Buying Property in Dubai as a Non-Resident Investor
Dubai’s investor-friendly environment is attractive to non-resident investors who are looking to invest in property in the city. Dubai has always welcomed investors from all over the world, regardless of whether they are residents or not. If you are a non-resident investor, you can buy and sell properties in Dubai. However, it is important to note that if you plan to buy a property without residency, you will need to open a savings account with a local bank to transfer the funds required for the purchase.
The process of opening a savings account with a local bank is straightforward. However, you will have to meet the bank’s criteria for the latest laws on proof of funds and anti-money laundering (AML) regulations. This is to ensure that the money being transferred is legitimate and that there is no risk of money laundering or fraud.
Opening a local bank account can facilitate the purchase of your desired property, as all related fees can be paid from that account. Another option is to buy off-plan with a reputable developer who has a project escrow account facilitated by the Land Department. Both options are safe and secure, providing you with peace of mind while investing in Dubai’s vibrant property market.
On the other hand, if you are a resident of the UAE, the process of buying property is even simpler. As a resident, you can use your existing bank account to make the purchase, as long as you have the necessary funds. You will also have to provide your Emirates ID, proof of residency, and a No Objection Certificate (NOC) from your employer.
When it comes to selling property in Dubai, there are no restrictions on flipping a property after making a few changes. In fact, upgrading properties can be a smart investment decision, as upgraded properties tend to command a premium. However, it is important to ensure that you have paid the required transfer fees to the Dubai Land Department and possess all the necessary documentation before selling your property.
