Saudi Arabia will open direct foreign property ownership in designated zones from January 2026 under the new Foreign Property Ownership Law, a Royal Decree approved by the Council of Ministers in July 2025. For the first time in the Kingdom’s modern history, a non-Saudi individual or company can walk into a Riyadh office, sign a contract, and hold a title deed (Sakk) in their own name outside the narrow carve-outs of premium residency, specific government approvals, or GCC citizenship. This is not a tweak to an existing regime — it is a structural reset.

For US, UK, Singapore, Hong Kong, Indian, and Gulf-resident investors, the practical question is no longer whether Saudi Arabia is opening. It is where the zones are, what the minimum price thresholds will be, how the 5% Real Estate Transaction Tax (RETT) and the expanding White Land Tax will shape holding economics, and when it makes sense to commit versus waiting for the executive regulations to finish rolling out during Q1 and Q2 2026.

This rulebook walks through every moving part: the law itself, the designated zones, pricing and caps, RETT mechanics, White Land Tax, financing, the Premium Residency link, the purchase process, tax treatment, risks, the UAE comparison, buyer-specific perspectives by nationality, and who the market actually suits. It is written for the investor who wants the numbers and the named entities, not a tourism brochure. Last updated: April 2026.

The New Law: What Actually Changed

The Foreign Property Ownership Law is a Royal Decree approved in July 2025 and effective from January 2026. The Real Estate General Authority (REGA) is the lead implementing body, working with the Ministry of Justice (MOJ) on title registration, the Ministry of Investment (MISA) on corporate ownership, the Ministry of Finance (MOF) on tax policy, the Ministry of Interior (MOI) on security clearance, and the Saudi Central Bank (SAMA) on mortgage rules. Executive regulations are being published in tranches during Q1 and Q2 2026.

Before January 2026, the rules for non-Saudis were layered and restrictive. GCC nationals had broadly similar rights to Saudis for residential property under the 2000 GCC Common Market framework. Non-GCC expatriates with Premium Residency could own one primary residence under the 2019 scheme. Foreign companies operating under MISA licences could own the premises needed for their licensed activity. Everyone else was locked out of direct ownership and typically accessed the market through long leases, nominee structures, or shareholdings in Saudi property companies — all of which carried legal, tax, and enforcement friction.

The 2026 law replaces that patchwork with a single statutory framework. Key changes reported by Reuters, Bloomberg, and Arabian Business include: direct freehold-style ownership in designated zones for both individuals and corporate entities, explicit off-plan eligibility for foreign buyers, codified ownership caps by development and by city to prevent concentration, and a unified registration route through REGA and MOJ.

Mecca and Medina remain outside the new framework. Ownership there continues to be restricted to Muslim citizens of Organisation of Islamic Cooperation (OIC) member states under long-standing rules, and the July 2025 decree specifically preserved that position. The central diplomatic quarter in Riyadh is also excluded from the designated zones.

Designated Zones: Where Foreigners Can Actually Buy

The law does not make the entire Kingdom freehold overnight. Ownership is zone-based. The zones announced or widely expected based on REGA consultation documents and statements from the Ministry of Investment cover the major economic nodes and the gigaproject tourism corridors.

Riyadh. Designated districts outside the central diplomatic quarter. Reporting in the Financial Times and Reuters points to King Abdullah Financial District (KAFD), Diriyah Gate, New Murabba, Qiddiya adjacent zones, and several northern master-plans including parts of Al Malqa, Al Narjis, Al Yasmin, Al Arid, and segments of Sedra and King Salman Park. These are the districts where the new Vision 2030 supply is concentrated and where foreign off-plan demand can be absorbed without destabilising the legacy market.

Jeddah. Specific waterfront zones along the Corniche north of the historic centre, the Jeddah Central Development project, Obhur, and selected master-planned communities. The historic Al-Balad area has cultural heritage protections that restrict foreign ownership.

Dammam and Khobar. Secondary-city zones in the Eastern Province, primarily in Al Khobar’s corniche districts, parts of Dammam’s waterfront, and specific areas in Dhahran adjacent to corporate and educational anchors. Pricing here is materially below Riyadh and Jeddah, which has attracted yield-seeking investors.

