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, for the purpose of purchasing property or acquiring other real rights over real estate in Saudi Arabia. 
In a statement, SAMA said opening accounts for individuals is subject to the certain requirements, including without limitations, a copy of the digital identity issued in accordance with applicable Saudi regulations, a copy of the passport, where available, residential address in the 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 accounts must be opened in accordance with specific requirements, including submission of the entity’s registration certificate in Saudi Arabia, identification of the authorized account representative, the registered office address, a Saudi phone number linked to the digital identity, and the articles of association or bylaws detailing the ownership structure and business activities, as well as the names of board members. A contract or agreement with a licensed real estate broker or developer must also be provided where applicable.
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, for the purpose of purchasing property or acquiring other real rights over real estate in Saudi Arabia.
In a statement, SAMA said opening accounts for individuals is subject to the certain requirements, including without limitations, a copy of the digital identity issued in accordance with applicable Saudi regulations, a copy of the passport, where available, residential address in the 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 accounts must be opened in accordance with specific requirements, including submission of the entity’s registration certificate in Saudi Arabia, identification of the authorized account representative, the registered office address, a Saudi phone number linked to the digital identity, and the articles of association or bylaws detailing the ownership structure and business activities, as well as the names of board members. A contract or agreement with a licensed real estate broker or developer must also be provided where applicable.
