Yes. Under most current regulations, property owners can apply for residency from Dubai Naturalization and Residency department.

Are there any hidden taxes?

Dubai has no taxes of any kind! Dubai also benefits from no business taxes, except in the banking industry.

What is an escrow account?

Under the new Law No 8, all property developers in Dubai must be registered with the Real Estate Regulatory Authority (RERA)

It is an advantage to hold an escrow account as it protects your funds and ensures
safety of purchase.

With an escrow account you have the assurance, security and safety that your monies are protected by an impartial third party.

Every developer must now have to apply to Dubai Land Department to open a ‘guarantee account’, known more commonly as trust or escrow accounts. In order to do this they must submit important documents including the title deed of the plot being developed, approved architectural designs and layouts, a letter of approval from a master developer and a trade license.

If these documents are in order, the trust account will be opened according to a written agreement between a developer and the Land Department. Money paid by buyers towards properties will then be deposited in a special account held by an approved bank opened under the name of the property development.

The law also states that developers must apply to the trust account manager to release money from the account. The developer must first produce a certificate from a consultant working on the property that a pre-agreed stage of construction has been reached. The trust account manager must then inform the Land Department about the sums being released to the developer.

Even when a project is complete the developer will still not be given access to all the payments. The Land Department will keep 10 per cent of the project value for one year after completion until all units are registered in the names of buyers and title deeds are issued in their names.