NEOM residential zones. The NEOM master plan includes designated residential areas including The Line’s early residential modules, Sindalah (island tourism with residential overlay), and Trojena (mountain resort with condominiums). Foreign ownership here runs through NEOM’s own contractual framework and is priced in dollars as often as in riyals.

Red Sea Global tourism zones. The Red Sea destination, Amaala, and Shura Island include branded-residence components where foreign ownership is explicit. These are essentially hospitality-linked second homes rather than primary residences.

AlUla. Specific branded-residence and boutique hotel-linked residential units tied to the cultural tourism master plan.

Other cities — Taif, Abha, Tabuk, Yanbu, Jubail — are outside the initial designated zone list but may be added in later phases. The law gives the Council of Ministers authority to expand the list on REGA’s recommendation.

Pricing and Ownership Caps

Minimum value thresholds exist to steer foreign capital away from the mass-market segment that Sakani, the National Housing Company (NHC), and ROSHN are building for Saudi citizens. Indicative levels based on REGA and MOJ consultations:

The SAR 4 million Riyadh threshold is not coincidence. It aligns with the SAR 4 million property route into Premium Residency, making it the most common target price for international buyers seeking both ownership and residency. Off-plan units are explicitly eligible: the executed purchase contract and REGA-registered escrow account are what matter, not the physical completion date.

Ownership caps prevent concentration. REGA guidance indicates individual developments will be capped at 49% total foreign ownership (calculated by unit count or sellable area), and a single foreign owner will typically be capped at 10 units city-wide during the initial phase. These numbers are subject to the executive regulations being finalised in Q2 2026.

RETT: The 5% Transfer Tax in Detail

The Real Estate Transaction Tax replaced the 15% VAT on property transfers in October 2020 and was tightened in late 2024 with broader scope and clearer rules. At 5% of transaction value, it is the single largest transaction cost a foreign buyer faces.

Who pays: the buyer, in practice, although the economic incidence depends on market conditions. RETT is due before the title deed is registered at the MOJ.

Base: the transaction value, which is usually the contract price but can be adjusted by ZATCA (the tax authority) if the contract price is materially below assessed market value.

Exemptions: first sale from a licensed developer on qualifying off-plan projects (the developer pays RETT on their own transfer if applicable, but the initial buyer sale is zero-rated under specific conditions); inheritance; gifts between spouses and first-degree relatives; transfers between subsidiaries of the same corporate group; divestments into real estate investment funds (REIFs) under specific conditions; government transactions.

Net effect for a SAR 4 million Riyadh apartment: SAR 200,000 in RETT. For a SAR 10 million villa: SAR 500,000. For a $5 million NEOM branded residence: roughly $250,000. Budget this on top of the purchase price, legal fees, agent fees (typically 2.5%), and financing costs.

White Land Tax: The Holding Cost on Undeveloped Land

The White Land Tax (WLT) sits alongside RETT and is the main recurring Saudi property tax for undeveloped plots. The 2025-2026 executive amendments raised the effective rate significantly. Key parameters:

WLT applies to undeveloped urban land above specific size thresholds (10,000 sqm plots in most cities, lower in Riyadh). The rate has been raised from the original 2.5% toward 10% of assessed land value, with a phased structure that accelerates the rate the longer the land remains undeveloped. Exemptions exist for agricultural land, government-owned land, waqf (endowment) land, and land actively under development with filed permits.

For a foreign investor, WLT is the deliberate Kingdom policy that pushes capital out of land-banking and into actual building. If you buy a plot to hold for appreciation without developing, your annual carry cost alone could compound into a meaningful drag. The maths works for flippers and developers; it does not work for patient land-bankers. Most foreign buyers in the 2026 class will therefore focus on completed units or off-plan with a clear completion horizon, not raw plots.

The Premium Residency Link

Saudi Arabia’s Premium Residency programme is the Kingdom’s answer to the UAE Golden Visa. It grants the holder Saudi residency without a sponsor, the right to own property (historically, one residence), and a clear track that now directly interacts with the 2026 property law.

Routes into Premium Residency:

• Annual. SAR 100,000 per year, renewable.
• Lifetime. SAR 800,000 one-off.
• Property route. Purchase of qualifying property at or above SAR 4 million in a designated zone, following the 2026 law.
• Investor/Entrepreneur/Talent routes. Defined qualifying business activity, investment, or recognised talent.

