Introduction
Saudi Arabia is one of the latest countries to join the list of countries allowing investor visas. Also known as the Golden Visa, it allows foreign investors to immigrate to Saudi Arabia in 2023 by investing a certain amount in the economy to obtain a residence permit. The new law was implemented in 2019 and comes with very favorable conditions, such as allowing the main applicant to move to Saudi Arabia with his or her family. Let us in this article know more details about this kind of visa and the requirements to obtain it. and what differs between other visas.
“Visiting investor” business visit e-visa:
- On November 6, 2023, the Ministry of Investment and the Ministry of Foreign Affairs launched the second phase of the “Visiting Investor” business visit issuance to include other countries around the world.
- This service is offered to foreign investors as part of the Kingdom’s efforts to promote investment and is in line with Saudi Vision 2030, which aims to attract investors from around the world, improve the investment climate, encourage business creation, and attract people. who can boost the economy with significant investments that play an important role in development.
- Mohammed Abahussain, Deputy Minister of Comprehensive Investment Services at the Department of Investment, said that the “Visit Investor” business visit visa will undoubtedly attract foreign investors to submit electronic visa applications through the “Invest Saudi” platform under the Ministry of Investment, where applications are processed, Ministry of Foreign Affairs Visas will be issued digitally.
- This process can be done without consulting the Kingdom’s embassies in foreign countries for biometric information.
- This visa is valid for one year and can be entered multiple times.
- Some people can get instant visas to go to Saudi Arabia to study investment opportunities Abahussain added.
- In Consular Affairs at the Department of Foreign Affairs, Ali bin, Ambassador Abdulrahman Al Yousef, said that the service is committed to achieving the goals of Saudi Vision 2030, including increasing the number of tourists by issuing e-visas for various purposes, including business visits visas, which are issued to investors and businessmen.
- The Investment Office, in cooperation with the Department of Foreign Affairs, has expanded the categories of people who can benefit from instant e-visas to include countries listed on the Investment Office.
- Invest in the Saudi platform, as well as those from the United States, the United Kingdom, or any Schengen country.
- People with a valid tourist or business visa who have visited a country where the visa is valid at least once.
- Visas for persons with permanent residence in the United States, the United Kingdom, or an EU country with three GCC countries with at least one month of legal residence and approval from the Department of Investment,
- expedited visas are issued three times a year at each institution.
The Saudi Arabia Investor Visa Program in 2023:
In 2023, Saudi Arabia launched a new investor visa program similar to the well-known “golden visa” program in other countries. The program allows foreign investors to come to Saudi Arabia in exchange for a residency permit by making certain financial contributions to the Saudi economy. The background of the Investor Visa Law:
The foundations of the program were laid in 2019 and it offers attractive conditions for the right people. It should be noted that the main applicant can travel to Saudi Arabia with his or her family.
Prime Residency in Saudi Arabia:
Foreign nationals interested in acquiring Saudi Iqamas can also utilize a new program designed for investors, the Prime Residency Program. Individuals interested in this have two options, each with their requirements. Offering the option of full-time or one-year residency, benefits and flexibility are available.
There are conditions you must meet to obtain a premium residency permit in Saudi Arabia. These include:
- You must be 21 years of age or older when applying;
- Providing evidence of your financial stability is required.
- You must have a pure criminal record.
- Medical records of no more than 6 months are required when applying.
The program is open to individuals living abroad or in Saudi Arabia. For the latter, they must be legal residents of the country. Family members of qualified residents will also be provided with accommodation.
There is no limit to the number of family members these expatriates can have in Saudi Arabia. Spouses and minor children will have the same status as dependents of the standard residence owner.
The general right of residence is also granted to: Parents; School-aged males between 21 and 25 years of age; and Unmarried girls over 21 years of age. Boys who are not enrolled in school and who are 21 years of age or older will also be provided with residence rights, as well as girls aged 21 years of age or older who are married or employed.
Saudi Arabia launched its Golden Visa program, which offers two different residency options for foreign investors. There are options available to suit different preferences and situations.
- First Option: Temporary Residence with Low Investment Requirements, This option is for those who wish to obtain temporary residence in Saudi Arabia with a relatively low investment. This option is suitable for people who want a short-term commitment. Temporary residency is available for applicants who meet financial criteria, making it an attractive option for those who want to live in Saudi Arabia without requiring a large initial investment.
- The second option: is permanent citizenship, This option is in line with the standard approach and offers foreign investors the prospect of obtaining permanent citizenship in Saudi Arabia.
This method is designed for people who want long-term roots in the country. Those who choose to live permanently will traditionally make a significant investment, indicating their long-term commitment to living in Saudi Arabia.
How To Obtain A Saudi IQAMA for Investors:
Documents required to obtain a Saudi investor visa:
When you apply for an investor visa, you must provide several documents. You can choose to submit your page in English or Arabic. If the original document you submitted is not in English, it must be certified translated and a certified translation certificate must be included with your application. When applying, you must provide:
- A current address, such as a utility bill;
- a recent bank statement indicating your financial worth in the last year;
- Photos of you and your family moving to Saudi Arabia (if applicable);
- Copies of your and your family’s passports;
- Copies of any Saudi Arabia visas in your passport (if applicable);
- Medical report from an approved medical facility for you and all your dependents, certified by the Saudi Diplomatic Mission.
- Employees must submit certified pay stubs to their employer.
- Investors must submit certified copies of their incorporation documents and audited financial statements for the past two years.
