KSA Immigration news - Premium Residency for Regional Executives Headquartered in the Kingdom

The Kingdom of Saudi Arabia’s Ministry of Investment (MISA) in conjunction with the Premium Residency Center (PRC) announced an initiative to grant premium residency to regional executives who are headquartered in the Kingdom. 

The Saudi “Premium Residency Scheme” allows skilled foreign residents and financiers to invest, run a business, self-sponsor, and travel freely in and out of Saudi. It also provides a host of special economic and personal privileges such as the right to obtain residency visas for family members, banking, and transport.  

Premium Residence can be issued to the main applicant for a fixed period of stay of up to a year, which is renewable or for an unlimited period depending on the type of visa granted. Additionally, the premium residency granted to a spouse of a regional executive will allow the spouse to work and extends the age limit to 25 years of age for dependents.

The Ministry of Finance (MOF) has also disclosed that concerted efforts are underway between MISA and the Ministry of Human Resources and Social Development (MHRSD) to roll out incentives for employees at regional headquartered companies in the Kingdom. 

Additionally, MISA launched the “Meza” platform, which facilitates investors’ access to business service providers from the private sector in various services such as establishing a business service, financial and tax consulting services, logistics services, and headquarters transfer services. The platform also includes the process of obtaining licenses and subsequent government approvals for the commercial registry, as well as assisting companies in finding suitable office spaces, housing, and schools for employees' families. 

Deloitte’s view

This initiative is part of an ongoing initiative to encourage companies to set up their regional headquarters in the Kingdom, attract investors, enhance the business environment in the Kingdom, and help ease the process of obtaining residency for regional executives and their families.

This initiative will help with the Kingdom's goal of becoming the leading investment country in the region.  

It is unclear at this time when these initiatives will be implemented however we are expecting further details to be announced by the authorities and closely monitoring for further information.