Saudis weigh expanding premium residency net to lure ultra rich

Saudi Arabia is considering plans to extend perks offered under its premium residency program to a wider range of candidates including high-net-worth individuals and owners of super yachts as the kingdom seeks to draw in more talent and capital. The plans being considered include a move to potentially open up applications to individuals with a net worth of close to $30 million, according to people familiar with the matter and documents seen by Bloomberg News. High net worth individuals are likely to require a recommendation from the kingdom’s investment ministry. Owners of large yachts, high achieving students and a wider range of entrepreneurs may also be invited. The new rules may be announced as soon as April, the people said, asking not to be named discussing information that isn’t public. No final decisions have been made. The potential changes would expand the current premium residency programs, which are largely focused on certain categories of executives, entrepreneurs and researchers. Pathways to premium residency status have usually come with benefits like exemption from certain business fees and easier access to real estate ownership. Dubai luxury market sets benchmark Golden visas have provided a big boost to the nearby financial hub of Dubai, helping it shed its reputation of being a transient city, attract expats, add new businesses and ramp up property sales. Saudi Arabia’s Premium Residency Center did not respond to a request for comment. While the proposed additions in Saudi Arabia still require final approval, the changes aim to bring in more overseas investments and highly-skilled talent, in addition to boosting revenues at a time when government finances are being strained by subdued oil prices. Gulf region competition intensifies All of those things are seen as critical to advancing the economic diversification agenda and helping Riyadh compete more effectively with Dubai and Abu Dhabi, where hedge funds, private equity giants and other Wall Street heavyweights are expanding their footprint. An expansion of the program would come on the heels of other recent reforms, including opening up the equity and real estate markets, that strive to make Saudi Arabia a more attractive place to invest, work and live. Premium residency status can offer greater stability for expatriates by allowing them freedom to exit and enter the country, easily change jobs and extend residency to family. Most applications currently carry a fee of about $1,000, though costs can run as high as about $200,000 for foreigners looking to secure permanent residency. Application fees for the new types of categories are expected to be around $1,000. By Omar El Chmouri

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Saudis weigh expanding premium residency net to lure ultra rich