Regulatory Alerts2026-07-01
Added · Updated
Update the Account Opening Rules by Adding Bank Account Opening Requirements for Non-Residents Covered by the Provisions of the Law of Real Estate Ownership by Non-Saudis
The General Authority of Capital Market (GACM) issued a circular updating remote account opening rules to include specific requirements for non-residents eligible to own real estate in Saudi Arabia under the Non-Saudis Real Estate Ownership Law. The directive mandates that banks verify digital identities and collect specific documentation, such as property purchase agreements and proof of residence, while restricting account usage strictly to real estate transactions and prohibiting joint accounts or credit cards. These measures apply to both natural persons and legal entities, ensuring that remote banking services for this demographic are conducted through trusted electronic channels within the Kingdom.
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