For a buyer already committing SAR 4 million or more to a Riyadh apartment or villa, the property route is the cheapest effective residency acquisition. It is not identical to the lifetime SAR 800,000 fee — the residency linked to property depends on continued ownership — but it is the natural default pairing for international family buyers. We walk through the mechanics in our UAE Golden Visa property guide for comparison.

Financing: Saudi Mortgages for Foreign Buyers

Saudi retail mortgage availability for non-Saudis has historically been narrow. That is changing as the banks align their products with the 2026 law. The main providers are Al Rajhi Bank (the largest by assets), Saudi National Bank (SNB), Riyad Bank, and SAB (formerly Saudi British Bank). SAMA regulates the sector.

Loan-to-value. 70% LTV is the standard ceiling for Saudi residents. Non-residents are typically capped at 60% LTV, although specific banks offer 65% for buyers with high-quality income documentation.

Rates. As of April 2026, Saudi mortgage rates for foreign buyers run at 5.5% to 7.0% depending on the bank, product, and borrower profile. Fixed-rate terms of 5 to 10 years are common, with longer tenors priced at a premium. The SAR peg to the dollar means SAMA’s policy rate broadly tracks the Fed, so rates have eased from their 2023-2024 peak.

Islamic financing. Murabaha-based financing dominates the retail space. The bank buys the property and resells it to the buyer at a pre-agreed mark-up payable over the term. Economically similar to a conventional mortgage, structurally different. Ijara (lease-to-own) is the other common structure.

Income requirements. Non-residents typically need a minimum verifiable monthly income of SAR 15,000 (about $4,000) and a debt-service ratio below 55%. Reserves of 6-12 months of instalments are often required.

Documentation. Passport, residency or visa documentation, 6-24 months of bank statements, salary certificate or audited accounts for self-employed, and a credit report from the borrower’s home country where applicable. Expect a 4-8 week approval cycle.

Market Prices: April 2026 Snapshot

The numbers below are transaction-weighted averages for April 2026 based on REGA data releases and reporting in Arabian Business and Bloomberg. Premium categories sit above these averages; secondary products sit below.

For context, a 120 sqm apartment in a Riyadh premium district at SAR 14,000/sqm lands at SAR 1.68 million, which is below the SAR 4 million foreign-ownership minimum for premium zones. To hit the threshold, foreign buyers typically need 200-300 sqm of premium product or a villa. Our Dubai property price-per-sqft guide gives a direct comparison on the UAE side.

The Purchase Process, Step by Step

The procedural flow for a foreign buyer in 2026 is prescribed and paperwork-heavy. Expect a 30 to 90 day end-to-end timeline depending on financing and security clearance.

Step 1 — Visa and residency status check. Confirm whether you are entering as a non-resident tourist/business visitor, an expatriate resident, or a Premium Residency applicant. The track affects your documentation requirements and mortgage eligibility.

Step 2 — Finance pre-approval. Engage one or two of Al Rajhi, SNB, Riyad Bank, or SAB for an indicative offer. Non-resident pre-approvals typically take 2-3 weeks.

Step 3 — Absher / Tam account. Absher is the Ministry of Interior’s citizen/resident digital services platform. Tam is the newer business and investor portal. You need a digital identity to execute property contracts electronically.

Step 4 — Property selection via REGA-registered agent. Only REGA-licensed brokers can legally represent you in transactions. Agent fees typically run 2.5% of transaction value.

Step 5 — Contract registration. Signed sale and purchase agreement (SPA), registered with the Ministry of Justice. Off-plan contracts register against the developer’s REGA-licensed project and the project’s escrow account.

Step 6 — Ministry of Interior security clearance. For non-GCC foreigners, MOI clearance is standard. Add 2-6 weeks to the timeline.

Step 7 — Title deed (Sakk). Once cleared, the MOJ issues the digital Sakk in your name. This is the definitive proof of ownership.

Step 8 — RETT payment. Paid through ZATCA before Sakk issuance, at 5% of transaction value.

Step 9 — Utilities, homeowners association, and municipality registration. SEC (Saudi Electricity Company) for power, NWC (National Water Company) for water, and municipality registration for waste and property services.

Vision 2030 Context: Why This Is Happening

The 2026 law is not an isolated real estate reform. It is a deliberate piece of Vision 2030’s housing and capital-attraction strategy. The headline Vision 2030 target of 70% home ownership for Saudi citizens is being delivered by the National Housing Company (NHC), ROSHN (the Public Investment Fund’s housing arm), and the Sakani programme, which together are building hundreds of thousands of units for citizens at subsidised prices.

