs premium residency for property buyers, top students

RIYADH: Saudi Arabia is considering expanding its premium residency programme to include a broader group of high-profile individuals, including superyacht owners, investors in flagship real estate projects, and top students, a source familiar with the matter said.

The move is part of Crown Prince Mohammed bin Salman’s Vision 2030 plan to diversify the economy away from oil and attract foreign capital and visitors.

Those purchasing property in major developments, such as Riyadh’s $60 billion Diriyah project, could become eligible for premium residency. Ultra-wealthy individuals who moor superyachts in Saudi waters may also be included, encouraging visits to the kingdom’s new luxury Red Sea resorts.

Currently, the programme is open to executives earning more than 80,000 riyals ($21,300) per month and specialized health and science professionals earning over 35,000 riyals monthly. Benefits include visa-free entry, permission to work, and the ability to extend residency to family members.

Saudi Arabia has already offered premium residency to anyone buying property worth more than $1 million. Last year, it allowed non-Muslims and high earners to buy alcohol at a designated Riyadh store, and from January 22, non-Saudis can own residential and commercial property in certain areas.

The expansion signals Riyadh’s push to make the kingdom more attractive to wealthy residents and foreign visitors.