Saudi Central Bank instructs banks to accept "Visitor ID" for opening accounts

RIYADH: The Central Bank of Saudi Arabia has announced that individuals holding a “Visitor ID” will now be allowed to open bank accounts in the Kingdom.

According to the directive, the Visitor ID has been officially recognized as a valid identification document. Verification of this ID will be carried out through approved platforms to ensure authenticity.

All banks and financial institutions across Saudi Arabia have been instructed to accept the Visitor ID for account opening. The move is aimed at enhancing facilities and improving service standards within the banking sector.

Also Read: Saudi Arabia freezes rent hikes in Riyadh

Earlier, Saudi Arabia had halted annual rent increases for residential and commercial properties in Riyadh for five years, in a landmark move aimed at governing and regulating landlord-tenant relations, following directives from Crown Prince Mohammed bin Salman.

The decision, effective September 25, 2025, is part of a wider set of regulatory measures designed to address the capital’s rising rental prices in recent years and promote a more balanced real estate market.

Mohammed bin Salman also directed regular reporting on market conditions, including price indices, to inform potential future adjustments and maintain equilibrium in the sector.

The directives stipulate that the Real Estate General Authority is mandated to activate and monitor the new regulatory measures in coordination with relevant agencies.

The authority will continue to track rental prices and market activity to ensure compliance and maintain the ability to introduce further measures as needed.

In addition, the Crown Prince has directed periodic reporting on the implementation of these regulations, including updates on prices and related real estate indicators, reflecting his commitment to maintaining balance in the sector while safeguarding the rights of all parties.

To ensure effective enforcement of the regulatory measures governing landlord-tenant relations, the authority and relevant entities will publish clarifications, explain the mechanisms applied, and raise awareness of the procedures.