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2020-03-22

Acceptance of Premium Residence as an Approved Identity

The Saudi Arabian Monetary Authority (SAMA) has officially confirmed that both permanent and fixed-term Premium Residence cards issued by the Premium Residency Center are recognized as valid identities for accessing financial products and services. This circular mandates that all regulated banks, financing companies, insurance entities, money changers, and payment service providers in the Kingdom accept these cards as approved identification effective immediately. Financial institutions are required to update their customer onboarding and verification procedures accordingly to ensure compliance with SAMA’s regulatory framework.

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In the Name of Allah, the Most Gracious, the Most Merciful

Saudi Arabian Monetary Authority Headquarters

Office of the Deputy Governor for Supervision

Reference No.: 41050726 Date: 1441/07/27 (AH) Attachments: 1 Form

Attachment: Form

Circular

To the Esteemed,

Peace, mercy, and blessings of Allah be upon you.

Subject: Confirmation of Acceptance of Premium Residence as an Approved Identity.

I refer to the regulatory and supervisory role of the Saudi Arabian Monetary Authority over private financial institutions, granted pursuant to its powers under Royal Decree No. (5/m) dated 27/04/1386 AH, the Cooperative Insurance Companies Control System issued by Royal Decree No. (32/m) dated 02/07/1426 AH, the Financing Companies Control System issued by Royal Decree No. (51/m) dated 13/08/1433 AH, the Regulations Governing Money Changer Services issued by Ministry of Finance Decision No. (1357) dated 01/05/1432 AH, and the Council of Ministers Decision No. (266) dated 02/05/1440 AH, which designate the Authority to regulate and supervise the payments sector. I also refer to Royal Decree No. (107/m) dated 10/09/1440 AH approving the Premium Residence System.

The Authority wishes to confirm the acceptance of Premium Residence, in both its types (permanent and fixed-term), issued by the Premium Residency Center, as an approved identity that entitles holders to benefit from financial products and services provided by financial institutions. (Attached is the form for permanent and fixed-term Premium Residence cards.)

For information and action as of its date.

Yours sincerely,

Faisal bin Ibrahim Al-Shamri Deputy Governor for Supervision

Distribution Scope:

  • Banks and financial institutions operating in the Kingdom
  • Financing and leasing companies operating in the Kingdom
  • Insurance sector companies operating in the Kingdom
  • Category (B) money changer companies and institutions operating in the Kingdom
  • Payment service companies operating in the Kingdom

Premium Residency Center PREMIUM RESIDENCY CENTER

Sample of the Saudi Premium Residence Card Format (Permanent and Fixed-Term) www.saprc.gov.sa

Permanent

Residence Holder

  • KINGDOM OF SAUDI ARABIA SAUDI PREMIUM RESIDENCY Premium Residency Center

  • Reference No. No. 01 Nationality Nationality: Date of Birth DOB: 19/09/1979 Gender Gender: Marital Status Marital Status:

  • Dependent Card

Fixed-Term

Residence Holder

  • KINGDOM OF SAUDI ARABIA SAUDI PREMIUM RESIDENCY Premium Residency Center

  • Reference No. No. 01 Nationality Nationality: Date of Birth DOB: 19/09/1979 Gender Gender: Marital Status Marital Status:

  • Dependent Card

SAPRC.GOV.SA

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