You do not need a UAE account to buy off-plan: payments go to the project’s escrow account by transfer from your bank. But a dirham account is handy for collecting rent and paying service charges, electricity and water. Several banks open accounts for non-residents with your passport, proof of address and statements or a letter from your bank, usually with a minimum balance, which starts at AED 5,000 on the savings accounts that publish it. If you hold UAE residence, for example through the Golden Visa, you open it as a resident with your Emirates ID.
In this guide7 sections
| Non-resident | UAE resident | |
|---|---|---|
| Identity | Passport with the visa or entry stamp page | Passport and Emirates ID |
| Address | Utility bill or statement from home, under 3 months old | Utility bill or tenancy contract in the UAE |
| Also | 3 months of statements or a letter from your bank confirming at least 12 months as a customer | Salary certificate for a salary account |
| Minimum balance | Set by each bank | Set by each bank |
Do you need a UAE account to buy?
No. When you buy off-plan, you pay into the project’s escrow account by transfer from your bank, in your currency or in dirhams. We cover it in the guide to payment methods.
A UAE account is mostly useful after handover:
- To collect rent in dirhams without changing currency every month.
- To pay the service charge, DEWA electricity and water and other local bills.
- To pay instalments if you have a Dubai mortgage, as many banks open an account for that.
If you let it, the rent can reach you in a UAE account or one at home.
| Item | AED | € | $ |
|---|---|---|---|
| Annual rent of a 1-bedroom flat in JVC | AED 70,000 | €16,967 | $19,061 |
| Annual service charge, 70 m² at AED 184/m² | AED 12,869 | €3,119 | $3,504 |
| DEWA deposit for a flat’s electricity and water | AED 2,000 | €485 | $545 |
| Minimum balance on a savings account | AED 5,000 | €1,212 | $1,361 |
Approximate figures, for illustration only.
What banks ask a non-resident for
Banks that publish their requirements ask for much the same:
- A passport with the UAE visa or entry stamp page.
- Proof of address at home, such as a utility bill under three months old.
- Bank statements for the last three months or a letter from your bank confirming you have been a customer for at least a year.
Some banks let you open the account online and others ask you to visit a branch when you are in Dubai, with the entry stamp in your passport. All of them run KYC checks: they will ask where the money comes from and what you will use the account for, and may ask for more documents.
Non-resident accounts are usually savings accounts and can be opened in dirhams or other currencies such as euros, dollars or pounds. Almost all have a minimum balance: on the savings accounts that publish it, AED 5,000, about €1,200 or $1,360. If you fall below it, the bank may charge a monthly fee.
If you hold UAE residence
With a residence visa, such as the property Golden Visa, and your Emirates ID, you open the account as a resident. More products are open to you, such as current accounts with a chequebook, credit cards and loans on resident terms.
Cheques are still used in Dubai, for example for long-term rentals paid with post-dated cheques, so a current account with a chequebook can help if you let your home.
Step by step
1. Choose the bank and account type
Check whether the bank accepts non-residents, whether you can open online, the minimum balance and the currencies.
2. Get your documents ready
Passport, proof of address, statements or a letter from your bank.
3. Apply
Online or at a branch, depending on the bank. If you are travelling to Dubai to sign or for handover, you can use the trip.
4. Pass the bank’s checks
The bank reviews your documents and the source of funds. It may ask for something else before approving the account.
5. Make the first deposit
Transfer at least the minimum balance and activate online banking and the card.
Opening an account from the UK or the US
UAE banks ask for your tax residence when you open an account. The UAE takes part in the automatic exchange of financial account information, so if your country has an agreement with the UAE, the bank reports the account to it.
How to open a UAE bank account from the UK
Money arrives by international transfer in pounds or already converted to dirhams. UK residents normally pay tax on foreign income, including interest and rent paid into a UAE account, and report it through Self Assessment. Dubai is 4 hours ahead in winter and 3 in summer.
How to open a UAE bank account from the US
The dirham is pegged to the dollar, so moving money between a dollar account and a dirham account carries no currency risk. As a US citizen or resident, the bank will ask for your US tax details. If your foreign accounts add up to more than $10,000 at any point in the year, you file an FBAR, and above other thresholds, Form 8938. New York and Miami are 9 hours behind in winter and 8 in summer.
From anywhere else
The bank’s requirements are the same. Check with your adviser how your country treats an account and income abroad.
Things to keep in mind
- You do not need the account to buy: payments go to escrow from your bank.
- Open it before handover if you plan to let, to collect rent and pay bills.
- Compare minimum balances and fees before choosing a bank.
- Have your documents ready.
- Explain clearly where the money comes from.
- If you get residence, switch the account to resident with your Emirates ID.
- Declare the account and what you earn in it at home.
We stay with you through the purchase and handover, and if you want to let it, we find you a tenant, also if you are outside Dubai.
Frequently asked questions
Can I open a UAE bank account as a non-resident?
Yes. Several UAE banks open accounts for non-residents with your passport, proof of address and statements or a letter from your bank.
Do I need a UAE account to buy property?
No. Payments go to the project’s escrow account by transfer from your bank. The account helps afterwards, to collect rent and pay bills.
How much do I need to open an account in Dubai?
It depends on the bank. On savings accounts that publish a minimum balance, AED 5,000, about €1,200 or $1,360.
Can I open a UAE bank account from the UK?
Yes. Interest and rent paid into it are normally taxable in the UK and go on your Self Assessment return.
Can I open a UAE bank account from the US?
Yes. The bank will ask for your US tax details, and if your foreign accounts exceed $10,000, you file an FBAR.
