Sending money for a Dubai property purchase

Home-country rules come first

Every country has its own rules on sending money abroad, reporting overseas assets and taxing foreign income. They are not ours to interpret. Before you transfer anything, ask a qualified adviser in your country what applies to you, which channel to use and what records to keep. Their answer may also affect timing, so ask early.

Where the money goes

Off-plan purchases

Developer payments in Dubai go into regulated project escrow accounts. Your sale agreement should name the escrow bank and account. Pay only to that account, and check it matches the project's registration on the Dubai REST app. Never pay instalments to a personal account or to a broker. See RERA escrow accounts explained.

Resale purchases

On a resale, the price is normally paid at the trustee office by manager's cheques drawn on a UAE bank, plus cheques for the DLD transfer fee of 4% of the price and other fees. That means your funds generally need to be in a UAE bank account before transfer day. If the seller has a mortgage, part of the price may go directly to their bank. The buyer's deposit under Form F is usually a cheque held by the agent.

Mortgage purchases

If you borrow from a UAE bank, it pays its share directly. You fund the deposit and costs. See mortgage in Dubai for expats.

Opening a UAE bank account

Some UAE banks open accounts for non-residents, subject to their own criteria and documentation. It can take time, so start early. A UAE account also makes it easier to pay service charges, DEWA and other running costs later. If opening one is difficult, ask your agent and the trustee office what alternatives are accepted for your transaction, and get the answer in writing.

Source-of-funds documents

Banks, developers and trustee offices in Dubai carry out anti-money-laundering checks. Expect to show where your money came from. Useful documents include:

• Bank statements showing the funds accumulating.
• Evidence of the source: salary slips, sale of another property, business accounts, inheritance documents.
• Confirmations for each international transfer.
• Your passport and proof of address.

Keep originals and certified copies, and keep the file after completion; you will want it when you sell or move proceeds home.

Timing and exchange rates

International transfers and compliance reviews can take days, sometimes longer if a bank asks questions. Build that into your Form F transfer deadline, and do not wait until the last week. Currency movements between agreeing a price and paying can change your real cost; ask your bank or authorised provider what options they offer, and consider moving funds in stages if that suits your adviser's guidance.

Protecting yourself from payment fraud

Property payments attract fraud, especially email interception where criminals send convincing messages with changed bank details.

• Confirm any bank details by phone using a number you already trust, not one in the email.
• Be suspicious of any late change to payment instructions.
• Send a small test amount first for large transfers, and confirm receipt.
• Never pay a deposit to an individual's personal account.
• Check your agent is RERA-licensed; see how to check a RERA-licensed agent.

For the wider buying journey, see the country guides for buyers from Pakistan, India and the UK.