How to buy property in Dubai if you are not a resident

How to buy property in Dubai if you are not a resident

Dubai’s investor-friendly environment is attractive to non-resident investors

By Noa Wardman/Realty Bytes Published: Thu 13 Apr 2023, 4:41 PM

Question: I am a businessman with interests in the US and UAE. I want to move funds to purchase a property worth Dh1.5 million in Dubai. I am not a resident of the UAE but visit often on business, and don’t intend to move here full-time.

Answer: Dubai’s investor-friendly environment is attractive to non-resident investors, and the city is always open to welcoming more. If you are a non-resident investor, you can buy and sell properties in Dubai.

However, 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 is straightforward, but you will have to meet the bank’s criteria for the latest laws on proof of funds and AML regulations.

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 the plan with a reputable developer who has a project escrow account facilitated by the Land Department. Both options are safe and secure, providing you