SAMA Directs Banks to Open Accounts for Non-Resident Property Owners

Logo of the Saudi Central Bank – SAMA

The Saudi Central Bank (SAMA) has directed all banks and financial institutions operating in the Kingdom to open bank accounts for natural and legal persons covered by the provisions of the Non-Saudi Ownership of Real Estate Law, for the purpose of owning real estate or acquiring other in-kind rights over properties within the Kingdom. The bank explained in a statement that opening accounts for natural persons requires meeting a number of requirements, including:

- Submitting a copy of the digital identity issued according to the regulations in force in the Kingdom.

- A copy of the passport if available.

- Residential address in the country of residence, contact details, and a Saudi phone number in the client's name linked to the digital identity.

- A copy of the contract or agreement with a licensed real estate broker or developer, if any.

- Bank account details in the country of residence, and a certified bank statement from the client's bank. It emphasized the need to verify the client's identity through a reliable and independent source within the Kingdom, including the use of biometric verification, while not allowing the account to be joint or have authorized signatories from outside the Kingdom. It indicated that the purpose of the account should be limited to owning real estate or acquiring other in-kind rights, with no more than one remote account opened for the client, and no issuance of payment cards or credit cards linked to the account. It added that all real estate-related transactions must be conducted through approved electronic means in the Kingdom, such as the Real Estate Register platform, the Ejar platform, and Sadad system invoices, or through a licensed real estate broker, while ensuring the validity of the digital identity and updating client data continuously throughout the banking relationship. Regarding legal persons, the central bank stressed the necessity of opening accounts for them according to specified controls, which include providing a certificate of registration in the Kingdom, the identity of the authorized representative of the entity managing the account, the address of the headquarters, a Saudi phone number linked to the identity, in addition to the articles of incorporation or bylaws that explain the capital structure and activity, and the names of board members, along with a contract or agreement with a licensed real estate broker or developer if any.

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