The Premium Residency, informally known as the Saudi green card,[citation needed] is a residence permit in Saudi Arabia that grants expatriates the right to live, work, and own business and property in the Kingdom without the need for a sponsor.

[1] The scheme aims to attract highly skilled and wealthy foreign nationals as well as investors and entrepreneurs.

Current iqama holders must have a sponsor and must still regularly renew their permits based on their employment status as well as the government's migration policy decisions.

Eligible foreigners enjoy some benefits, including recruiting workers, owning businesses, property, and means of transportation.

Other laws pertaining to non-Saudis, such as restrictions against working in certain reserved occupations and investing in certain economic sectors, still apply.