Do I need a local bank account to invest in Dubai?
No! It is not necessary to have a bank account in the United Arab Emirates to invest in Dubai. If you want to invest in Dubai, it is possible without a local bank account. Dubai Immo, the leading real estate agency in Dubai, reminds you of the necessary conditions to make a profitable real estate investment in Dubai.
The bank account in Dubai, useful but not mandatory
The authorities do not require in any case the possession of a bank account in Dubai for the realization of a real estate purchase. You will be able to make payments from your bank account. The account used to pay the installments of your apartment or villa in Dubai can be located anywhere in the world. The only mandatory document to invest in Dubai is a valid passport. Nothing more. And concerning the bank account, it could be useful to open one locally before renting your apartment. This only applies if you are making a rental investment. However, even in this case, it is quite possible to collect your rents on an account located outside Dubai.
How to open a bank account in Dubai?
If you have made a real estate investment in Dubai through us, our team will be happy to assist you inopening a bank account. We have privileged relationships with banks like Emirates NBD. These trustworthy relationships allow us to obtain a fast account opening, provided that all the required documents are provided.
The list of documents generally required by the bank to open a bank account in Dubai is as follows:
- Proof of address
- 6 months of bank statements
- 3 months of pay slips
- Purchase contract for the apartment or villa
- Oqood, proof of purchase and registration of the property in your name
- Copy of passport
These documents must be translated into English. We can advise you on where to go for this in Dubai.
Depending on your profile, the bank may ask you to provide additional information or documents. It may also happen that the bank asks you to make a deposit on the account, in order not to leave the balance at 0. You will receive a bank card and a checkbook after the account opening.
