Saudi Arabia issued a record number of 8,074 premium residency permits in 2024, highlighting the Kingdom’s strategic drive to acquire global talent and enhance its efforts at economic diversification. The permits were given to a combination of residents who were already resident in the country and foreign nationals willing to invest, work, and reside in Saudi Arabia’s fast-changing environment.
The premium residency scheme, known alternatively as the “Saudi Green Card,” provides successful individuals with an opportunity to reside, work, and own property in the Kingdom without being required to have a local sponsor. It is well in line with Saudi Vision 2030 and its goal of developing innovation, entrepreneurship, and foreign collaboration in high-priority industries.
Government officials from the Premium Residency Center pointed out that applicants were drawn from a range of professional backgrounds in technology, healthcare, education, and finance. By welcoming its doors further to skilled professionals and investors, Saudi Arabia is hoping to establish a more dynamic knowledge-based economy and become a hub for business and innovation on a global scale.
Experts believe the surge in premium residency approvals reflects growing confidence in the Kingdom’s long-term economic plans. With major projects like NEOM, the Red Sea Project, and Riyadh’s business hub expansion underway, Saudi Arabia continues to strengthen its appeal to global talent and visionary entrepreneurs seeking new opportunities in the region.
