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Real estate Dubai - Crypto

J

Joukilop

New member
Mar 24, 2024
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Europe
#1
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.
 
#2
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
 
#4
asaud said:
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
Click to expand...
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?
 
#6
Joukilop said:
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?
Click to expand...
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
 
Last edited:
#8
asaud said:
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
Click to expand...

then better to be paid for the selling of the property directly outside UAE..
 
#10
Revoltec said:
Is that possible?
Click to expand...

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..
 
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#11
asaud said:
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
Click to expand...
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)
 
#13
EliasIT said:
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)
Click to expand...
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.
 
#14
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.
 
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#18
asaud said:
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
Click to expand...
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.
 
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#20
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?
 
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