Saudi Arabia is a popular destination for ex-pats looking for better business opportunities. It is a country in the Middle East bordering Jordan, Iraq, and Kuwait to the north. In addition, it is in the east with the United Arab Emirates, Qatar, and Bahrain. Consequently, it has a privileged location for international business activities. No wonder, why so many foreigners are looking for an investor visa to relocate to Saudi Arabia.
In this article, you will learn everything you need to know about relocating to Saudi Arabia with an investor visa. There are many ways to move to Saudi Arabia. However, this will depend on your plans and the kind of activities you want to carry out in the country. Therefore, if you are interested in doing business in this country, an investor visa could be a great option. Let us see:
- How is the economy of Saudi Arabia?
- What is an investor visa?
- What does the new Saudi investor visa program entail?
- Requirements to qualify for the investor visa in Saudi Arabia
- Why should you consider moving to Saudi Arabia?
- How can we help you get more information about relocating to Saudi Arabia with an investor visa?
1. How is the economy of Saudi Arabia?
Its population exceeds 35 million and its capital, Riyadh, has just over 5 million inhabitants. Indeed, the official language is Arabic, although English predominates in commercial relations. Let us break down a bit about the economy of this Middle East country:
1.1 Economy and society
Currently, the country is governed by an absolute monarchy. Therefore, the king exercises executive power and is the one who directs and appoints the Council of Ministers. In addition, it lacks a Parliament and the government prohibits political parties and unions. In effect, the Koran is its only constitution based on the rules that govern an Islamic society in its strictest sense.
The political principles are the traditional Islamic principles based on the Islamic family, the hierarchy, and the rights and duties of Muslims. Likewise, Saudi Arabia is the most powerful economy in the Middle East with one of the highest standards of living in the region. It shows a GDP per capita approaching 20,000.
It is one of the leading countries in the export of oil, which has made it one of the twenty largest economies on the planet. However, heavy investments are also made in non-oil sectors to branch out the industry. In this manner, they create business opportunities for sectors such as transport and tourism infrastructure, renewable energies, water purification, and channeling. There are other sectors such as:
- Agri-food sector.
- Capital goods.
- Construction materials.
- Urban waste treatment.
In addition, artificial intelligence and digitization are the main focus of investment projects.
1.2 Bank system
The strength of its banking system and the great public works carried out by the government have made it a very attractive country for foreign companies. Additionally, Saudi Arabia has very good trade relations with many countries around the globe.
Religion divides the population into 85% Sunnis in which the Wahhabism movement predominates, 14% Shiites, and 1% Christians. Saudi Arabia is known as the land of holy mosques because two of the holiest places in Islam are located there.
Any salaried employment relationship in Saudi Arabia is conditioned by the figure of the employer or sponsor. Hence, the employer is the only person responsible for the worker in the country for legal, labor, permit purposes, etc.
This visa is necessary to enter the country. The person must obtain it in advance at the embassy or consulate. Thus, this process can take several weeks, so it is advisable to request it in advance. In addition, for those who are going to reside in the country, an exit permit is necessary, which the sponsor must request from the Ministry of Labor.
If you are preparing your move to Saudi Arabia and want to know more about the country, request a quote for moving to Saudi Arabia as soon as possible.
2. What is an investor visa?
This visa allows foreigners to become residents by investing large amounts of money in a certain country. Therefore, it aims to attract high-net-worth individuals who can make a significant contribution to the economy of Saudi Arabia. In addition, improving investor confidence by providing them and their families with more flexibility in terms of quality of life and transportation.
This type of initiative contributes to increasing the flow of foreign direct investment, strengthening the local market through increased demand. Likewise, creating an enabling business environment and driving growth in all sectors.
As a result, KSA investor visas are the key to optimizing a high-net-worth portfolio. Indeed, it grants wealthy individuals the option of physically relocating to a more favorable jurisdiction and accessing some residence rights.
Below, we will explain in more detail the main conditions behind this program.
3. What does the new Saudi investor visa program entail?
Saudi Arabia is part of the list of worldwide states that enable an investor visa. Likewise, this visa is also known as the golden visa, and as we mentioned before, it aims to inject a specific amount into the economy in exchange for a residence permit.
The government introduced this program in 2019 and comes with very advantageous conditions, such as the main applicant being allowed to relocate to Saudi Arabia with the family. Indeed, this visa program offers a range of investment options available to individuals and families seeking alternative residence.
In addition, the Saudi Arabia’s program for foreign investors offers two residency options:
- The first option offers a temporary residency with a lower amount invested.
