· Jurisdiction Briefing

Saudi Arabia: SAMA adds non-resident property buyers to the Account Opening Rules, with a restricted account and no cards

On 1 July 2026 the Saudi Central Bank (SAMA) issued circular No. (482004268), dated 16/1/1448H, updating its Account Opening Rules by adding bank account opening requirements for non-residents covered by the Law of Real Estate Ownership by Non-Saudis. The…

Illustration for “Saudi Arabia: SAMA adds non-resident property buyers to the Account Opening Rules, with a restricted account and no cards”

On 1 July 2026 the Saudi Central Bank (SAMA) issued circular No. (482004268), dated 16/1/1448H, updating its Account Opening Rules by adding bank account opening requirements for non-residents covered by the Law of Real Estate Ownership by Non-Saudis. The circular refers to that Law as issued by Royal Decree No. (M/14) dated 19/01/1447H, and to its Implementing Regulations as issued by Council of Ministers Decision No. (43) dated 08/01/1448H. It gives its own purpose in one phrase: to enable non-residents to access banking services in the Kingdom for the purpose of owning real estate.

SAMA’s rulebook shows the circular’s status as In-Force, and the circular ends by asking for action “as of its date”. The English text is marked as a translated document.

What the circular changes

The circular adds an article for natural persons and an article for juristic persons to Chapter Three of the Account Opening Rules, the rules SAMA communicated to banks by Circular No. (65681/67) dated 01/11/1440H:

  • Article 200.2.4, Non-Saudi Natural Persons Outside Saudi Arabia Covered by the Law of Real Estate Ownership by Non-Saudis, under Rule 200.2 “Natural Persons Outside Saudi Arabia”.
  • Article 300.2.10, Juristic Persons Outside Saudi Arabia Covered by the Law of Real Estate Ownership by Non-Saudis, under Rule 300.2 “Non Resident Juristic Persons”.

The consolidated Account Opening Rules in the rulebook already carry each article, with a note that it was added under Circular No. (482004268).

The circular does not say who is covered. It defines the customer by reference to the Law, so the question of which buyers fall inside these articles is answered by the Law and its Implementing Regulations, not by SAMA’s text. This briefing covers the banking rule only.

The rules these articles sit beside

The new articles are easier to read against the neighbouring rules, which remain in the consolidated text.

Rule 200.2.3 deals with non-Saudi and non-GCC natural persons not residing in Saudi Arabia. Under it, a bank does not open an account in Saudi riyal or in any foreign currency, or any other account, for such a person unless written approval from the Ministry of Interior or the Ministry of Foreign Affairs is received through SAMA. If that approval is received, the account may be opened on the individual’s passport.

Rule 300.2.2 deals with non-resident, non-banking, non-GCC companies and businesses with no contracts or projects in Saudi Arabia. Banks are not permitted to open any account for them, except for the intermediary accounts allowed under Rules (400.1) and (400.2), and with an exception for companies and institutions that have SAMA’s approval to obtain facilities, finance or loans from banks operating in Saudi Arabia.

Read against that background, the new articles are a separate route, defined by a purpose: the account is opened for owning real estate, or acquiring other real rights in rem on real estate, in Saudi Arabia.

Natural persons: Article 200.2.4

The account opening requirements are:

  1. A copy of the digital ID issued in accordance with the laws in force in the Kingdom to verify the identity of the person in the digital transaction for owning real estate.
  2. A copy of the passport, if any.
  3. The residential address in the customer’s country of residence, contact details, and a Saudi contact number in the name of the customer linked to the digital ID.
  4. A copy of the customer’s contract or agreement with a licensed real estate broker or real estate developer in the Kingdom, if any.
  5. The customer’s bank account details and an authenticated bank statement from the bank dealing with the customer in his country or place of residence.

The general controls are:

  1. The customer is verified via a reliable and independent source in the Kingdom, including by biometric authentication.
  2. A joint account, or an account with authorised signatories from outside the Kingdom, is not allowed.
  3. The purpose of the account is restricted, as described below.
  4. Throughout the relationship the bank ensures the validity of the digital ID and continuously updates the customer’s data and information.

One wording point for anyone working from the English text. The opening sentence of Article 200.2.4 in English says accounts are opened for “juristic persons”, under a heading and a list of documents that concern an individual. The Arabic text of the same article says natural persons, and the Account Opening Rules state that Arabic is the language used in construing them. Draft your procedure from the Arabic.

