Since the last few years, the crypto industry has been growing and is attracting people from all across the globe to invest money in it. Presently there are several industries, looking for a method to get into the blockchain industry. The industry is even more interesting now because of its new ability to be used as a payment method to purchase real estate. Dubai is one of the main cities to embrace this blockchain world and promote it among the people. Purchasing real estate with the help of crypto is now considered the finest decision of an investor. If you are not sure about this and want to learn more about crypto real estate, then take a thorough glance at the presented blog. You’ll learn quite several things.
Benefits of purchasing Crypto real estate
Investors are in great advantage since the introduction of this scheme in the Dubai city. To understand better, you must read the given points below:
- Eligibility for Golden Visa – The UAE’s golden Visa is the talk of the market, obtaining this visa is quite a luxury for the outsiders as it comes with a ton of benefits. One of the easiest ways to be eligible for this visa is to buy a Dubai property with an AED of 2 million.
- Speedy transactions – There is a higher chance of speeding your purchase because the payment mode is now crypto assets and actual money. Usually, the property transfers take up a lot of time because of the paperwork and approval.
- Lower Fee Rate – Another great advantage of crypto real estate is the reduction of bank fees at a greater level. Even the banks charge a huge amount of transaction fees to regulate the exchange. But with crypto, it’s all sorted, now you do not have to pay any kind of extra transaction fee.
Legal Considerations for Buying Property with Crypto
When you buy property in Dubai there are some of the rules and regulations that you have to follow for a smooth transaction. Hence, below is the list of it, we need you to take a look at it:
- Legal Compliance – You need to ensure that the developer or any of the Dubai real estate agents is a compliant follower of guidelines like Dubai Land Department (DLD) and VARA. These are mandatory to be followed for the crypto exchange. To secure the transactions and prevent fraud, the changes are being made.
- Compliance with the AML – The introduction of crypto real estate does not mean that you can make your black money white. The rule of Anti-Money Laundering is still applicable to crypto. All individuals are required to disclose their sources of funds.
- Tax Implications: While there are no capital gains taxes in the UAE, investors should consult tax professionals in their home country to understand the tax implications of using crypto for property purchases.
Steps to purchase real estate with crypto
Moving on we now have the process of purchasing the Dubai luxury residence with the crypto assets. The process is quite simple once you get to know about it:
- The very first thing is to find a residence that suits your requirements quite well. The Dubai city is filled with a variety of options that you can opt from. You can even check out the latest Emaar Velora that will give you the best of the property here. There must be something out there that will align perfectly with your budget.
- every property dealer doesn’t need to accept the crypto real estate, thus it is even more important to find a developer that will accept it.
- Upon finding the property and the dealer, you need to agree to the quoted price, it’s usually given in the AED (Arab Emirates Dirham). Then the price will be converted to your selected crypto assets according to the market rate.
- Once both parties agree to it, we can move further to the final process which is the payment. The involved parties will determine which coin they prefer as the crypto real estate exchange. Then the buyer will transfer the agreed amount to the seller’s wallet.
- The last step is to finish all the legal compliances to gain property ownership.
Final Thoughts!
Buying Real Estate with Bitcoin in Dubai saves your time and energy that can be spent somewhere else. Crypto is a quick and easy method providing the immediate transfer of property amount and ownership in no time. With Dubai’s mellowing position as a technology and innovation hub, we can anticipate that further legal frameworks will boost property purchases via cryptocurrencies. This acceptance of crypto payment will take the country a step ahead and soon it will become a crypto hub.