Saudi Arabia has announced the launch of the golden visa, which the following categories of foreigners will be able to apply for: real estate investors, business investors, entrepreneurs, talents and people with exceptional competencies in various fields.
In order to apply for a visa based on real estate investments, it is necessary to purchase a ready-made residential facility (not under construction) worth from 1.1 million US dollars without a mortgage. You will need a document on the valuation of real estate by an accredited valuation company in Saudi Arabia. The Golden visa obtained on this basis will be valid as long as the foreigner owns the purchased apartment or house.
"Golden Visa" will give the following privileges:
- The right of residence in Saudi Arabia for the main holder, his spouse, parents and children under 25 years of age
- Freedom to change employers and business projects in the country
- Exemption from taxes usually imposed on expats and their businesses
- Short-term visas for relatives
- Dedicated control lanes at ports and airports
- The right to work in private sector companies for the main recipient and the main members of his family
- The right to own real estate
Source: IMI
