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Saudi Arabia is shifting its focus toward a diversified economy, steering away from oil and investing in sectors like real estate, entertainment, sports, and tourism to boost the kingdom's GDP. With an ambition to become a major player in the global tourism industry, Saudi Arabia has introduced a new Premium Residency program in a move that should capture the world's attention.Majid bin Abdullah Alkassabi, chairman of the Premium Residency Centre Board, announced the launch of five new premium residency categories aligned with Saudi Arabia's Crown Prince's vision. The goal is to accelerate the country's economic transformation, creating employment opportunities and fostering knowledge exchange.Alkassabi stated, “The doors to all premium residency products are open to those who can add value to the national economy and actively participate in Saudi Arabia’s rapid development journey under Saudi Vision 2030,” according to a report by the Saudi Press Agency (SPA). The new categories are designed for working professionals, talents, and investors falling into specific criteria.The Five New Visa Categories are as follows:1. Special talent residency — For executives and professionals specialized in health care, science, and research.2. Gifted residency — For talented individuals and specialists in culture, arts, and sports.3. Investor residency — For businessmen and investors seeking to invest in Saudi Arabia.4. Entrepreneur residency — For innovative entrepreneurs with rapid growth.5. Real estate owner residency — For individuals who own real estate and aim to enjoy the Kingdom’s exceptional quality of life.Eligible applicants for premium residency are granted exemptions from expat and dependent fees, visa-free international travel, and the right to own real estate in the Kingdom. They can also secure premium residency status for family members, conduct business activities, make fee-free money transfers, and host and invite relatives.Additionally, premium residency allows individuals to own and license vehicles and other transportation modes within the country. Saudi Premium Residency holders can choose between a one-year (renewable) or unlimited duration stay in the Kingdom, depending on their selected plan.Cost of Premium Residency:Each category is priced at 4,000 Saudi Riyals (Rs 88,565) as a one-time fee.The unlimited plan costs 800,000 Saudi Riyals (Rs 1,77,11,327), with upfront payment required for the one-year plan at 100,000 Saudi Riyals (Rs 22,13,915).

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