Start-Up Entrepreneurs And Investors Can Get 'Premium Residency' In Saudi Arabia

You could qualify for residency in Saudi Arabia if you're a start-up entrepreneur, investor, or real estate owner, according to the government's website. The Premium Residency visa allows holders to live and work in the kingdom, and own property without a sponsor.

Saudi Arabia has had a Premium Residency program since 2019, and it added five new categories eligible for qualification in 2024, including Investor, Entrepreneur, and Real Estate Owner.

The categories were added as part of the country's Vision 2030 reform plan, which seeks to diversify Saudi Arabia's economy away from oil.

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How to qualify for Premium Residency 

The qualifications for Premium Residency depends on the category you apply under. The application fee for each is 4,000 Saudi riyals ($1,066).

Here are the eligibility requirements, according to Saudi Arabia's website.

Business investor

The Business Investor Residency is a five-year visa that requires applicants to invest at least 7 million riyals in a Saudi company and obtain an investment license. Permanent residency is granted if the investor injects another 7 million riyals and creates at least 10 jobs in the first two years of their residency.

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Entrepreneur 

There are two categories for start-up entrepreneurs seeking Premium Residency in Saudi Arabia. The first grants you a five-year residency visa that's only renewable once, and the second is a permanent visa. 

Applicants seeking the first category must hold at least 20% of shares in a Saudi Arabia-based start-up, hold an entrepreneur license from the Ministry of Investment, and obtain a minimum investment of 400,000 Saudi riyals from an accredited entity. You'll also need a recommendation letter from the investment entity. 

Applicants seeking permanent residency must also obtain an entrepreneur license and recommendation letter. They must maintain a 10% share in a Saudi company, receive a minimum investment of 15 million Saudi riyals from an accredited entity, and create 10 jobs in the first year of residency and another 10 in the second.

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Those who qualify for either category are able to nominate two of their staff members for Special Talent Residency. Both categories are also exempt from a regulation requiring businesses to hire a certain percentage of Saudi nationals for the first three years of operation. 

Real estate owner 

Those who own real estate in Saudi Arabia can have residency for as long as they own that property. The property must be worth at least 4 million riyals, be free of any mortgages, be residential, and be appraised by an accredited valuer. Additionally, properties that are either under development or undeveloped land don't count.

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