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New visas launched to attract talents: Major visa changes for investors and entrepreneurs in Saudi Arabia
There are several various type of visas launched by the government of Saudi Arabia. These visas are of high importance as well. These visas are actually the target for many people.
- GIFTED RESIDENCY:
Gifted residency is one among that. Gifted residency is aiming at integrating skilled professionals and talented individuals into Saudi Arabia’s growing cultural and sports sectors. This wonderfully gifted residency category covers a fixed term period of five years and is split into two categories. Therefore it is very clearly understood that the gifted residency is of high importance and privilege for those gifted individuals.
- SPECIAL TALENT RESIDENCY:
The special talent residency is particularly meant for those executives and professionals who specialize in health care, science, and research. It actually aiming at individuals with unique skills and experiences. The government strongly believes that they can contribute greatly to knowledge and technology transfers and enrich Saudi Arabia’s cultural landscape. But it is particularly said that the professionals specializing in health care and science, they must earn at least a monthly SR35,000, and researchers must have a minimum monthly salary of SR14,000.
- Employment contracts must be there in approved entities with priority specializations.
So here it is very clearly mentioned about the employment contract with the priority specializations. So, it is very well understood from this that the criteria have to be fulfilled without any compromise. Because it is given as one of the important priorities.
- Bachelor’s degree or higher.
When in comes to the special talent residency it is very important to have noted that the education will surely be considered as one of the important criterias. And thus the government has done it exactly without any mistakes. Therefore a bachelor’s degree or higher educational qualification is necessary in this regard.
- More than 3 years of work experience in related priority specialisations.
This would mean there should be at least three years of experience in the most relevant specialisations that are very well connected to this.
- Endorsement letters from the employer.
It is mandatory to get the endorsement letter from the employer. Because only then the candidate can be understood to be fully worthy enough to receive these kind of a privilege.
- INVESTOR RESIDENCY:
The investors residency is designed for investors who are really looking forward to capitalizing on Saudi Arabia’s thriving business landscape and generate high impact returns from across the economy. Therefore, it is of very much importance and prevalence at the same time. Because by inviting the investors the country’s economy grow up to a different level and also it helps the investors to generate high impact returns. So, it is of high benefit for both.
- Issuing investment license.
- Providing commercial register and articles of incorporation.
- Investing minimum of SAR 7 million in economic activities in Saudi in accordance with the investment law.
So, looking forward to the new visa changes made by the Government of Saudi Arabia for investors and entrepreneurs, it is very important to note that as per the announcement made by the Kingdom’s Premium residency center, the new visa will allow foreigners to live, work, study, and own property without needing local sponsors. But earlier it was not the case. In order to do the above-mentioned activities earlier the foreigner had to have a sponsor. So, this new visa is unlike all other ones. Among the new categories, one is specially designed for foreign property owners in the kingdom. And as most of us know, Saudi Arabia has already become the largest economy in the middle east. The new visas also mark Saudi Arabia’s outlook towards the world. Saudi Arabia is a modernized country but still holding on to its culture strongly. Therefore, the new visas will surely attract a lot of people from various parts of the world.