Opening a bank account for a non-resident of the UAE for the purpose of completing a real estate sale transaction
The client was selling an apartment in Dubai and planned to keep all proceeds from the transaction in the UAE. According to current UAE legislation, proceeds from the sale of real estate must be transferred to the seller's bank account.
Client's task
The key problem was that the client:
The transaction was at a critical stage and could have fallen through due to the lack of a suitable banking solution.
- was not a resident of the UAE;
- lived in another country;
- did not have a bank account in the UAE to which the buyer could transfer funds.
The transaction was at a critical stage and could have fallen through due to the lack of a suitable banking solution.
Solution from StableGrowz
The StableGrowz team promptly proposed the optimal scenario – opening a bank account for a non-resident of the UAE. Learn more about opening a personal bank account with the assistance of our experts.
As part of the project, we:
As part of the project, we:
We analyzed the client's status and the banks' requirements for non-residents.
01
We selected a bank willing to work with a non-resident in a real estate transaction.
02
We organized a short-term visit for a client to the UAE (less than one day).
03
We scheduled and held a personal meeting between the client and the banker.
04
We fully accompanied the banking procedure.
05
Although the standard time frame for opening an account for a non-resident is one month or more, thanks to proper preparation and cooperation with the bank, the account was opened in two weeks.
The client received:
The client received:
- 2 bank accounts in AED and USD currencies;
- access to online banking and an international bank card.
The result of StableGrowz's work
The apartment sale was successfully completed, and all funds from the buyer were legally and promptly transferred to the client's new bank account in the UAE.
The client retained their capital in the UAE, avoided a deal breakdown and additional risks, and completely resolved the issue in the shortest possible time with the support of the StableGrowz team.
Want to see how our experts handle other unusual situations? Check out our case studies. And to stay up to date with important updates and news, read our blog about the UAE.
The client retained their capital in the UAE, avoided a deal breakdown and additional risks, and completely resolved the issue in the shortest possible time with the support of the StableGrowz team.
Want to see how our experts handle other unusual situations? Check out our case studies. And to stay up to date with important updates and news, read our blog about the UAE.
Need to quickly open an account in Dubai as a non-resident?
Our expertise in opening accounts in Dubai for non-residents helps clients solve financial problems in the UAE even when living abroad. We offer professional advice on opening an account in the UAE and select the best banking solutions for your specific needs. Book a free consultation with StableGrowz experts to get a step-by-step plan and solve your problem without delays or risks.
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Contacts
Please contact us for any questions
UAE, Dubai, IFZA Business Park, A2 building, office 105
