Saudi Arabia Sets 100,000 SAR Fee for Premium Residency

Saudi Arabia has announced that foreigners seeking its five-year premium residency must meet a financial threshold of 100,000 SAR, equivalent to about N35,953,935. This requirement is part of the application process for premium residency status, which allows foreign nationals to reside in the kingdom for an extended period without annual renewals.

The financial requirement is particularly significant for Nigerian applicants, as it places the residency option beyond the reach of average earners, targeting high-net-worth individuals. However, meeting this financial threshold does not guarantee approval, as Saudi Arabia has indicated that additional criteria must be fulfilled for an application to be considered complete.

While the specifics of these additional requirements were not detailed in the announcement, the premium residency program is part of Saudi Arabia's broader economic diversification strategy under Vision 2030, aimed at attracting qualified and financially capable foreign nationals.