If you're looking to buy property in Dubai, a bank account should be at the top of your to-do list, but it doesn't have to mean long lines and endless paperwork.
For starters, many banks will have agents who can come to your home or office to handle the transfer of relevant documents and get things going. Finding a financial planner or wealth adviser can also be a good idea to get the most out of the process. Before all that, however, you need to figure out what type of account you want and which documents you’ll need to open the one you choose.
Despite strict rules and regulations, Dubai's status as a financial hub gives you quite a few options.
With both local and international banks present in the city, everything is covered. You can open a current account, savings account, or deposit account, and Islamic banking is also easily available. Offshore accounts, known for their privacy and certain financial benefits, are also an option in Dubai, but requirements vary and it’s best to do your research or talk to a financial adviser before making any final decisions. Regardless of account type, many banks will also require a minimum balance, usually starting at AED 3,000, but this might change according to the bank and the type of account. Falling below the minimum balance incurs a charge of AED 25, according to a rule from the Central Bank of the UAE.
Requirements vary depending on the bank and the type of account, but the documents needed may include:
・ Your original passport and a copy;
・ A copy of your visa page;
・ Proof of employment and your salary certificate;
・ Proof of residence;
・ A letter of no objection (NOC) from your sponsor;
・ Passport-size photos;
・ Your Emirates ID and a copy
It's a good idea to weigh all your options.
If you’d like to look around and compare what’s out there, websites like Souqalmal and MoneyCamel offer comprehensive lists of banks and their services. In the end, getting as much information as you can and getting the paperwork ready in advance will ensure a smooth and hiccup-free first step towards your dream apartment or villa in Dubai.