Foreign ownership liberalisation is the other side of that coin. The Kingdom needs foreign capital and foreign buyers to absorb the premium-end supply that NEOM, Red Sea Global, Diriyah, New Murabba, and Qiddiya will deliver across the late 2020s. At an aggregate housing sector target of $15 billion-plus per year, domestic demand alone cannot clear the premium segment. The Wall Street Journal has covered how PIF’s ROSHN vehicle is explicitly designed to carry premium developments that benefit from foreign absorption.

For a reader interested in the PIF side of this story, our Saudi PIF portfolio holdings 2026 piece maps the fund’s direct and indirect real estate exposure. Our Saudi Aramco vs ExxonMobil comparison covers the cash-flow engine that ultimately funds Vision 2030. And our Saudi Tadawul guide for foreign investors explains how the equity market route compares to the direct property route.

Tax Treatment for Foreign Owners

Saudi Arabia’s tax regime is deliberately friendly for individual foreign property owners. The full picture:

• No personal income tax on individuals.
• No capital gains tax on individual-owned residential property.
• No recurring annual property tax on developed residential units. White Land Tax only on qualifying undeveloped plots.
• Zakat (2.5%) applies to Saudi nationals and GCC nationals on qualifying Islamic wealth. It does not apply to non-Saudi foreign individuals.
• Corporate owners pay 20% corporate income tax on taxable profits. Saudi-owned companies pay 2.5% zakat instead.
• RETT at 5% on transfer — a one-time cost at purchase and sale.
• VAT at 15% does not apply to residential rents. Commercial rents are subject to VAT.

Foreign owners must still comply with their home-country tax rules. A US person owns the world for IRS purposes. A UK resident owns it for HMRC purposes. A Singapore- or Hong Kong-based investor enjoys territorial tax treatment on offshore rental income. India’s Liberalised Remittance Scheme (LRS) caps individual outward remittances at $250,000 per financial year, which affects how Indian buyers fund large purchases.

Risks and Caveats

Early-cycle markets carry specific risks. The big ones:

Executive regulation risk. The headline law is set, but the detailed executive regulations — zone boundaries, ownership caps per development, specific exemptions — are being published through Q2 2026. Buyers moving in the first half of 2026 accept some execution risk around the exact contours of what they own.

Secondary market depth. Foreign-owned secondary stock is new. The first resale cycle will only run through 2027-2028. Until then, liquidity for foreign-owned units is unproven. This is a buy-and-hold market for the first cycle.

Currency. The SAR peg to the dollar has held since 1986. It is credible and well-reserved. But a peg is not a guarantee, and any hypothetical depeg would move dollar-denominated property values. Pegs historically do not break in environments of high oil prices and strong FX reserves, which is the current state.

Zone boundary risk. Some zones announced informally may be narrowed or expanded in the final executive regulations. Buy from REGA-licensed developers on REGA-registered projects to minimise this risk.

Rental market depth. Outside the core expat neighbourhoods, the rental market is still developing. Yields of 4.5%-6.5% gross are common in Riyadh premium districts. Lower than Dubai (5-8% gross), comparable to Abu Dhabi.

Geopolitics. Saudi Arabia sits in a region that has seen elevated geopolitical stress, including the 2025-2026 Iran conflict cycle. The Kingdom has navigated this with relative success, but foreign buyers need to price this risk into any long-term hold.

Saudi Arabia vs UAE: The Direct Comparison

For most international buyers deciding between the two markets, the trade-offs come down to maturity versus growth, yield versus appreciation, and access versus exclusivity.

The practical verdict most regional family offices are reaching: Dubai remains the core holding for liquidity and mature yield. Saudi Arabia is the growth allocation — higher beta, earlier cycle, bigger population base, and the one with upside if Vision 2030 lands anywhere near its targets.

Buyer Perspectives by Nationality

The after-tax reality of Saudi property ownership depends materially on the buyer’s home jurisdiction.

