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DAMAC To Start Accepting Cryptocurrency

#2
Reading through the middle of the article it sounded promising (.."still accepts it for trade ... including real estate"), but then at the end comes the chilling part: " As soon as you make a currency (error: what they meant is payment) in Bitcoin, the system transfers into fiat, which is the currency that is issued by the government and regulated by the central bank".

So, the mistery is still there: when exactly the conversion (a taxable event) takes place? Before or after the transfer of ownership of property? If before , then it is you who performed a taxable event. You haven't purchased a property for bitcoin.
 
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#5
JosephLL said:
Reading through the middle of the article it sounded promising (.."still accepts it for trade ... including real estate"), but then at the end comes the chilling part: " As soon as you make a currency (error: what they meant is payment) in Bitcoin, the system transfers into fiat, which is the currency that is issued by the government and regulated by the central bank".

So, the mistery is still there: when exactly the conversion (a taxable event) takes place? Before or after the transfer of ownership of property? If before , then it is you who performed a taxable event. You haven't purchased a property for bitcoin.
Click to expand...

100% agree here.
Funny to hear when someone advertise reception payment in crypto, but in fact is it still goes with fiat and 'hide' tax obligation because of liquidation crypto on the buyer side before transfer of ownership.
 
#6
azb1 said:
www.damacproperties.com

The Investor’s Guide to Invest in Dubai (UAE) in 2024

Despite the COVID-19 pandemic, the real estate in Dubai is ripe for investment. DAMAC Properties offers some of the best places to invest in Dubai for both local and foreign entrepreneurs and investors.
www.damacproperties.com www.damacproperties.com

DAMAC To Start Accepting Cryptocurrency
Click to expand...
the quality of DAMAC's buildings is trash. DP (Dubai properties) and meraas are way better and you get what you paid for specially with DP.

what DAMAC is doing is jut a PR stunt, they are not offering anything special, if you have crypto, go to coinsfera and sell your crypto there and get cash, then take that cash and buy the property that you want from a good developer not a shitty one. Done. it's that easy.
 
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#7
MiddleEuroAsia said:
the quality of DAMAC's buildings is trash. DP (Dubai properties) and meraas are way better and you get what you paid for specially with DP.

what DAMAC is doing is jut a PR stunt, they are not offering anything special, if you have crypto, go to coinsfera and sell your crypto there and get cash, then take that cash and buy the property that you want from a good developer not a shitty one. Done. it's that easy.
Click to expand...
Are Dubai Properties financing terms available to non-residents or would those only be available to residents of the UAE, if you happen to know?ns2
 
#8
MiddleEuroAsia said:
the quality of DAMAC's buildings is trash. DP (Dubai properties) and meraas are way better and you get what you paid for specially with DP.

what DAMAC is doing is jut a PR stunt, they are not offering anything special, if you have crypto, go to coinsfera and sell your crypto there and get cash, then take that cash and buy the property that you want from a good developer not a shitty one. Done. it's that easy.
Click to expand...
coinsfera realistic cash limit ?
Do you have experience with that ??
Like If you want to buy villa in Palm Jumeirah , Villa cost in millions , Do they provide that much of cash?
and The seller of Palm Jumeirah Villa accept that much of amount in cash ???
 
#9
John Spectre said:
100% agree here.
Funny to hear when someone advertise reception payment in crypto, but in fact is it still goes with fiat and 'hide' tax obligation because of liquidation crypto on the buyer side before transfer of ownership.
Click to expand...
There is no tax obligation "hidden" in Dubai.

You get cash for crypto, no tax in Dubai as it is capital gains. Then you buy the property for cash and pay all gov fees related. Done.
There are other places which are like that too, not just Emirates.
Panama for example ;) which has 0 capital gains as well.

If the buyer does want Bitcoin, no fiat will be involved. I got an offer to buy a pretty nice house in Argentina where the seller explicitly wanted Bitcoin last year.
 
#10
Nobody questioned the fact about no taxes in Dubai. The problem at hand is: how will the home country of someone who is a non-(tax)-resident of Dubai buying real estate in it "for btc" treat the fact that btc gets exchanged to fiat (therefore creating a tax event from the reference frame of the home country) *prior to* transfer of ownership of that real estate.
 
#12
JosephLL said:
Nobody questioned the fact about no taxes in Dubai. The problem at hand is: how will the home country of someone who is a non-(tax)-resident of Dubai buying real estate in it "for btc" treat the fact that btc gets exchanged to fiat (therefore creating a tax event from the reference frame of the home country) *prior to* transfer of ownership of that real estate.
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very simple. Your home country rules will apply on top of Dubai.
Do you realize cap gains? You will pay cap gain tax according to your countries rules from exchanging lets say 10btc into around 300k$.
If you bought bitcoin this april and are now down 50%, no cap gains apply.

Investing overseas does not somehow do any magic or allow you another treatment in your country. (with exceptions, depends on your residence / citizenship)
 
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#13
Vor said:
Are Dubai Properties financing terms available to non-residents or would those only be available to residents of the UAE, if you happen to know?ns2
Click to expand...
DP is ok with both options (resident or not), but bear in mind that it's the bank that you need to take care of.

And for non resident mortgages, you generally need to have an employee/self employed salary for about 7000 USD and by law you need to put between between 25 to 30% as a down payment. in the real world, you need to put up to 50% of the property value. Some people manage to put up way less than that, but these people have a proven track record in the UAE and they generally pay their loans on time.
 
#14
azb1 said:
coinsfera realistic cash limit ?
Do you have experience with that ??
Like If you want to buy villa in Palm Jumeirah , Villa cost in millions , Do they provide that much of cash?
and The seller of Palm Jumeirah Villa accept that much of amount in cash ???
Click to expand...
No limits, the sky is the limit.

Yes. and they are pretty good.

Yes, even if you want to buy a property from burj khalifa, they will help you with that.

Yes, believe it or not, most property deals in the UAE are done with cash, in the UAE cash is king, same with rest of the middle east and Africa.
 
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#15
EMAAR accepting directly BTC and USDT at no extra cost.

photo_2021-07-26_14-58-44.jpg
 
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#17
MiddleEuroAsia said:
No limits, the sky is the limit.

Yes. and they are pretty good.

Yes, even if you want to buy a property from burj khalifa, they will help you with that.

Yes, believe it or not, most property deals in the UAE are done with cash, in the UAE cash is king, same with rest of the middle east and Africa.
Click to expand...
Thank you for the heads up on Coinsfera.

May I ask what their fees are? Seems like brokers here are charging around 5% to exchange BTC or USDT to cash for a property purchase.
 
#20
reza said:
Thank you for the heads up on Coinsfera.

May I ask what their fees are? Seems like brokers here are charging around 5% to exchange BTC or USDT to cash for a property purchase.
Click to expand...
Coinsfera is 3% and if you are a good frequent client 2% are possible as well. Downside is cash only - so the moiney is pretty much limited to the local UAE market.

We provide our clients with 1 - 1.5% solutions without limitation as a freebie for opting for our service.
 
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