Payments for real estate transactions in the UAE through virtual assets, sale of virtual assets, or cash amounts above AED55,000 will now be subjected to additional reporting to authorities as per a new directive issued by the UAE.
It makes UAE one of the first countries to implement such a mechanism for real estate transactions involving virtual assets, and shows the country’s evolving approach to the global fight against money laundering and terrorist financing.
The decision was made following multiple meetings and discussions involving the MoE, MoJ, FIU, and other authorities like the Executive Office for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT).
Everything you need to know about the new real estate rule in UAE
All real estate agents, brokers, and law firms are now obliged to file reports to the UAE Financial Intelligence Unit (FIU) for purchase and sale transactions of freehold real estate properties including any of the three methods of payment.
The payments methods include:
- Single or multiple cash payments equal to or above AED55,000
- Payments with virtual assets
- Payments where the fund(s) used in the transaction have been derived from a virtual asset
The introduction of new reporting requirements was announced by the Ministry of Economy (MoE) and the Ministry of Justice (MoJ) in partnership with FIU.The decision was made following multiple meetings and discussions involving the MoE, MoJ, FIU, and other authorities like the Executive Office for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT).
Credit & Source: https://www.arabianbusiness.com/gcc/uae/real-estate-rules-explained
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