The Premium Residency Center was formed in accordance with a Royal order on the Premium Residency System, with the Council of Ministers' blessing. It belongs to the Economic Affairs and Development Council but is an independent administrative and financial organization.

To execute the Premium Residency System, the system works in tandem with all spheres of influence and state organizations. The visa is special for anyone who wants to use Saudi Arabia's electronic services system to get a special residence there. After fulfilling the necessary requirements, this service enables the applicant to get a renewable residency (Iqama) in Saudi Arabia in compliance with the premium residency Saudi Law.

The Saudi Premium Residency is further of two types;

• Premium Residency (SP1) covering permanent residence.
• Premium Residency (SP2) covering one-year renewable (temporary) residence.

You are eligible for this visa if,

• You are financially sound to cover all the expenses.
• You will be making investments in accordance with the given regulations.
• You are a talented individual looking for work in the country.

The required documents may differ depending on various factors. However, there are various prerequisites that you must submit with the visa application.

• Bring a passport that is at least six months old.
• Establish the applicant's age to be at least 21.
• Submit a character reference letter or a criminal record from the applicant's place of origin proving their lack of history.
• Give evidence of the applicant's financial stability.
• Send a medical report detailing the applicant's state of contagious disease freedom no later than six months after the date of progress.
• If the candidate submits his application from within the Kingdom, his present resident status is legitimate.

The Saudi government implemented the Premium Residency Scheme in 2019 to give holders access to additional perks beyond the Saudi Iqama residency visa. The premium residency visa entitles holders to live, work, own property, invest and operate enterprises within the Kingdom.

The premium residency visa also offers unrestricted travel and does not require sponsorship from a Saudi national in addition to its economic benefits. The process of application is given below but before going through that, you must know the processing time to apply in time.

Visa Processing Time
Iqama issuance typically takes 2-4 weeks. The Iqama, which serves as proof of the employee's legal permission to reside and work in Saudi Arabia, should be kept on them at all times. Additionally, it can take longer, so it's best to apply a couple of months before you actually need it.

How to Apply
The SAPRC oversees the application procedure for the SP1 and SP2 premium resident visas. Despite being an independent organization, the SAPRC collaborates closely with the Saudi Council for Economic Affairs and Development.

You might need to follow the standard procedure of applying for a visa, gathering the required paperwork, paying the visa cost, and waiting for the confirmation. In order to avoid any problems, it is also suggested that you engage a specialist.

Duration
Under the premium resident visa program, persons who are interested in Saudi iqama have two choices. The first is permanent residency, while the second is renewable temporary residency (SP2) (SP1). SP2 needs annual renewal, however, SP1 is good for an indefinite period of time.

Fees
The visa fee may differ as per the visa category you want. For a permanent residence (SP1) you have to pay 800,000 SAR while the cost reduces to 100,000 SAR in the case of a temporary (SP2) residence.

There is no need to look for an extension if you have applied for permanent residence. However, if you have applied for temporary residence, it can be renewed on yearly bases.

Do Saudi citizens with Premium Residency Visas pay taxes in any way?
No! Except for general income taxes like VAT and others that are levied on everyone, SP1 and SP2 visa holders are not subject to any specific income taxes. Neither SP1 nor SP2 fees are taxable.

Does Anyone Sponsor the Saudi Premium Residency Visa Holder?
No! He or she is self-supporting. The Iqama/ID document does not list his or her occupation.