Mira Halili – Fri, 22 Jul 2022 05:21:00 GMT – 0

The Ministry of Economy has issued a circular to all Real Estate Brokers and Agents licensed in the United Arab Emirates(“UAE”) pertaining to the submission of the “Real Estate Activity Report”(“REAR”) for any sale of freehold real estate subject to the following conditions commencing from 01^st July 2022.

WHERE IS IT APPLICABLE?
The REAR is applicable to the following purchase and sale transactions of freehold estate carrying out single or several transactions of either entire or a portion of the property value in which:

Cash transaction is equal to or exceeding AED 55,000.
Method of payment is virtual assets.
Where funds used to carry out the transaction are converted from virtual assets.

Taking into consideration whether the Parties to the transaction are individuals or legal persons (i.e., entities or companies) there are certain documents that have to be obtained to submit the REAR. Furthermore, the REAR is in additional compliance with the ongoing AML/CFT compliances on Real Estate Brokers and Agents.

Real Estate Brokers and Agents are Required to Submit REAR on go AML (Part of their Ongoing AML/CFT Compliance)

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