Saudi Arabia is drafting plans to expand its premium residency programme to a wider group of high-value individuals, including superyacht owners, buyers of homes in flagship Vision 2030 developments and top-performing students, Reuters said quoting a person with direct knowledge of the matter.

The deliberations, which have not yet been finalised, are part of efforts to attract foreign capital, talent and long-term residents under Crown Prince Mohammed bin Salman’s Vision 2030 plan to diversify the economy away from oil and transform society.

People purchasing real estate at major Vision 2030 construction projects could become eligible for premium residency, the person said, according to Reuters.

High-achieving students may also be included as the kingdom seeks to retain global talent and build a skilled workforce, the person added.

Saudi Arabia launched its Premium Residency programme in 2019, allowing foreigners to live, work and own businesses or property in the kingdom without a local sponsor. The scheme has since been expanded into several categories, including residency for investors, entrepreneurs, property owners and individuals with specialised talents.

Premium residency is currently available based on varying criteria. According to an online brochure marketing the programme, eligibility includes executives earning more than SAR80,000  ($21,300) per month and specialised health and science professionals earning more than SAR35,000 per month.