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United Arab Emirates - دار زايـــد The exciting new world in Dubai , Abu Dhabi and other Emirates



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Old February 3rd, 2007, 05:27 PM   #2041
worried1
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Yup thats my point

Quote:
Originally Posted by iamici View Post
I was told point blank on phone and in writing via email that I couldnt have a dirham account without residency. Lloyds and HSBC, I wasnt in Dubai at the time but I was prepared to go their while I was opening the account. We didnt even get to the stage of what type of account I d like.

There was no mention of 'if you have a letter of recommendation etc', so it seems the rules aren't clearly understood by the banks themselves. But it seems strange two banks thought they were abiding by the rules when others are claiming it's easy as .....to open. I have a Uk passport and UK current personal and business accounts with very large credits on both, so I don't think it's about the money.

Are these people who ve opened an account there working there or with residence permits ?

Also why the distinction between savings and current accounts ? How are you meant to pay bills in dirhams for service charges etc with a savings account ?

Savings accounts do they offer the facility to do direct bank transfers or are they just limited to cash deposits and withdrawlas via a debit card.

Certainly if they do want to be an international financial centre they got to get with the agenda and make it easier for expats not working or resident there at the time of opening.
It seems very strange that I was totally misinformed twice by different banks, after talking to multiple employees in both.
Good opportuniity for any bank which wants accounts.


JUST TELL US WHAT THE RULES ARE!!!


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Old February 3rd, 2007, 06:19 PM   #2042
Dubai_Steve
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Quote:
Originally Posted by Morrismarina View Post
I wouldn't suggest for a minute that anybody based in the UK would want to hide their UAE income..... but.........in last week's Financial Times there was an article saying that HM Customs & Revenue were forcing UK banks based off-shore in the Channel Islands (HSBC, Lloyds TSB etc.) to disclose all details of investors bank accounts and they reckoned that millions of pounds would be claimed from investors not declaring their income.
I doubt very much whether any SSC forumers would try this (as it is not legal of course)....however......if they were tempted..... best to open an account with a Dubai bank.
I imagine this is why most Dubai Banks do not allow you to open an account without residency. eg. Mashreq.
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Old February 3rd, 2007, 06:43 PM   #2043
mission
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cant u just ask for rental cheques in sterling?
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Old February 3rd, 2007, 06:44 PM   #2044
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Quote:
Originally Posted by Dubai_Steve View Post
Another question, did any non residents manage to open a Dubai current account or only a savings account ?
without residence visa you can open only savings account with debit card.
I think the Emirates Bank is the best for a non-residents.
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Old February 3rd, 2007, 06:45 PM   #2045
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Quote:
Originally Posted by worried1 View Post
Hello Mackie,

By any chance, do you have a business card of the kind lady.

Dubai still appears to be people centric and things happen on the whims and fancies of who services you.
edited

Last edited by mackie1964; February 3rd, 2007 at 07:00 PM.
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Old February 3rd, 2007, 06:48 PM   #2046
mission
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Mackie i would try and keep some of this info private as you dont know who is out there watching!!!
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Old February 3rd, 2007, 06:57 PM   #2047
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Quote:
Originally Posted by mission View Post
Mackie i would try and keep some of this info private as you dont know who is out there watching!!!
It is all above board Mate, but there is no way I would pass any body's info without their consent. Thanks for the concern, I appreciate it.
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Old February 3rd, 2007, 07:05 PM   #2048
V Kapoor
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Bank Account

My experience is good. There, of course, are restrictions for non-residents to open current accounts or get cheque books....but it was quite easy and simple to open a saving bank account with the emirates bank with a debit card (international). Another thing you can easily operate you SB account on internet from your home country. I incedently am a resident of India, and find it quite easy to operate the account on the internet and to remit the rent to/in my home country currency is quite easy and takes barely two working days.

And I must mention that you must personally be present at the time of opening the account in UAE
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Old February 3rd, 2007, 07:13 PM   #2049
mission
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I know from close relative that Customs and Excise get there information on tax evasion by:

Checking local papers for advertisements of flats/villas
Internet sites like this
People informing tax office

I would suggest to anyone who is going to keep there rental income in Dubai i would advise to keep all this a bit hush hush. The most common way to be caught out is by people discussing there finances to people they dont really know or people jealous of your position.

