Is it possible to buy a house in Dubai for cryptocurrency?
All over the world, restrictions on work with banks have now been introduced and are being introduced. But what if there is an urgent need to purchase real estate to move to another country for permanent residence, particularly to the United Arab Emirates, to Dubai? What if to buy house in Emaar South, UAE, seems attractive to you, and you have enough crypto coins? Can I use cryptocurrency to purchase an overseas property? We understand.
What does the digital asset market look like today?
Today, cryptocurrency is not considered something unusual. It is impossible to imagine modern life without it. Previously, this technology was used only by the youngest and most progressive users, but now it is quite accessible to a wide audience, even for pensioners. In some states, it is possible to pay for the transaction when the currency (euro, dollars, dirhams) is indicated in the documents, and the sale is carried out using bitcoins. This is an attractive option for crypto exchange players looking to withdraw assets and turn them into real investments, such as square meters of Arab real estate.
Popular cryptocurrencies today:
Buying real estate for "crypto" in Dubai
The situation is complicated. Recently, several laws were passed in the UAE, according to which cryptocurrency is a virtual asset but not a real currency. Officially, it is impossible to pay with cryptocurrencies on the territory of the Emirates. So when making a deal, sellers receive money in euros, dollars, and dirhams.
And here, licensed digital currency brokers come to the rescue. It is they who convert the crypt into real money, into fiat. And such a transaction can be made both in the primary and the secondary market. You should know that cash is prohibited in Dubai (this is how money laundering is fought in the UAE), so bank checks are used to pay for an apartment or apartment.
How to minimize risks when making a deal
Cryptocurrency payments are becoming more and more popular. So the buyer and the seller get some freedom from banking restrictions imposed from above, caused by politics or someone else'selse's interests. In any case, such a transaction has a certain amount of risk. And only you can decide if you're willing to take the risk. If you still can'tcan't solve the problem in another way, before making a deal, study the partner'spartner's reputation and integrity so as not to encounter fraud.
Visa for the purchase of a real estate in Dubai
According to the previous rules, foreign homebuyers in Dubai could apply for two types of residence permits:
- three years for the purchase of objects worth more than $204,000;
- ten years if the price of the housing stock exceeded $1 million.
Now the law allows for a ten-year visa for the owner of one or more objects with a total value of more than $544,000. This allows you to create an investment portfolio and purchase an apartment in Dubai for personal residence and an object for receiving passive income from renting out. Affordable property prices for sale off-plan in Dubai allow you to find several properties within the required amount. Or choose a more spacious option for the whole family and prefer a villa for sale in Dubai.
Innovations for investors in the economy and other categories of persons
Representatives of small and medium-sized businesses with an annual income of at least $ 272.2 can apply for a ten-year visa. The authorities must officially approve the type of business.
Qualified professionals, talented individuals, and other categories can also receive a ten-year visa. However, for each group, there are certain requirements for the level of qualifications, education, and income, which should be clarified on the official website of the UAE Government.
Relatives of the property owner in Dubai can move to the UAE with him. Previously, it was allowed to issue a residence permit for male children under 18. Now the age limit for sons has been raised to 25 years. Unmarried daughters can move to the UAE with their parents at any age.
Household assistants may also be included in the application for a residence permit. Their number is unlimited.
Choosing property in Dubai
When considering your cryptocurrency situation, choose a housing option by comparing several on AX CAPITAL. The specialists will help you to find the best property.