Regulatory Alerts2009-01-01
Instructions No. 9 of 2009 Regarding Resident and Non-Resident Persons
The Palestine Monetary Authority issued Instructions No. 9 of 2009 to establish precise definitions of resident and non-resident persons for banking operations under Banking Law No. 2 of 2002. The directive classifies natural persons residing in Palestine for one year or more, including temporary workers, students, and Jerusalem residents, as residents, while designating foreign companies operating permanently locally or registered with Palestinian authorities as resident legal entities. Any person or institution not meeting these criteria is classified as a non-resident, with the provisions taking effect on January 1, 2010, and superseding prior conflicting regulations except those related to the credit information system.
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