- The second one relates to a traditional way where you can obtain a permanent residency.
In case you want to know about this type of visa, you can contact our local specialists, they will give you detailed information on this new law.
4. Requirements to qualify for the investor visa in Saudi Arabia
Many people want to move to Saudi Arabia through an investor visa since is one of the richest countries in the world. Additionally, the program may be more than appealing to some due to the amounts required to invest are significantly lower compared to some European destinations.
Next, you will see some of the things you must know before applying for the golden or investor visa in Saudi Arabia:
- The process for the renewable residence permit requires an investment of 100,000 SAR, which is around 27,000 USD.
- The permanent residency process requires a lump sum of 800,000 SAR, which is approximately 213,000 USD.
- Regarding the required age, the applicant must be at least 21 at the time of the application.
- It takes around 30 days for the official approval of the application file.
As you can see, this is one of the most well-established elaborated by a Middle East country regarding relocation by investment.
When a person wants to come to Saudi Arabia as an investor either with an investor visa or with an investor authorization, that person must prove economic means. In addition, he or she must pay attention to the new application criteria of the entrepreneurs law for an investor.
The new criteria also say that in order to prove that we have these financial means, any legal means allowed can be used, which means that we can provide a bank account or any type of document that proves that you have these financial means.
If we want to obtain the golden visa by investing in real estate, we must provide proof of the purchase of the property the certification of domains and charges from the property registry, and the deed of sale of the assets purchased.
Regarding investing in shares or participation, they will require an investment statement in the case of participation; and a certificate of the registered financial intermediary for the purchase of shares.
Finally, for investments in bank deposits, we will need the certificate issued by the financial entity with which we have contracted the deal, in which it is noted that we are the sole holders of said deposit.
As for the certificate of domains and charges, it is a document that indicates who owns the apartment, in what percentage he has said ownership, and the value of the sale.
4.2 Investor health insurance
When you are going to get an investor visa or an authorization as an investor, it is very important that we do not forget that providing medical insurance is mandatory. One of the reasons why medical insurance is mandatory is because the investor, as well as their relatives, will not be carrying out any type of work activity while they are in the country. This medical insurance must offer all the protected coverage in the event of an accident or serious illness.
5. Why should you consider moving to Arabia Saudi?
Foreigners around the globe overlook Saudi Arabia as a fantastic place to build their careers. Besides the great career opportunities, there are many lifestyle reasons why professionals are moving to Saudi Arabia. Indeed, thanks to its economy, there has been a huge potential since it sports a deep and varied history and a low cost of living combined with tax-free incomes. Next, we will see some of the benefits of living in Saudi Arabia:
5.1 Low cost of living
Living in Saudi Arabia is lower than in other international cities. In addition, salaries are generally high by international standards, and there are no income taxes. In this manner, ex-pats have the possibility to generate substantial savings and wealth.
5.2 Low crime rate
As you might know, Saudi Arabia is one of the safest countries with a low crime rate. Therefore, it is a quite safe place to live compared to the majority of international comparisons; in fact, ex-pats tend to live in gated communities, increasing security.
5.3 Central location for traveling
It is quite easy to travel from Saudi Arabia since it has over 25 large modern airports. Hence, you can take international, domestic, and regional flights to top destinations such as Oman, the UAE, and Malaysia, among many others.
5.4 Good weather
Since it is a northern hemisphere country, there is good weather all year round. Winter lasts from December to February and summer from June to August.
5.5 Modern retail experience
Saudi Arabia has everything when it comes to shopping. You can find from luxury objects to traditional markets. Thus, this kingdom offers a modern retail experience with the latest fashion and a wide array of options.
5.6 Large ex-pat community
Saudi Arabia has a large and well-established community of ex-pats. Many of them live in modern villas compounds with a culture quite similar to a European village.
6. How can we help you get more information about relocating to Saudi Arabia with an investor visa?
Making the decision of relocating to a different through an investor or golden visa can be quite complicated. However, do not worry; we have 20 years of experience, so you do not have to go through tedious processes to achieve your goals and dreams in Saudi Arabia. In addition, we offer a wide array of options such as:
- Legal services.
- Virtual office services.
- Accountant services.
- Immigration process.
- Payroll services.
Would you like to contact Company Formation Saudi? To clarify all your doubts and receive the information you need, you can count on us, since we offer a wide range of services that will help you. You can call us at our phone number if you need help +971 43 316 688 If you would rather use e-mail, you can contact us at firstname.lastname@example.org.