For all you guys know i could be from customs.
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Old February 3rd, 2007, 07:17 PM   #2050
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Property & Investment in Dubai: Your questions about the market

Continue the investment

Part 4 - http://www.skyscrapercity.com/showthread.php?t=419153
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Old February 4th, 2007, 01:51 AM   #2051
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Commercial property prices double

Dubai: Hot property sales in Emirates Hills, Barsha and Mirdiff helped push land prices up an average of 64 per cent last year, according to a price index by the Dubai Land Department.

In addition, the price-per-square foot for built commercial property in Dubai doubled last year, and nearly one in 10 unrestricted properties in Dubai changed hands in a sales transaction.

The figures confirm that it was a landmark year for the local real estate market as demand pushed prices to unprecedented levels.

Local economists say some caution must be thrown at the steep hike in the average price per square foot, which may have been skewed by a few select land deals at high-profile locations. For example, according to the index, built commercial property rose one per cent in 2005, but then jumped 100 per cent in 2006. Additionally, some 360 transactions registered in 2006, or about 13 per cent of the total, actually took place in 2004 and 2005, according to the Land Department.

Shift

Mohammad Thani, development and marketing director for the Dubai Land Department, said the figures suggest investors shied away from residential property last year, which in years past was the hottest market, and instead began concentrating on office buildings.

"In 2004, people were looking for vacant residential land. In 2005, they were looking for residential buildings to purchase. In 2006, we found out that investors are now looking for built commercial buildings because the return on investment is faster," Thani told Gulf News.

Ryan Mahoney, managing director of Better Homes, a real estate consultancy, said strong, sustained demand for rental units is the reason why sale prices have gone up. Mahoney believes that Dubai has become a top destination for multinational corporations looking to establish a base for doing business in the Middle East and the subcontinent.

Spike

"Rental rates have just spiked up to unbelievable levels," he said. "A few years ago, people were paying Dh70 to Dh80 a square foot for office space on Shaikh Zayed Road. Today, it's going for Dh250 and Dh300 a square foot."

With the recent rental cap at seven per cent per year in place, it remains to be seen what effect it will have on real estate prices.

Overall, the average land transaction has risen over the past three years. In 2004, the average purchase price for a property was Dh4.3 million, but that rose swiftly to Dh6.4 million in 2005 and jumped again to Dh7.3 million last year.

The department's year-end review found that land sales grew 18 per cent to reach Dh18.64 billion mark overall with the highest volume of sales recorded in Emirates Hills, Barsha and Mirdiff. The value of mortgages also rose to 170 per cent above the year before, to Dh40.59 billion.
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Old February 4th, 2007, 01:02 PM   #2052
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Looking for a week or two short term rental over Easter (depending on the Price), Can anybody help? Marina area only please.

Sorry if it is against the rules of the forum
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Old February 4th, 2007, 01:09 PM   #2053
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Quote:
Originally Posted by mackie1964 View Post
Looking for a week or two short term rental over Easter (depending on the Price), Can anybody help? Marina area only please.

Sorry if it is against the rules of the forum
Look at this website www.mydubaistay.com. They offer a reasonably priced rental properties and airport transfer. I am thinking of booking a week in easter. I previousley stayed at the royal meridian but we want to try self catering this time.good luck
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Old February 4th, 2007, 06:28 PM   #2054
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Quote:
Originally Posted by dubaifirst View Post
Look at this website www.mydubaistay.com. They offer a reasonably priced rental properties and airport transfer. I am thinking of booking a week in easter. I previousley stayed at the royal meridian but we want to try self catering this time.good luck
I second that, I stayed with them back in August last year, their always on standby, had a few little issues that were quickly sorted. Good service and price. The partment was a 1 bed in MD1, construction going on around but that was to be expected. Even had a partial view of the Marina!
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Old February 4th, 2007, 11:50 PM   #2055
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Quote:
Originally Posted by saskia View Post
Krazy, try Barclays - they provide a currency mortgage for non-residents (we live in Holland) at 6.79%. We bought an apartment in the Paloma tower and the main reason we went for Barclays is that the penalty fee for paying off the mortgage early (after the first 24 months) is only 3000 dhs. Getting the paperwork organised is a real hassle - but that will probably be the same with all other mortgage providers.
I have spoken to a representative of Barclays and they have given me an interest rate of 8.25%. It's still quite high but much better than the 10.5% Amlak is asking for. I have confirmed the 3000 dhs early payment fee, which I admit is very appealing. The negative is that I have to start making payments immediately unlike Amlak which asks for payments only when the property is handed over. However I pay only interest for the first 12 months and no principal.

My question to you saskia, how did you get a quote of 6.79%? Is it based on the total amount borrowed and the time frame? Based on my age and salary and amount borrowed, I can only borrow for 25 years not less.

