SAMA issues banking rules for foreign property buyers

The new rules require biometric identity verification and digital payment channels.

The Saudi Central Bank (SAMA) directed all banks operating in the Kingdom to open bank accounts for individuals and legal entities covered by the Foreign Real Estate Ownership Law to facilitate the purchase of property or the acquisition of other real rights over real estate in Saudi Arabia.

In a statement, SAMA said individuals seeking to open accounts must meet several requirements, including providing a copy of their digital identity issued in accordance with applicable Saudi regulations, a passport copy where available, their residential address in their country of residence, contact details, and a Saudi mobile number registered in the customer's name and linked to the digital identity.

For legal entities, SAMA said banks must open accounts subject to specific requirements, including the submission of the entity's registration certificate in Saudi Arabia, identification of the authorized account representative, the registered office address, a Saudi mobile number linked to the digital identity, and the articles of association or bylaws detailing the ownership structure, business activities, and the names of board members.

Where applicable, legal entities must also provide a contract or agreement with a licensed real estate broker or developer.