Privileged Residency The property must be for residential use only, and the property must be an existing property, not developed or undeveloped land. The applicant must also have a certified appraisal of the value of the real estate asset issued by appraisers accredited by the Saudi Commission for Accredited Valuers “Taqeem”.
The center pointed out that all conditions for obtaining the distinctive residence of the property owner are subject to change, and the duration of the residence and the financial fee are linked to the ownership or utilization of the property, and the payment of 4 thousand riyals.
Benefits of Premium Residency for Property Owners
The center also revealed the benefits of the privileged residence for the property owner, as it gives him the freedom to reside in Saudi Arabia with his family, which includes parents, spouses and children under the age of 25, and allows him to move from one establishment to another freely, and exemption from the financial compensation prescribed for expatriates and companions, in addition to the exit and return of the privileged residence holder and his family members from Saudi Arabia without requiring a visa, and issuing visit visas for relatives.
Privileged residence allows the holder of the privileged residence and his family members to leave and return to Saudi Arabia without requiring a visa, and issuing visit visas for relatives.
The Privileged Residency also allows the property owner to use the lanes reserved for citizens and GCC nationals at ports of entry, work in private sector establishments and move between them for husband, wife and children, conduct business according to the investment system, and own and utilize real estate.Dr. Majid bin Abdullah Al Qasabi, Chairman of the Distinguished Residency Center, recently announced the launch of 5 distinctive residency products as part of the national targets to enhance the Kingdom's position as a global center that embraces the best minds, talents and investments, and to empower the national economy through job creation and knowledge transfer.
<Al-Qasabi explained that the five new distinctive residency products are: (Exceptional Competence Residence, Talent Residence, Business Investor Residence, Entrepreneur Residence, and Property Owner Residence), stressing that this step is a practical expression of the Kingdom's future directions towards a diversified economy based on knowledge and investment in new sectors.
Al-Qasabi explained that the five new products of the distinguished residence are.