Also, do you know if the interest rate goes down later if I relocate to Dubai say in a couple of years?

What kind of life insurance does Barclays require you to have? Also, do you need the life insurance policy running before the loan can be approved?

Also guys, how reliable and trustworthy is Barclays? Having no idea about their work and reputation in UK/Europe, we are a little hesitant. Any feedback would be highly appreciated.
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Old February 5th, 2007, 01:00 AM   #2056
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Quote:
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Also guys, how reliable and trustworthy is Barclays? Having no idea about their work and reputation in UK/Europe, we are a little hesitant. Any feedback would be highly appreciated.
You have nothing to fear with Barclays Bank as theyre one of the 'Big 4' UK banks, obviously have a reputation to protect and the funds to protect it with (partly due to their successful investment banking arm).

"Barclays Bank has been around a while- over 300 years to be exact, and count as one of the "Big 4" British banks. Over ten million people have current accounts with Barclays Bank, and they're served in a little over 2000 branches. Barclays Bank also owns the Woolwich, which means their funds are also behind plenty of mortgages. Barclays employs just under 74,000 people worldwide, although this is gently reducing as technology (and cutbacks) reduce staff.
Barclays Bank is behind two big innovations; which form a large chunk of its business groups. The first is Barclaycard- yes, credit cards were new once! Barclaycard, despite a high interest rate, remains the UK's most popular credit card. And then there are cash machines, which Barclays Bank pioneered (and they now have almost 4000)."

While we are on the subject of the Marina and rentals etc., does anyone know where the nearest place would be to 'surf the net', is there an internet cafe around or where would be the closest place; Ibn Batuta Mall? Might just walk around the marina with a sniffer; must be a few unsecured wireless networks around
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Old February 5th, 2007, 10:08 AM   #2057
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I have spoken to a representative of Barclays and they have given me an interest rate of 8.25%. It's still quite high but much better than the 10.5% Amlak is asking for. I have confirmed the 3000 dhs early payment fee, which I admit is very appealing. The negative is that I have to start making payments immediately unlike Amlak which asks for payments only when the property is handed over. However I pay only interest for the first 12 months and no principal.

My question to you saskia, how did you get a quote of 6.79%? Is it based on the total amount borrowed and the time frame? Based on my age and salary and amount borrowed, I can only borrow for 25 years not less.

Also, do you know if the interest rate goes down later if I relocate to Dubai say in a couple of years?

What kind of life insurance does Barclays require you to have? Also, do you need the life insurance policy running before the loan can be approved?

Also guys, how reliable and trustworthy is Barclays? Having no idea about their work and reputation in UK/Europe, we are a little hesitant. Any feedback would be highly appreciated.
Krazy,

I have just checked the Barclays docs - they offer different interest rates depending on the currency of the mortgage (Euros offer the lowest interest rates, followed by GBP, USD and AED). Also, the rates for owner-occupiers are lower thatn for those who will be letting the property. We have chosen the Euro mortgage for a buy-to-let and ended up with an interest of 6.79%. The same mortgage in Dhs would have been 8.25%. The time frame is 25 years (I think that is the max they will do).

The interest rates and all other terms are the same for residents and non-residents, so if you were to move to Dubai, it would not make any difference to your payments.

With regards to the life insurance - they need the insurance to cover the loan amount, and to be assigned to the bank (apparently this is the norm in Dubai..). We hve taken a life insurance with Friends Provident (in the UK) and have started this a few days ago - this is one of the conditions before the mortgage will accepted.

On Barclays - one of the reasons we have chosen them is that they are a large international bank with an excellent reputation. We have some concerns about the local banks (with all due respect..). If you are interested in pursuing a mortgage with Barclays, I can recommend you speak to Amanda Reeves at Barclays in Dubai, who has proven very helpful indeed!

Hope this helps!
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Old February 5th, 2007, 03:26 PM   #2058
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Gulf News today

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Old February 5th, 2007, 04:16 PM   #2059
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Thanks a bunch saskia, your feedback is very much appreciated. I will post here when I make my decision.
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Old February 5th, 2007, 10:19 PM   #2060
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I have asked Emaar about residence visa. I don't know if this applies to all developers, but my father or I will be applying for visa for our property in Paloma. Emaar has told us that the six month visa does indeed apply. However, Emaar issues a letter for Dhs 100, which is mailed to you when your abroad for more than 6 months. You can present this letter to the imigration and enter the country without any problems.
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