By Marta Lillo
Saudi Arabia has launched a new "visiting investor" visa to streamline the process for international investors and companies looking to expand their portfolios within the kingdom.
It is the most recent Arab country to announce new visas or adjustments to its existing programs, suggesting an increasing regional competition for foreign capital and talent.
"Launching the new business visit visa service comes within the framework of the successful cooperation between the Ministries of Foreign Affairs and Investment. I thank His Highness, the Minister of Foreign Affairs, and the brothers in the Ministry of Foreign Affairs for supporting the efforts of the Ministry of Investment to facilitate the journey of the investor seeking to learn about the environment and investment opportunities in the Kingdom", said the Ministry of Investment, Khalid Al-Falih, in a tweet following the announcement on June 22, also on Twitter.
While Saudi Arabia doesn't yet offer a longer-term residency-by-investment visa, some of its Gulf Cooperation Council (GCC) neighbors are considering launching their RBI schemes; Kuwait is mulling a long-term investor visa, and Bahrain recently announced a "golden license" for foreign investors. Meanwhile, the UAE launched its popular golden visa in 2018 to attract foreign capital and talent.
Easier access routes and eligibility for new Saudi investor visa
The new visa provides a specific entry route for visiting investors. Its main difference from the traditional Saudi Business Visa program is that it eliminates the need for a sponsor, making it easier for potential investors to explore business opportunities in the country, according to Fragomen.
Foreign nationals from nearly 60 countries, including Australia, China, France, Germany, Russia, South Korea, the United Kingdom, and the United States, can now apply for the new investor visa, the law firm adds.
Also, the program comes in two variations: a single-entry valid for 90 days or a multiple-entry ranging from six months to five years, depending on nationality and bilateral agreements.
However, details regarding the Saudi visa's conditions, eligibility criteria, and other particulars have yet to be available online.
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