US buyers. The US taxes citizens and residents on worldwide income. Rental income from Saudi property is reportable on Form 1040 Schedule E. The property itself may trigger FBAR and FATCA reporting if held through a Saudi bank account or corporate entity. On sale, US capital gains tax applies (20% federal plus state) even though Saudi Arabia charges none. Foreign tax credits partially mitigate the stacking. Most US buyers structure through LLCs and plan around the check-the-box rules. The upside: the SAR-USD peg means zero FX translation noise.

UK buyers. Following the 2025 non-dom abolition, UK tax residents are taxed on worldwide income from their first year of residence on the arising basis. Saudi rental profits are reportable to HMRC. Annual Tax on Enveloped Dwellings (ATED) does not apply to Saudi-situs property, but UK inheritance tax can bite depending on domicile. Post-2025 buyers need to think about the long game: is the 4-year FIG regime (Foreign Income and Gains) applicable? Is the property structured for UK estate planning?

Singapore and Hong Kong buyers. Territorial tax systems. Rental income not remitted to Singapore is generally not taxed. Hong Kong similar. These are among the most tax-efficient jurisdictions for Saudi property ownership. Many of the regional family offices domiciled in these hubs are deploying into Riyadh and Jeddah specifically because the after-tax profile is clean.

Indian buyers. The Liberalised Remittance Scheme (LRS) caps individual outward remittances at $250,000 per financial year. A $1 million Riyadh apartment therefore takes 4-5 years to fund from a single individual, unless structured through NRI or investor routes. Rental income is taxed in India on the global-income principle for residents, with credit for Saudi taxes (none, in most cases). Indian buyers often use NRI structures or pool through family entities to work within LRS limits.

GCC nationals. Kuwaitis, Qataris, Emiratis, Bahrainis, and Omanis already had broadly similar rights to Saudis for residential property. The 2026 law does not change much for them directly but does expand the formalised freehold menu. For GCC investors the question is relative allocation — Riyadh versus Dubai versus Doha versus home market — rather than access.

Who Should Actually Buy in 2026

This market suits a specific profile. It is not for the quick flipper. It is not for the small-cheque buyer looking for a weekend flat. It is for three types of investor:

Type 1 — The 5-10 year Vision 2030 thesis holder. An investor who believes Saudi Arabia will deliver meaningful execution on Vision 2030 through the late 2020s and wants direct real estate exposure to the capital city that will absorb that narrative first. The entry price is high, the holding is illiquid in the first cycle, and the payoff depends on Vision 2030 landing.

Type 2 — The Saudi-resident expatriate upgrading from rental. An executive, consultant, or professional living in Riyadh or Jeddah who has been paying rent for years and now has the option to convert that rent into ownership. The path here is obvious: build the down payment, take the SNB or Al Rajhi mortgage, and own what you live in. The 5-10% annual price appreciation the market is currently delivering beats almost any rent-versus-buy comparison at current price levels.

Type 3 — The institutional pre-positioner. Sovereign wealth funds, family offices, and real estate investment trusts positioning ahead of the Vision 2030 mid-cycle. These buyers are less sensitive to individual unit economics and more focused on portfolio positioning, zone optionality, and long-cycle exposure. Aldar, Emaar, Dar Al Arkan, and international REITs are all scaling Saudi positions in 2026.

The wrong profile for this market is the short-cycle flipper, the yield-maximising buyer (Dubai’s mid-tier JVC, Dubai South, Arjan markets deliver materially higher gross yields), and the liquidity-dependent buyer. If you need to exit inside 2 years, stay in a mature market. If you can hold 5-10 years and take execution risk on Vision 2030, the 2026 window is meaningful.

Named Entities and Regulator Cheat-Sheet

Every foreign buyer should know these acronyms cold:

• REGA — Real Estate General Authority. The sector regulator and lead implementer of the 2026 law.
• MOJ — Ministry of Justice. Title registration, Sakk (deed) issuance.
• MOF — Ministry of Finance. Tax policy.
• ZATCA — Zakat, Tax and Customs Authority. Tax collection including RETT and VAT.
• SAMA — Saudi Central Bank. Mortgage regulation, rate setting.
• MISA — Ministry of Investment. Corporate ownership licensing.
• MOI — Ministry of Interior. Security clearance for non-GCC foreign buyers.
• PIF — Public Investment Fund. Sovereign wealth fund behind ROSHN, NEOM, Red Sea Global, Diriyah, Qiddiya, and New Murabba.
• NHC — National Housing Company. Builds for Saudi citizens under Sakani.
• ROSHN — PIF’s mass-market residential arm.
• SEC — Saudi Electricity Company. Utilities.
• NWC — National Water Company. Water utility.