Juristic persons: Article 300.2.10

The account opening requirements are:

  1. A copy of the registration certificate in the Kingdom with the Ministry of Investment, the National Center for Non-Profit Sector, or the entity determined by a decision of the Council of Ministers, as the case may be, and the registration number, which is the unified number beginning with the digit (7).
  2. A copy of the ID of the juristic person’s representative who is authorised to operate and manage the account, issued in accordance with the laws of Saudi Arabia.
  3. The residential address of the authorised person, the address of the juristic person, contact details, and a Saudi contact number in the name of the customer or authorised person linked to the ID issued in accordance with the laws of the Kingdom.
  4. A copy of the memorandum of association, articles of association, or bylaws and their annexes, clearly showing the capital structure, the activity, and the names and copies of the IDs of the board members or its equivalent, as the case may be.
  5. A copy of the customer’s contract or agreement with a licensed real estate broker or real estate developer in the Kingdom, if any.

The general controls are:

  1. The authorised person is verified via a reliable and independent source in the Kingdom, including by the biometric verification feature.
  2. The purpose of the account is restricted, in the same words as for natural persons.
  3. Throughout the relationship the bank ensures the validity of the authorised person’s ID and the registration of the legal person in the Kingdom, and continuously updates the data and information.

Set side by side, the lists differ in ways that matter for a checklist. The natural-person article asks for an authenticated statement from the customer’s home bank; the juristic-person list does not include one. The line on joint accounts and signatories from outside the Kingdom appears in the natural-person controls and is not repeated in the juristic-person controls.

A restricted account

The purpose control is the same in each article, and it is the part that reaches beyond onboarding. The bank is to restrict the purpose of the account to owning real estate or acquiring other real rights over real estate in the Kingdom. The same sentence adds “not opening more than one account remotely”, and that payment or credit cards are not issued.

It then says how money should move. Real estate-related transactions are to be conducted through approved and reliable electronic means in the Kingdom. The article gives examples, introduced by “for example”: the Real Estate Registry platform, the Ejar platform, Sadad system bills, or paying a licensed real estate broker in the Kingdom, if any.

That is a narrow expected-activity profile written by the regulator. An account opened under these articles that sends funds to a counterparty with no connection to a property transaction is outside the purpose the rule allows, and the bank needs a way to see that.

What the wider Rules already say

The new articles are short, and they sit inside a longer set of rules. Some of its general provisions are worth rereading alongside them.

  • KYC in full. Chapter II says banks shall fully apply the KYC principle, so that the bank is fully aware and has a complete picture of the customer and the nature of the customer’s activities and transactions, by assessing the risks the customer may impose on the bank. It also says the Rules are to be read in conjunction with the Anti-Money Laundering Law and its Implementing Regulations.
  • What the account opening agreement records. The general instructions in Chapter III list, as a minimum, the source of income, the expected size of financial movement on the account, and the purpose of opening the account. They also list a declaration by the customer that he or she is the real beneficiary, which the bank should verify. For juristic persons the agreement must contain verification of the ownership structure to identify the actual beneficiary.
  • Valid identification throughout. Chapter II states, as a rule between banks and customers, that the relationship must start and continue under valid identification documents and IDs for all transactions. The ongoing duty in each new article to ensure the ID stays valid applies that rule to the digital ID and to the authorised person’s ID.
  • Electronic monitoring. Chapter II says manual transaction monitoring is not sufficient and that banks shall invest in electronic systems to continuously monitor customers’ transactions. Where the bank suspects an account is being used illegally, the Rules require it to notify the body they name as the Saudi Arabia Financial Investigation Unit.

One point to settle in policy. The general rule on remote opening of accounts for natural persons says the service is provided for citizens holding a national ID, residents holding an Iqama, and visitors holding a visitor ID. Article 200.2.4 speaks of a digital ID and of “not opening more than one account remotely”. The circular’s text describes its changes as the addition of the new articles. How your remote onboarding policy reads those provisions together is worth confirming before the first application arrives.

The rulebook page for the circular also lists related circulars by title, among them “Emphasis on the Prohibition of Initiating Any Remote Relationship Without Using Biometric Authentication” and “Dealing with the Licensed Real Estate Brokers in Accordance with the Relevant Laws and Regulations”.

What to do with it

  1. Build it as its own account type. The restrictions are easier to enforce in product configuration than in a procedure: no payment or credit cards, no joint holders or signatories from outside the Kingdom for natural persons, and a block on a second remote account.
  2. Track ID and registration validity. The duty runs throughout the relationship. Decide which system holds the expiry date of the digital ID or the authorised person’s ID, and who acts when the legal person’s registration in the Kingdom lapses.
  3. Give monitoring the purpose. Tell the monitoring team what an account under these articles is for and which payment routes the article names, so that activity outside that purpose is reviewed.
  4. Ask legal who is covered. The articles apply to persons covered by the Law of Real Estate Ownership by Non-Saudis. That test is in the Law and its Implementing Regulations, and it should be answered before onboarding begins.

Sources

This article draws on the following sources. Follow the links for the original text.

Start with a compliance health check.

A working session with your compliance team, then a walkthrough against your own risk appetite: the lifecycle end to end, scoring weights set to your policy, and a review of the audit trail the system produces.

Or write to info@sonarpulse.mu