Step-by-step guide on how to pay for property in Dubai from Russia

The main question that clients ask property brokers in Dubai is: ‘What is the best way to withdraw money from Russia’? Many are worried that due to sanctions against leading banks, the chances of sending currency to the UAE are tending towards zero. It is important for any broker to make the purchase of property in Dubai as comfortable as possible. Let's work out together how to keep clients calm and what are the current ways to transfer assets in 2024.

Currency via Swift

To legally transfer funds in the UAE, all you need to do is:

• open an AED account in a bank;
• transfer funds to it from any Russian ruble account;
• convert to AED;
• send SWIFT to pay for the property.

There remains a small list of Russian banks that are not under sanctions and allow customers not only to open AED accounts, but also to make international transfers. Here are a few of them:

• BCS Bank. The deposit can be managed in the online application. Maximum amount without restrictions.
• AK Bars Bank. Transfers are made through the bank's correspondent network both in roubles and in foreign currency (AED including) within three days. Important: when making transfers to AED, it is obligatory to specify the code of payment destination in accordance with the list (see it on the bank's website).
• Credit Europe Bank. The deposit can be used for currency exchange transactions, including interbank transfers (transfer fee 3% (but not less than 150 UAE dirhams) + 150 UAE dirhams).
• Cifra Bank*.

Cryptocurrency

There's nothing wrong with cryptocurrency transfers, in the UAE it's a well-tested and quite popular method. The United Arab Emirates has long established itself as a country open to innovation. It has even introduced zero tax for owners of cryptocurrencies and crypto businesses. More and more UAE property developers are adopting this payment method to attract investors from all over the world.

The advantages of this transfer of funds are:

• speed;
• low commission;
• independence from sanctions.

Transfer from a foreign account

You can open a foreign currency account in a bank in a friendly country 一 for example, Kazakhstan. The plan is simple: open an account online (some banks offer this option), and deposit the required amount in rubles through a Russian bank. The next step: convert the funds into dirhams, and then withdraw them to the UAE. The only disadvantage 一 loss on interest.

Cash

A convenient method if your client is willing to come to Dubai in person and be present at the transaction. Important to know: due to the UAE's removal from the FATF grey list, major developers intend to limit cash payments in sale and purchase transactions. The limit is set at AED 55,000. For now, this is only an intention, but before advising such a method to a client 一 check with the developer directly.

Instead of a conclusion, we tell you how to open an account in the UAE

1. To open an account in the UAE, it is mandatory to have a local resident authorisation 一 Emirates ID. You can get it in a number of ways:
2. Buy a property from $205,000 for a 2-year residence permit, from $545,000 一 for a 10-year ‘golden visa’.
3. Get a job for 2 years or a freelancer visa for 1 year.
4. Start a company with minimal taxes with an investment of $136,000 or more 一 a resident visa for 5 years.
5. Go to university by passing the IELTS test (but students are not allowed to work).
6. Be a relative of a resident for a long term visa.

*The list of banks is valid at the time of publication of this article