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proof source of funds for investing in UAE real estate

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sergeyss

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Aug 16, 2022
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#1
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Hello everyone, I'm going to buy a property in the UAE for cash (I exchange USDT for cash AED at a local exchanger) The transaction amount is 2,700,000 AED, will the realtors/DLD have any questions for me? Is proof source of funds required?
In short, can I just come with a bag of cash and buy an apartment in the UAE without any questions?
I have read a lot about this and nowhere has it been said that proof source of funds is needed
 
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#2
Lot of changes in UAE taking place....lol. Wild west days coming to an end out there thanks to OECD and FATF.

https://www.fxstreet.com/cryptocurr...pto-real-estate-money-laundering-202208081159
----- quote start

Now the government is looking to clamp down, to ensure that any real estate transactions must be reported to money-laundering watchdogs if they use virtual assets, or funds derived from virtual assets, for even a fraction of the home's value.

The new rules will leave "little or no room for manipulation or illegal practices that could negatively impact the work environment and the economy and investment" in the real estate and legal sectors, UAE Minister for Economics Abdulla bin Touq Al Marri said in a statement.

They would also require brokers, agents and law firms to file reports to the Financial Intelligence Unit, which is responsible for tracking dirty money, and would also apply when the buyer attempts to pay in cash worth over AED 55,000 (around $15,000). The government did not specify any threshold for virtual assets, implying even the smallest bitcoin transactions will be caught.

Global anti-money laundering standard-setter the Financial Action Task Force is attempting to clamp down on using to launder the proceeds of crime or fund terrorism, including via the "travel rule," a controversial way of identifying and tracking payers.

---- quote end
 
#3
sergeyss said:
Hello everyone, I'm going to buy a property in the UAE for cash (I exchange USDT for cash AED at a local exchanger) The transaction amount is 2,700,000 AED, will the realtors/DLD have any questions for me? Is proof source of funds required?
In short, can I just come with a bag of cash and buy an apartment in the UAE without any questions?
I have read a lot about this and nowhere has it been said that proof source of funds is needed
Click to expand...
Following, Do share your experience here....
 
#4
I was in Dubai earlier this year, and a friend of mine who is a real estate agent told me he can "manage" things without any issues. Not sure if a lot has changed in the last couple of months, but my impression of Dubai is that there are always options if you know the right people. Are you physically in Dubai? You might not find complete solutions in discussion forums, you might want to spend some time on the ground.
 
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#5
Cash could be a big issue as they are introducing deposit limits for both personal and business accounts.
So, you should discuss this with your real estate agent/seller if they are fine with (cold hard) cash.

I'm pretty sure nobody will ask you where did you get the money from - but may refuse to take cash as then they will have the issue depositing it.

Also, if you're buying off plan property (under construction) most of these come with a payment plan like the sample one below:
10% + 4% DLD
10% - in 3 months
10% - in 3 months
20% - in 3 months
50% - once is complete

So if you have such payment plan you have enough time to deposit the cash to your bank account and make the payment.
Or even the seller might easily accept cash in that case.

I could help you setup a bank account in UAE even if you don't have Emirates ID in a good bank, but if you mention "crypto" - they will decline the application.
Minimum deposit they require is about $150k for account opening. And the procedure can take some time (about a month).
 
#6
JimBeam said:
Cash could be a big issue as they are introducing deposit limits for both personal and business accounts.
So, you should discuss this with your real estate agent/seller if they are fine with (cold hard) cash.

I'm pretty sure nobody will ask you where did you get the money from - but may refuse to take cash as then they will have the issue depositing it.

Also, if you're buying off plan property (under construction) most of these come with a payment plan like the sample one below:
10% + 4% DLD
10% - in 3 months
10% - in 3 months
20% - in 3 months
50% - once is complete

So if you have such payment plan you have enough time to deposit the cash to your bank account and make the payment.
Or even the seller might easily accept cash in that case.

I could help you setup a bank account in UAE even if you don't have Emirates ID in a good bank, but if you mention "crypto" - they will decline the application.
Minimum deposit they require is about $150k for account opening. And the procedure can take some time (about a month).
Click to expand...

And the deposit could be in cash?
Like is it possible to come with cash to Dubai and deposit it on a bank account?

Is there a "known" procedure for getting USDT/Cash to a bank account in Dubai?
 
#7
Zaiga said:
And the deposit could be in cash?
Like is it possible to come with cash to Dubai and deposit it on a bank account?

Is there a "known" procedure for getting USDT/Cash to a bank account in Dubai?
Click to expand...
Real estate agents, brokers, and law firms are obliged to file reports to the financial intelligence unit in UAE, you have to be careful about how you want to do it.
there are ways and you are looking at 1-3% charge to declare the funds.
stay away as much as you can from Deira offices.
 
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#9
icecold said:
that's a never ending story. When something is good they mess it all up!

why ?
Click to expand...
Deira is the place with lots of fake good dealers, yes sometimes cheap electronics with no guarantees, etc.. good for wholesale, export, and much more. 

You don’t want to work with third parties and middlemen where so many things can go wrong especially changing USDT in Deira! BIG NO
 
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#10
UAE is eager to show the OECD and FATF it is cracking down on money laundering and compliance issues so you have banks been fined, businesses being audited and people prosecuted. Don't end up the poster child for crypto money laundering in Dubai. Their judicial system will bury you.

https://www.arabianbusiness.com/latest-news/anti-money-laundering
 
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#11
Martin Everson said:
UAE is eager to show the OECD and FATF it is cracking down on money laundering and compliance issues so you have banks been fined, businesses being audited and people prosecuted. Don't end up the poster child for crypto money laundering in Dubai. Their judicial system will bury you.

https://www.arabianbusiness.com/latest-news/anti-money-laundering
Click to expand...
Indeed they are looking for some armature to do some silly mistake .......Make him Poster boy for their "Zero tolerance policy"
 
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