In recent years, both Saudi Arabia and the United Arab Emirates (UAE) have been actively working towards attracting and retaining exceptional individuals from around the world. To achieve this goal, each country has introduced its own long-term residency program – the Premium Residency Permit in Saudi Arabia and the Golden Visa in the UAE. These long-term visas not only provide holders with the opportunity to reside in their respective countries but also come with a range of privileges and conveniences, making them appealing to investors, entrepreneurs, and professionals seeking a long-term commitment. Let's delve into these two captivating long-term residency programs, exploring the attention and impact they have garnered on a global scale.

Saudi Premium Residency Permit

Saudi Arabia's Premium Residency Permit (PRP) is a program aimed at attracting and retaining high-skilled professionals, entrepreneurs, and investors. Launched in 2019, the program provides applicants with the opportunity for long-term residence in Saudi Arabia, along with a range of privileges and conveniences.

Initially, PRP applicants were required to make one-time or annual financial contributions to obtain a one-year renewable residency permit or, through a lump-sum payment, secure permanent residency. Over time, Saudi Arabia has expanded the scope of PRP, introducing new categories to make more foreigners eligible to apply.

The current PRP includes multiple categories such as Special Talent (executives, healthcare, and scientific professionals), outstanding individuals in culture, arts, and sports, investors, entrepreneurs, and real estate owners or investors. These new categories offer more flexible options to accommodate professionals in different fields and future talents.

The expansion of PRP aims to attract more high-quality individuals, fostering economic diversification and innovation in Saudi Arabia. PRP holders can enjoy the right to reside long-term, work, and invest in the country, contributing positively to its development. This initiative reflects Saudi Arabia's commitment to attracting global talent and investment, aligning with its vision for sustainable development.

Key application requirements:

1. Limited Duration Premium Residency:

Suitable for individuals with specific-term investment projects or those exploring life, business, and investment opportunities.

Duration: 1 to 5 years, renewable.

Annual fee: 100,000 Saudi Riyals.

2. Unlimited Duration Premium Residency:

Suitable for those seeking long-term residency without annual renewal.

Permanent residency, one-time fee of 800,000 Saudi Riyals.

3. Real Estate Owner Residency:

Obtainable by owning or holding usufruct rights to residential properties.

Property value must be at least four million Saudi Riyals.

Residency duration corresponds to the property ownership period.

4. Investor Residency:

Requires an investment of 7 million Saudi Riyals within the first two years.

Creation of at least 10 job opportunities.

Provides permanent Premium Residency.

5. Entrepreneur Residency:

Startup investment of 400,000 Saudi Riyals.

Grants 5-year residency, renewable, or permanent residency after meeting specific investment and job creation criteria.

6. Special Talent Residency:

Tailored for professionals in executive leadership, healthcare, science, and research.

Offers 5-year residency, renewable, with potential conversion to permanent residency.

Two pathways for professionals in research, science, healthcare, and executive-level professionals.

7. Gifted Residency:

Aims to attract individuals with exceptional skills and achievements in sports, culture, and the arts.

Provides 5-year residency, renewable, with potential conversion to permanent residency.

Exemption from the Saudization program (Nitaqat).

Benefits:

1. Family Benefits:

Immediate family members can reside in Saudi Arabia without paying the dependent fee.

Rights to reside, work, and invest in Saudi Arabia.

Freedom to change employment/employers while residing in Saudi Arabia.

2. Property Ownership:

Eligibility to own property, including residential, commercial, and industrial real estate.

Exclusion zones for Mecca, Madina, and border regions.

Privilege of acquiring property through a 99-year lease agreement in Mecca and Madina.

3. Business Opportunities:

Right to invest in the Saudi Capital Market.

Eligibility to work in private organizations and switch jobs without sponsorship procedures.

Ability to apply for a SAIGA license to open a 100% foreign-owned onshore entity.

4. Convenient Travel:

Permitted to leave and re-enter Saudi Arabia freely and frequently.

Access to lanes designated for Saudi residents in Saudi airports during re-entry.

5. Miscellaneous Benefits:

Ability to recruit foreign domestic workers.

Family members retain "KSA green card" rights and benefits in case of the PRP holder's passing.

UAE Golden Visa

In 2019, the United Arab Emirates (UAE) introduced a new long-term visa system known as the Golden Visa. This Golden Visa allows foreigners to reside, work, and study in the United Arab Emirates. The UAE is working on launching 50 new initiatives aimed at enhancing the country's competitiveness and improving industrial development. Some of these projects include technology-based works, intending to attract residents and skilled workers from foreign countries. For this, the government is focusing on creating new visa categories, one of which is the "Golden" visa system.

The Golden Visa is applicable to various categories of individuals, including but not limited to investors, professionals, outstanding students. The Golden Visa offers a residency period of 5 or 10 years, depending on the category and eligibility criteria.

Key application requirements:

1. Investors:

Investment in public investments or real estate.

Investor deposit of AED 2 million or a valid commercial/industrial license showing investor capital of at least AED 2 million.

Annual payment of no less than AED 250,000 to the government.

Full ownership of the invested capital.

2. Entrepreneurs:

Ownership of a technical or future-oriented economic project.

Project value not less than AED 500,000.

Approval from auditors, local authorities, and an accredited business incubator.

3. Professionals:

Outstanding individuals in fields such as medicine, science, arts, and sports.

Recognition and approval from relevant authorities.

4. Outstanding Students:

Students with outstanding achievements in specific fields.

Advantages of the Golden Visa:

1. Six-month multiple-entry visa: Allows applicants to obtain a six-month multiple-entry visa during the residence visa application process.
2. Long-term renewable residence visa for 5 or 10 years: Provides a residence visa for 5 or 10 years, facilitating long-term residence in the UAE.
3. No need for a sponsor: Does not require a sponsor, increasing the convenience of the application.
4. Extended stay outside the UAE without affecting visa validity: Allows visa holders to stay outside the UAE for more than the usual six months without affecting the validity of their residence visa.
5. Ability to apply for residency for family members: Includes spouses and children of any age, sponsored by the main applicant.
6. Ability to sponsor an unlimited number of domestic helpers: Allows Golden Visa holders to sponsor an unlimited number of domestic helpers.
7. Family members can continue to reside in the UAE if the main Golden Visa holder passes away: In case of the main visa holder's demise, family members can continue to reside in the UAE until the visa expires.