Looking to relocate your startup or investment operations? Saudi Arabia might have just made that decision a lot easier. The kingdom is actively courting entrepreneurs, investors, and property buyers with its Premium Residency program, which grants holders the right to live, work, and own property without needing a local sponsor.

The Premium Residency initiative has been around since 2019, but Saudi Arabia added five new qualifying categories in 2024. The expansion is part of Vision 2030, the country's ambitious reform blueprint aimed at weaning its economy off oil dependence and building a more diversified economic base.

What It Takes to Qualify

The path to Premium Residency depends on which category you're applying under. Regardless of which route you choose, you'll need to pay an application fee of 4,000 Saudi riyals, which comes out to about $1,066.

Business Investor Route

If you're coming in as a business investor, you're looking at a five-year visa that requires putting at least 7 million riyals into a Saudi company and securing an investment license. Want to make it permanent? You'll need to inject another 7 million riyals and create at least 10 jobs within your first two years of residency.

Startup Entrepreneur Path

Entrepreneurs have two options, and the requirements vary significantly. The first track gets you a five-year residency visa that's renewable just once. To qualify, you need to hold at least 20% equity in a Saudi-based startup, obtain an entrepreneur license from the Ministry of Investment, and secure a minimum investment of 400,000 riyals from an accredited entity. You'll also need a recommendation letter from that investment entity.

The second track offers permanent residency but demands more skin in the game. You'll need that same entrepreneur license and recommendation letter, but you only need to maintain a 10% stake in a Saudi company. The catch? You must secure at least 15 million riyals in investment from an accredited entity and create 10 jobs in your first year of residency, then another 10 in the second year.

Here's a nice perk for both entrepreneur categories: you can nominate two staff members for Special Talent Residency. Plus, you get a three-year exemption from Saudi Arabia's nationalization requirements, which typically mandate that businesses hire a certain percentage of Saudi nationals.

Real Estate Owner Option

The real estate path is straightforward but comes with specific requirements. Own property worth at least 4 million riyals, and you can maintain residency for as long as you hold that property. The property must be residential, completely paid off with no mortgages, and professionally appraised by an accredited valuer. Properties under development or undeveloped land won't qualify.

For entrepreneurs and investors eyeing international expansion opportunities, Saudi Arabia is clearly signaling it's open for business. Whether the kingdom's Vision 2030 reforms will successfully transform it into a startup hub remains to be seen, but the residency incentives are certainly competitive.