Tourists to Saudi Arabia holding a visit visa can now open bank accounts in local banks using a “Visitor ID” according to Saudi Central Bank (SAMA). “Visitor ID” is issued by the Ministry of Interior, digitally verifiable and accepted by local banks as a valid identification document. 

While this new measure forms part of the Saudi Arabia’s Vision 2030 goals to enhance financial inclusion and support its ongoing digital transformation, it is a notable change in access to financial services in the country and setting a precedent for other Gulf countries.

Our opinion: The measure of Saudi Central Bank to fully open banking services in the Kingdom to visitors is unprecedented. It is a bold move to get competitive advantage in attracting more visitors possibly with a view to become Kingdom’s future residents thus utilising no individual income tax. Saudi Arabia is the first country amongst six GCC countries to adopt such surprising measure and it naturally raises a question whether similar measures are to be considered elsewhere in the region with other Gulf countries following suit. Well, I would guess so, however it remains to be seen so let’s wait a little while.  

Interested to set up business in Saudi Arabia and open your personal and business bank accounts? Get in touch with us at +971 521 521 330 or via email at office@alphaprimedwc.ae