Real estate Dubai - Crypto

[Joukilop]

Hello everyone,

I am looking for "stories" of people who have invested in Dubai real estate with crypto?

What was your process? What interests me is mainly the administrative part. Are they very careful? What questions did you receive?

Thank you in advance,

GOOD DAY CRYPTO BROOOOOOS.

 

[asaud]

As far as i know you can buy with crypto, or cashout crypto then buy it. No questions asked except which crypto network you'll prefer to send the money. But when you sell it and wire it outside of country they will ask SoF

 

[aniglo22]

Some OTC desks offer manager cheques , which can be used to purchase real estate . e.g https://2rbina.net/

 

[Joukilop]

As far as i know you can buy with crypto, or cashout crypto then buy it. No questions asked except which crypto network you'll prefer to send the money. But when you sell it and wire it outside of country they will ask SoF

Thanks for your answer.

From your experience, if we sell the apartment in AED. Will they ask for a SoF?

When you say the SoF, you mean: "how did I get the money to buy the apartment" correct?

One last question if you're ok, do you think it is possible to receive the rents on a bank account outside Emirate?

 

[Joukilop]

Some OTC desks offer manager cheques , which can be used to purchase real estate . e.g https://2rbina.net/

Thanks for your message

 

[asaud]

Thanks for your answer.

From your experience, if we sell the apartment in AED. Will they ask for a SoF?

When you say the SoF, you mean: "how did I get the money to buy the apartment" correct?

One last question if you're ok, do you think it is possible to receive the rents on a bank account outside Emirate?

The key issue is, if you want to deposit it to Dubai bank after you sold property, then youre ok. But afterwards, if you want to transfer it outside of UAE, you will need to show proper documents regarding how did you got that money to buy that apartment at the first place.

And yes ofcourse you can receive rents to your bank account outside of UAE

 

[Revoltec]

Nice way to force you to not take the money out of the country haha. I guess the capital is then locked there forever if you cannot prove how you got your capital?

 

[toums]

The key issue is, if you want to deposit it to Dubai bank after you sold property, then youre ok. But afterwards, if you want to transfer it outside of UAE, you will need to show proper documents regarding how did you got that money to buy that apartment at the first place.

And yes ofcourse you can receive rents to your bank account outside of UAE

then better to be paid for the selling of the property directly outside UAE..

 

[Revoltec]

then better to be paid for the selling of the property directly outside UAE..

Is that possible?

 

[toums]

Is that possible?

why it would be not possible ? As I know between 2 private persons, nothing force you to use a local bank account to paid or to be paid.
Till the buyer/seller are agree and you have no problem/ can justify to your foreign bank you will received the money (if they ask SoF or anything).
Correct me if i am wrong, but i see no law in UAE who force you to be paid in a UAE bank account..

 

[EliasIT]

As far as i know you can buy with crypto, or cashout crypto then buy it. No questions asked except which crypto network you'll prefer to send the money. But when you sell it and wire it outside of country they will ask SoF

But then that shouldn't be a problem either, if you have sold your house in Dubai, then you automatically have proof of Source of Funds (SoF)

 

[JackAlabama]

But then that shouldn't be a problem either, if you have sold your house in Dubai, then you automatically have proof of Source of Funds (SoF)

he meant they gonna ask where you have gotten that money you bought the apt with in the first place.
Back to square one kinda thing.

 

[asaud]

But then that shouldn't be a problem either, if you have sold your house in Dubai, then you automatically have proof of Source of Funds (SoF)

Try that and update us about your adventure. its ok to buy apartment with crypto, cash. When it comes to selling, you can use UAE banks, yes. But when you try to wire transfer the money you earned from property sale to out of country; they will ask you SoF about how did you obtain that money to buy the apartment.

 

[EliasIT]

Ahhh yes okay, I understand, that can be a problem for some people around here. However, if you think out of the box you can solve this problem with ease depending on who is asking for the SoF.

 

[mon0sk]

Just keep the property at least 2-3 years, when selling open up account at international bank with UAE presence or use private banks.

 

[Revoltec]

Just keep the property at least 2-3 years, when selling open up account at international bank with UAE presence or use private banks.

They gonna ask where you got the money to buy property in the first place. 3 years is too short time

 

[toums]

They gonna ask where you got the money to buy property in the first place. 3 years is too short time

depend where. I never saw any Visegrad banks (central european countries) asking for anything when money come in (and going out)

 

[wellington]

The key issue is, if you want to deposit it to Dubai bank after you sold property, then youre ok. But afterwards, if you want to transfer it outside of UAE, you will need to show proper documents regarding how did you got that money to buy that apartment at the first place.

And yes ofcourse you can receive rents to your bank account outside of UAE

Thats more with aligning with FAFT etc (outside of Dubai) to get them off the grey list.

Basically don't give a hoot when its internal but when moving external they comply with international norms.

Not sure of the price of a property in UAE these days, but I imagine Cash withdrawal x times in CHF/EUR/$ will get funds out of the country OR transfer from UAE to Saudi/Oman and from there SWIFT to X country would get around these issues.

 

[wellington]

Just keep the property at least 2-3 years, when selling open up account at international bank with UAE presence or use private banks.

Or just arrange sale via legal, and they wire the funds internationally (from them)

 

[offshorinator]

Is it really that easy to buy property in Dubai with cash or crypto, so that nobody is asking questions? What about notary or authorities involved in the buying process? No KYC or AML when buying property in Dubai with cash or crypto?