Living in Dubai, Property in Dubai, Tax in Dubai – FAQs
Is there really no tax in Dubai?
Dubai itself is not tax free but the government has created a number of economic free zones which require overseas investors and corporations to pay zero taxation. Freedom from income tax in Dubai is applied throughout the city. There is no stamp duty or capital gains tax in Dubai to be paid when property is sold.
Who can buy property in Dubai?
The answer is, pretty much everyone. Freehold properties was introduced to Dubai for the first time in any Gulf country in 2002.
How do I go about gaining residency for living in Dubai?
Buying property in Dubai entitles you, and your immediate family, to residence visas in accordance with the latest immigration regulations.
What is the exchange rate?
The official currency of the UAE is the Dirham (Dhs). Dirhams are divided equally into 100 fils. The exchange rate is 6.5Dhs to one pound sterling, 2.75Dhs to the Australian dollar (approximately) and 3.67Dhs to the American dollar. All values are approximate guidelines.
Can I get a mortgage to buy property in Dubai?
Both Dubai and international mortgages are available. As the freehold market grows, mortages in Dubai are becoming cheaper, with more products available.
What is it like living in Dubai?
Dubai can boast one of the highest standards of living in the world. The city has an official unemployment rate of 0% and an incredibly low crime rate. Leisure and sporting facilities are springing up across the city and the young population make the most of living in Dubai.
Do I need a UAE bank account to buy property in Dubai?
No, buyers of property in Dubai are not required to open a local bank account. However, it is worth checking out the situation with regards to currency issues and how this can affect the price of property in Dubai.
Is it expensive to buy property in Dubai?
The price of property in Dubai is far lower than in most developed countries. Added to this, there is no tax in Dubai to pay when you buy property.
What is the climate like for living in Dubai?
Living in Dubai means adjusting to the weather. In the summer, temperatures range from 31C-42C with around 11 hours of sunshine each day. In the winter the temperature is considerably cooler but temperatures are regularly in the mid-20s. Dubai experiences only 8cm of rain each year.
Is living in Dubai expensive?
The cost of living is high but so are wages. Plus, you do not need to pay income tax in Dubai. Buying property in Dubai is relatively inexpensive but rental costs can be a nightmare for those living in Dubai who have not managed to get on the property ladder yet.
