Foreign citizens who want to relocate to Saudi Arabia can do that by applying for various visas and residence permits, depending on the time they want to stay here. A special category of immigrants are investors who can set up operations here and who can qualify for the golden visa in Saudi Arabia. Also known as the investor visa in Saudi Arabia, this type of residence permit comes with multiple benefits for those who meet the eligibility criteria to obtain it.
Below, our company formation agents in Saudi Arabia explain the main conditions behind this program. You can rely on us for various services associated with immigration to Saudi Arabia.
| Quick Facts | |
|---|---|
| Investor visa availability | The program offers two options to foreign investors coming to Saudi Arabia. |
|
Multiple options to acquire investor visa (YES/NO) |
There are two options for foreign investors: – the first offers temporary residency, – the second refers to permanent residency |
|
Types of investors addressed |
Both EU and non-EU investors are accepted |
| Startup visa availability | No startup visa is available, however, investors can obtain business visas that enable them to move and start companies here through an expedited procedure. |
| Sponsorship requirement (YES/NO) |
No, there is no need for a sponsor to obtain an investor visa for Saudi Arabia. |
| Minimum amount requirement |
Minimum amount to obtain a Saudi investor visa is SAR 100,000 (approx. USD 27,000) |
| Access to permanent residence (YES/NO) |
Yes, permanent residency is available for an investment of SAR 800,000 (approx. USD 213,000) |
| Direct citizenship availability (YES/NO) |
No, it is not possible to acquire citizenship directly. |
| Possibility to acquire real estate (YES/NO) |
Yes, it is possible to become a real estate owner after obtaining an investor visa in Saudi Arabia. |
| Job creation for Saudi citizens (YES/NO) |
No, there is no requirement to create jobs for Saudi nationals. |
| Possibility to move with family members |
Yes, it is possible to move with family members to Saudi Arabia. |
| Timeframe to obtain an investor visa (approx.) |
It takes approximately 30 days to obtain an investor visa for Saudi Arabia. |
| Income tax |
Residents do not pay an income tax in Saudi Arabia, non-residents are subject to a flat rate of 20% on adjusted profits. |
| Benefits for foreign investors |
– access to double tax treaties, – no personal income tax after obtaining residency, – the possibility to acquire real estate after obtaining residency |
| Investment immigration services availability |
Our immigration lawyers can assist investors who want to move to Bahrain. |
The new Saudi investor visa program
Saudi Arabia is one of the latest countries to be added to the list of worldwide states that enable an investor visa. Also known as a golden visa, it enables foreign investors to move to Saudi Arabia in 2023 by injecting a specific amount in the economy in exchange for a residence permit.
The new law was enabled in 2019 and comes with very advantageous conditions, such as the main applicant being allowed to relocate to Saudi Arabia with the family.
If you are interested in a 2023 investor visa in Saudi Arabia, our immigration lawyers in Saudi Arabia can offer detailed information on this new law. We can also verify if you meet the eligibility criteria for successful immigration.
Any foreign worker in Saudi Arabia must possess a certificate attesting to their good health. Our consultants in immigration to Saudi Arabia can advise on what is necessary when moving here based on employment. You can also rely on us if you want to start your own business in this country, so do not hesitate to get in touch with us.
The golden visa in Saudi Arabia – two residency options for 2023
Compared to other programs, Saudi Arabia’s scheme for foreign investors offer two residency options:
- the first one is related to temporary residency against a lower amount to be invested;
- the second one follows the traditional way, where permanent residency can be obtained.
If you are planning to apply for a Saudi investor visa, our lawyers can guide you.
Financial requirements to qualify for the investor visa in Saudi Arabia
Saudi Arabia is one of the richest countries in the world, which is why people who want to move here through the golden visa scheme will find the program more than appealing, considering the amounts required to invest are significantly lower compared to some European destinations, for example.
Here is what you need to know if you want to apply for a golden visa in Saudi Arabia in 2023:
- the renewable residence permit is available against an investment of 100,000 SAR (around 27,000 USD);
- permanent residency is available against a lump sum of 800,000 SAR (approximately 213,000 USD);
- you must be at least 21 at the time of the application;
- the approval of the application file takes around 30 days.
This is one of the most well-established programs created by a Middle Eastern country when it comes to relocation by investment.
If you want to open a company in Saudi Arabia, you should know that based on this residence permit you are entitled to fully own the local enterprise. You can count on our local specialists who can provide you with complete company registration, accounting, and audit services.
The requirements of IFRSs (International Financial Reporting Standards), GAAPs (Generally Accepted Accounting Principles), and any other applicable financial reporting framework will be taken into consideration while preparing financial statements. Contact our accountants in Saudi Arabia for details about our services in this sense.
Other provisions of the 2019 Foreign Investment Act
Foreign investors who want to apply for investor visas in Saudi Arabia can also obtain other benefits, as the new law enables them to create startup companies with full ownership. However, the main condition to also become the owner of a company is to be a qualified entrepreneur. A business plan and proof that the startup will operate in an innovative field or bring novelty to the market must also be presented.
This regulation in the Foreign Investment Law is meant to increase the number of foreign-owned companies in Saudi Arabia to 70%.
Our Saudi company formation representatives can assist foreign companies seeking to expand their operations through branches or subsidiaries.
Real estate ownership and the investor visa in 2023
One of the main benefits of the Saudi investor visa is that it enables successful candidates to also own real estate in this country. These can acquire properties in designated areas.
Our immigration lawyers in Saudi Arabia can provide more information on how to buy a property in Saudi Arabia as a foreign investor.
Why move to Saudi Arabia
Saudi Arabia is one of the richest countries in the Middle East and the entire world, and foreign citizens move here for various reasons. If until 2019, the main reason was employment, now, investment has become a much more appealing option, according to the National Portal for Government Services.
Ranked 29th in the World Bank’s 2020 Doing Business Report, Saudi Arabia has enabled no less than 555 reforms targeting the simplification of the company registration process. The result was a record in the incorporation procedure from 15 days to less than one day.
Few tourist visas are issued in Saudi Arabia due to the country’s small tourism sector. You must be invited by a person or organization who will act as your sponsor and be in charge of you throughout your stay in order to obtain a visiting visa. When a sponsor applies for a visa, they are also given a serial number. You will then proceed to a Saudi embassy to obtain a visa stamp on your passport. The cost of the visa stamp is quite small, however. A visitor visa can occasionally be converted into a residency visa while the applicant is still in the kingdom. This is why, it is best to seek for other ways to coming here, such as the investor visa.
If you are interested in immigration to Saudi Arabia by applying for an investor visa in Saudi Arabia and need support, feel free to contact us for guidance.