Buying real estate with Crypto

[Cari]

Hi!
Is it really possible to buy a real estate in Dubai with crypto? Do they require a SoF how this crypto was gained?
If not possible in Dubai anymore, can you suggest other crypto-friendly country where it is possible to transfer crypto intro fiat?

 

[DGTLOTC]

Why would a developer selling off plan ask for sow ?

 

[Konstanz]

I think Dubai don't care who buy property. That is why they are on AML‌ blacklists
Dubai even help to avoid sactions for russian oligarchs. I don't think there will‍ be problems accepting your money for real estate

 

[Cari]

As far as I get it is not prohibited by law to purchase with the‌ crypto. But in practice, do developers etc accept such payments? Are there any practical issues‍ with it?

 

[DGTLOTC]

Nope

 

[Cari]

So any accept crypto or maybe you could recommend‌ some developers that do accept it without issues?

 

[Yrybak08]

I can refer you to someone who’s a sales exec with a large developer. They‌ accept USDT

 

[sinos]

DAMAC, EMAAR, and many others accept crypto. The problem is not purchase, but when you‌ sell the property and try to deposit funds into your bank account, then you will‍ be asked for SoF for the property purchase in the first place, by the bank.⁠ This is happening with ENBD , FAB and others. Moreover, every property purchase through cash⁤ is being reported to FTA. What they plan to do with that report, no one⁣ knows

 

[Yrybak08]

where do they want people to pull source of⁢ funds documentation of a sale that occurs 20 years after the purchase. Ridiculous

 

[J55k]

So - A report is triggered when documentation of⁢ the wallet is provided?

 

[random000]

If it means something, I rented apartment and paid in USDT. It was 150k AED,‌ noone ask anything. Even in contract it was mentioned that it will be fully paid‍ in crypto.

 

[J55k]

Will you share the lanlord? Send PM

 

[random000]

Just ask the‌ owners if they want to sell/rent apartment for crypto