Sunday, 10 April 2022
Explained: How you can buy property in #Dubai even if you are not a #UAE resident
Explained: How you can buy property in Dubai even if you are not a UAE resident
A friend back in my home country is keen on investing in an apartment in Dubai. Can he buy property in Dubai, even though he does not have residency in the UAE? Will he need to be physically present to complete the transaction or can he appoint me to oversee the process?
Pursuant to your queries, the provisions of the Law No. 7 of 2006 concerning Real Property Registration in the Emirate of Dubai (the ‘Dubai Property Registration Law’) hold relevance.
A non-UAE national may purchase a freehold or leasehold property in Dubai subject to the provisions of the Dubai Property Registration Law. Article 4 thereof reads as follows:
"The right to own Real Property in the Emirate shall be restricted to UAE nationals, nationals of the Gulf Cooperation Council States, companies fully owned by these nations, and public joint stock companies. Subject to the approval of the Ruler, non-UAE nationals may be granted the following rights in the relevant areas determined by the Ruler:
A friend back in my home country is keen on investing in an apartment in Dubai. Can he buy property in Dubai, even though he does not have residency in the UAE? Will he need to be physically present to complete the transaction or can he appoint me to oversee the process?
Pursuant to your queries, the provisions of the Law No. 7 of 2006 concerning Real Property Registration in the Emirate of Dubai (the ‘Dubai Property Registration Law’) hold relevance.
A non-UAE national may purchase a freehold or leasehold property in Dubai subject to the provisions of the Dubai Property Registration Law. Article 4 thereof reads as follows:
"The right to own Real Property in the Emirate shall be restricted to UAE nationals, nationals of the Gulf Cooperation Council States, companies fully owned by these nations, and public joint stock companies. Subject to the approval of the Ruler, non-UAE nationals may be granted the following rights in the relevant areas determined by the Ruler:
Binance Gets #AbuDhabi Crypto Nod as Billionaire CEO Touts #UAE - Bloomberg
Binance Gets Abu Dhabi Crypto Nod as Billionaire CEO Touts UAE - Bloomberg
Binance Holdings Ltd. received in-principle approval from Abu Dhabi Global Market to operate as a broker-dealer in virtual assets.
The world’s largest cryptocurrency exchange by trading volume still needs to complete the application process, Richard Teng, the company’s head for the Middle East and North Africa and a former ADGM executive, told Bloomberg.
If the full licensing for Abu Dhabi -- the United Arab Emirates’ capital -- is successful, the exchange said it could then offer its virtual asset services to customers across the MENA region through a subsidiary, Binance (AD) Ltd. It marks a push by the company to expand its presence in the Persian Gulf, following approvals in Bahrain and Dubai, the commercial capital of the UAE.
“Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem,” Teng said.
The UAE, in particular, has emerged as a preferred jurisdiction for crypto exchanges. FTX, one of Binance’s top competitors, received a virtual asset service provider (VASP) license in Dubai last month. BitOasis, the first VASP to be recognized in the country, also secured provisional approval from the regulatory body. Bybit and Crypto.com are expanding their presence as well.
Changpeng ‘CZ’ Zhao, Binance’s co-founder and chief executive officer, told Bloomberg late last month that Dubai will be his base for the “foreseeable future” and that by “any common interpretation” it’s the company’s headquarters. Quite a few of the firm’s employees will follow his lead in relocating to the skyscraper-studded city in the months ahead, he said.
Binance Holdings Ltd. received in-principle approval from Abu Dhabi Global Market to operate as a broker-dealer in virtual assets.
The world’s largest cryptocurrency exchange by trading volume still needs to complete the application process, Richard Teng, the company’s head for the Middle East and North Africa and a former ADGM executive, told Bloomberg.
If the full licensing for Abu Dhabi -- the United Arab Emirates’ capital -- is successful, the exchange said it could then offer its virtual asset services to customers across the MENA region through a subsidiary, Binance (AD) Ltd. It marks a push by the company to expand its presence in the Persian Gulf, following approvals in Bahrain and Dubai, the commercial capital of the UAE.
“Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem,” Teng said.
The UAE, in particular, has emerged as a preferred jurisdiction for crypto exchanges. FTX, one of Binance’s top competitors, received a virtual asset service provider (VASP) license in Dubai last month. BitOasis, the first VASP to be recognized in the country, also secured provisional approval from the regulatory body. Bybit and Crypto.com are expanding their presence as well.
Changpeng ‘CZ’ Zhao, Binance’s co-founder and chief executive officer, told Bloomberg late last month that Dubai will be his base for the “foreseeable future” and that by “any common interpretation” it’s the company’s headquarters. Quite a few of the firm’s employees will follow his lead in relocating to the skyscraper-studded city in the months ahead, he said.
