Saudi Arabia unveils detailed rules for foreign property ownership

Summary:

Saudi Arabia has implemented a new regulatory framework for foreign property ownership, detailing requirements for individuals, companies, and non-profits. Key features include a unified digital platform for transactions, standardized procedures, and penalties up to SR10 million for violations. Non-resident individuals must secure a digital identity and a Saudi bank account, while companies must register with the Ministry of Investment and disclose ownership. The regulations also limit residential purchases within foreign families and impose a 2% transaction fee in major cities, with exemptions for specific cases. Inspections and penalties for violations are also outlined.