Worked Example: A Typical Buyer Profile

Pull the numbers together. A Singapore-based buyer targets a premium apartment in King Abdullah Financial District (KAFD) at SAR 4.2 million. At 60% LTV for a non-resident, down payment is 40% or SAR 1.68 million in cash. A Murabaha facility from Al Rajhi or SNB covers the remaining SAR 2.52 million over 15 years at 6.0%, implying a monthly payment of roughly SAR 21,300.

Transaction costs: 5% RETT equals SAR 210,000. REGA-licensed agent fee 2.5% is SAR 105,000. Saudi legal fees SAR 25,000-40,000. Inspection and insurance SAR 10,000-15,000. Financing origination 0.5-1% of loan equals SAR 12,600-25,200. Total at closing is SAR 2.04-2.07 million on the SAR 4.2 million apartment, or about 49% of purchase price. Expected gross rental yield in KAFD for premium apartments runs 5.5-6.5% (SAR 230,000-275,000 per year), netting 4.2-5.0% after service charges, maintenance, and management. Expected capital appreciation 7-10% annually in the early Vision 2030 window if execution lands near target. The Premium Residency path is open at this entry price, adding a non-cash benefit for a family buyer.

The alternative scenario: the same buyer deploys SAR 4.2 million into a listed Saudi REIT on Tadawul instead of direct property. They gain daily liquidity, 6-8% dividend yields, but lose leverage, neighbourhood-specific appreciation, and the direct route into Premium Residency. Most advisers recommend a blended allocation — 25-40% via REIT for liquidity and cheaper rebalancing, the rest in direct property for the leveraged appreciation exposure. The direct property and Tadawul routes are complements, not substitutes.

Execution Timeline: Next 12 Months

What to expect from now through mid-2027 based on REGA guidance and SAMA commentary:

• Q2 2026. Executive regulations on zone boundaries and ownership caps published.
• Q3 2026. First wave of substantial foreign transactions formally registered at ZATCA and MOJ. First price data releases that separate domestic from foreign deals.
• Q4 2026. Banks roll out non-resident-specific mortgage products with improved documentation. Average approval time expected to compress from 6-8 weeks to 3-5.
• Q1 2027. First real rental data from foreign-owned leases. True gross yields emerge to replace current estimates.
• Q2 2027. First resale wave from early 2026 foreign buyers. This is the real liquidity test for the foreign secondary market.

The buyer who moves in the first half of 2026 gets best inventory choice and lowest competition but carries the highest regulatory uncertainty. The buyer who waits until late 2026 or 2027 gets clearer rules and more mature financing products but will likely pay higher prices if the expected dynamic plays out.

The Bottom Line

January 2026 is the most meaningful real estate liberalisation in Saudi Arabia’s modern history. The Foreign Property Ownership Law ends a patchwork of restrictions and opens direct ownership in designated zones across Riyadh, Jeddah, Dammam, Khobar, NEOM, Red Sea Global, and AlUla. Mecca and Medina remain closed to non-Muslim foreign ownership.

The economics: minimum thresholds from SAR 1.5 million in Dammam to SAR 4 million+ in premium Riyadh, 5% RETT at transfer, no recurring property tax on developed units, White Land Tax only on qualifying undeveloped plots. Mortgage availability is real, with 60-70% LTV at 5.5-7% rates from Al Rajhi, SNB, Riyad Bank, and SAB. The Premium Residency link at SAR 4 million makes that tier the most common target for international family buyers.

Against Dubai, Saudi Arabia trades higher beta, earlier cycle, and bigger population base for less liquidity and less mature secondary market depth. For the 5-10 year Vision 2030 holder, for the Saudi-resident expatriate upgrading from rental, and for the institutional pre-positioner, the 2026 window is real. For the short-cycle flipper and the yield-only buyer, stay where you are.

Foreign capital, long locked out, now has a formal route in. The first-mover window is open for the twelve to twenty-four months it takes the secondary market to mature. That is the pragmatic read.

Last updated: April 2026. This article is general market analysis, not legal, tax, or investment advice. Foreign buyers should engage Saudi counsel and their home-country tax advisor before committing capital.