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UAE tightens real estate investment rules

Finance Dubai 10 Aug 22
UAE tightens real estate investment rules
UAE real estate: Emirates issues new reporting requirements for transactions as part of its efforts to strengthen regulatory framework.
Event Location
Dubai, Dubai
Start Time
10 August 2022, 12:00 AM
End Time
31 August 2022, 12:00 AM

The UAE on Monday announced new reporting requirements for certain real estate transactions to strengthen its regulatory framework for anti-money laundering and countering the financing of terrorism.

The decision was made following multiple meetings and discussions amongst the MoE, MoJ, FIU, and other competent authorities in the UAE, including the Executive Office for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT).

All real estate agents, brokers, and law firms are obliged to file reports to the FIU for purchase and sale transactions of freehold real estate properties in the UAE that include any of the below three methods of payment, whether for a portion or the entirety of the property value:

1. Single or multiple cash payment(s) equal to or above Dh55,000
2. Payments that include the use of a virtual asset
3. Payments where the fund(s) used in the transaction were derived from a virtual asset

The reporting mechanism requires real estate agents, brokers, and law firms to obtain and record the identification documents of the parties to the applicable transaction, among other relevant documents related to the transaction. The rules apply to both individuals and corporate entities that are parties to the above real estate transactions.

Abdulla bin Touq Al Marri, Minister of Economy said, “The new requirements, with regards to the reporting rules of both the real estate and legal sectors, ensure the development of their regulatory frameworks, leaving little or no room for manipulation or illegal practices that could negatively impact the work environment and the economy and investment within these sectors.”

UAE real estate investment rules Dubai real estate 2022Dubai property news 2022

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