UAE tightens real estate investment rules; brokers report cash deals over Dh55,000.
UAE tightens real estate investment rules; brokers report cash deals over Dh55,000.
The Emirates has implemented new transaction reporting requirements as part of its efforts to strengthen the regulatory framework. The government announced new reporting requirements for certain real estate transactions to strengthen the regulatory framework to combat money laundering and terrorist financing.
The main focus is the sale and purchase of real estate for cash of AED 55,000 or more.
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The new rules will apply to both individuals and legal entities. The government made the decision after several meetings and discussions between the Ministry of Economy, the Ministry of Justice, the Financial Intelligence Service and other competent authorities.
OAE is one of the
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