Financial Guarantees for the Saudi Arabia Investor Visa:
Known for its wealth, Saudi Arabia offers an attractive Golden Visa program with very low investment requirements compared to other European options. The fees that applicants must pay to obtain a senior residence permit in Saudi Arabia vary depending on the category or product they apply for. For example, the fee for a fixed-level residence permit is SAR 100,000 per year. The permanent residency fee in Saudi Arabia is based on a one-time fee of SAR 800,000 for infinite senior residency. For other products, such as Business Investor Residence, Real Estate Owner Residence, Entrepreneur Residence, Special Talent Residence, and Genius Residence, applicants are required to pay a one-time fee of 4,000 Saudi Riyals. Additionally, the application fee is $170 for all applicants for all products.
If you are thinking of getting a Golden Visa in Saudi Arabia in 2023, there are some important things you should know:
- Renewable Residence Permit:
In Saudi Arabia, a renewed residence permit can be obtained by making money investments. This option is especially attractive for those who want flexibility and a taste of life in Saudi Arabia without a large initial financial commitment.
- Permanent Residence:
For people who wish to obtain a permanent residence permit in Saudi Arabia, this program requires an investment amount. This choice reflects a tangible and long-lasting commitment to stay and invest in this country.
- Applicant Age Requirements:
To be eligible for a Saudi investor visa, applicants must be 21 years of age or older at the time of visa application. This age requirement ensures that applicants are of legal age and capable of making investment decisions.
- Timely Approval:
The Saudi investor visa approval process is known for its efficiency and usually takes around 30 days. This expedited process makes it one of the fastest investment relocation programs in the Middle East.
- Business Ownership Opportunities:
A major benefit of the Saudi Investor Visa is that if you plan to set up a company in Saudi Arabia, you are entitled to be a wholly owned local company. This opportunity provides flexibility and control over your business operations in the country. Our in-house experts are available to provide comprehensive company registration, accounting, and auditing services to ensure your business runs smoothly.
- Financial Reporting Compliance:
At Financial Services in Saudi Arabia, we prioritize International Financial Reporting Standards such as IFRS and GAAP. Our trained planners provide expertise and support for your financial needs.
Advantages of the Saudi investor visa program:
The Saudi Investor Visa Program provides foreign investors with residency rights, allowing them to live, work, and engage with certain companies in certain industries, promoting economic growth and a competitive business environment.
- Attractive Investment Options
The program offers a variety of investment options, including temporary and permanent residency with minimum investment requirements. This flexibility allows investors to choose the options that best suit their goals and financial capabilities.
- Real Estate Ownership
Successful applicants may own land in designated areas of Saudi Arabia. This opportunity allows investors to generate wealth through property appreciation and rental income.
- Fast Approval Process
With an approval time of approximately 30 days, the Saudi Investor Visa Program is known for its efficiency and is one of the fastest immigration programs in the Middle East.
- Business Ownership
This program enables investors to establish and fully own local businesses, helping to grow the Saudi economy and providing business ownership opportunities in a growing market.
- Opportunity for Innovation
To qualify as an entrepreneur and take ownership of a business, people are encouraged to bring new ideas or new concepts to the chosen business. This boosts economic growth and encourages foreign investors to bring new ideas to the Saudi market.
- Diverse Economy
Saudi Arabia has a diverse and dynamic economy that offers opportunities in various sectors, including technology, healthcare, tourism, and more. Investors can use these differences to diversify their portfolios.
- Supportive Legal Framework
The government has implemented a series of reforms to streamline the company registration process and create a favorable environment for investors. This helps to provide a simple and easy experience for those looking to invest in the country. Long-Term Residency For investors who wish to become permanent residents, the Saudi Arabia Investor Visa provides a means to establish permanent residency in the country, providing stability and security for themselves and their families.
Application steps by Ministry of Investment’s E-Services Portal:
- Applicants can visit the official website of the Ministry of Investment to apply for a visa using the following link:https:https://www.misa.gov.sa/
- Log in to the service: From the list of services press on “Electronic Services” and Sign in.
- Visa application submission:
- Click on “Government Services” from the list of services, select the Ministry of Foreign Affairs, and click on “Apply for a visa now”.
- Click on “Login” at the top of the page, select “individual login ” and go directly to the visa platform to complete the application.
- To apply, click on “Add New Application”, then fill in the application details, specify the visa type “Business Visit” and select the purpose “View Investment Opportunities”.
Conclusion:
Obtaining a Saudi investment visa comes with many benefits. Great investment opportunities, secure residency, and a growing business environment make Saudi Arabia an ideal destination for permanent citizenship. Compared to competing countries, the minimum investment for permanent residency is affordable given the diverse opportunities of the Saudi economy. The safest way to obtain permanent residency in Saudi Arabia through investment is to use a specialized agency. While the application process itself may seem straightforward, perspectives from different fields can guide how to best allocate funds, and our institution is ready to help you obtain that. Given the increase in foreign investment in the country, strategic direction can be a factor when deciding where to invest.
References:
- Premium residency. Retrieved from: https://pr.gov.sa/product-details-investor-residency
- Expand investor e-visa to all countries to facilitate FDI. Retrieved from: https://investmentpolicy.unctad.org/investment-policy-monitor/measures/4465/expands-investor-e-visa-to-all-countries-to-facilitate-fdi
- Business Visit Visa Manual, “Visiting Investor”. Retrieved from: https://investsaudi.sa/medias/Business-Visit-Visa-Manual-en.pdf?
- Saudi Arabia Launches Second Phase of ‘Visiting Investor’ Visa to Include All World Countries. Retrieved from: https://www.spa.gov.sa/en/N1992173
- Amin elsaghir, 27/12/2023, The new Saudi investor visa program. Retrieved from: https://www.linkedin.com/pulse/new-saudi-investor-visa-program-amin-el-saghir-pxnwf#.
