Saudi Arabia is drafting plans to extend its premium residency program to a wider selection of desirable individuals, including superyacht owners, those looking to live in the kingdom's flagship development projects and top students, a person with direct knowledge of the matter said.
The deliberations, which have not yet been finalized, are part of efforts to attract foreign capital and visitors under Crown Prince Mohammed bin Salman's Vision 2030 plan to diversify the country's economy away from oil and transform society.
The person said that people purchasing real estate at Vision 2030 construction projects, such as Riyadh's $60 billion Diriyah development, could be eligible.
Potentially offering premium residency to ultra-wealthy individuals who moor superyachts in Saudi Arabia's waters appeared aimed at encouraging visitors to the new luxury Red Sea resorts.
High-achieving students may also be included.
Premium residency is currently available based on varying criteria.
It includes executives earning more than 80,000 Saudi riyals ($21,300) per month and specialized health and science professionals earning more than 35,000 riyals per month, according to an online brochure marketing the program.
