How wealthy Nigerians with superyatchs can apply for Saudi Arabias premium residency programme

Nigerians and other nationals with super-yatchs and a net worth of around $30 million, will soon be able to apply for Saudi Arabias premium residency programme as the country plans to include that category among its already-existing residency program.

This potential expansion would broaden the current premium residency programs, which currently focuses on high-earning executives, entrepreneurs, real estate investors, and researchers as the country continues to position itself as a more competitive destination for global talent, capital, open equity and real estate to foreign investors.

According to Bloomberg, the move would mirror the United Arab Emirates (UAE) Golden Visa framework, which offers 10-year renewable residency permits to owners of superyachts measuring 40 metres or longer.

Under the UAE scheme, applicants must obtain an official nomination to qualify, a requirement similar to what Saudi Arabia is reportedly considering for this segment.

Premium residency status provides expatriates the freedom to enter and exit the country without restriction, change employers without sponsorship constraints, and extend residency rights to immediate family members. These provisions are particularly significant across the Gulf region, where regular work visas are ties residency status closely to employers.

Premium residency programme mirrors Abu Dhabi’s approach

Saudi Arabia’s possible inclusion of superyacht owners in its premium residency programme will be similar toAbu Dhabi’s Golden Quay initiative, launched in late 2024.

The Abu Dhabi scheme targets two main categories: private yacht owners with vessels exceeding 40 metres, and key figures within the maritime industry. These include chief executives and major shareholders of yacht-building companies, as well as yacht agents, service providers and insurance firms. However, it remains unclear whether Saudi Arabia intends to adopt a similarly broad definition for eligibility under its proposed framework.

Current premium residency framework

Under existing rules, Saudi Arabia’s premium residency programme operates through several investment-based pathways. Real estate investors are required to purchase residential property valued at a minimum of four million Saudi riyals (about $1.1 million). The property must be mortgage-free, already completed rather than under development, and formally valued by accredited Saudi assessors.

Business investors face higher entry thresholds. Applicants must obtain an investment licence, deploy at least seven million riyals ($1.9 million) within two years, and employ a minimum of ten Saudi nationals.

High-performing professionals and senior executives are in the exceptional competence category and must meet a minimum monthly salary requirement ranging from around $4,000 for researchers to approximately $21,000 for top-tier executives.

The premium residency programme has already been gaining traction following its overhaul in early 2024, which introduced seven new application tracks. Saudi authorities issued 8,074 permits in 2024, while total applications exceeded 40,000 between January 2024 and July 2025.

To apply applicants who own superyatchs, they may be required to secure an endorsement from the Kingdom’s investment ministry, after which they can visit the official government website for premium residency.

Ngozi Ekugo

Ngozi Ekugo is a Senior Correspondent at BusinessDay. She holds a Masters in management from the University of Lagos, an undergraduate from University of Lagos, and is in an alumni of Queen's College. Shes currently an associate member of the Chartered Institute of Personnel Management (CIPM). She has a brief experience at Goldman sachs, London in its Human Capital Management division. She is interested in human capital development and is leveraging her varied experience across sectors to report labour and global mobility trends for stakeholders to make informed decisions.