How Italians can buy property in Dubai

Italians can indeed purchase real estate in Dubai. The process is quite straightforward, and there are no specific restrictions targeting Italian citizens. Dubai's property market is open to foreign investors, offering freehold ownership in designated areas. This means you have full rights to sell, lease, or inherit the property.

Purchasing Process for Italians

The process for buying property in Dubai is generally the same for all foreigners, including Italians:

1. Property Selection: You can choose between off-plan (under construction) and ready properties. Popular freehold areas include Dubai Marina, Downtown Dubai, and Jumeirah Village Circle. Engage a reputable real estate agent to guide you.
2. Offer and Contract: Once you've found a property, make an offer. Upon acceptance, you'll sign a Memorandum of Understanding (MOU) and pay a deposit (usually around 10%).
3. Completion at Dubai Land Department (DLD): The final step involves obtaining a No Objection Certificate (NOC) from the developer and completing the transaction at the DLD. You'll pay the remaining balance, and the property's title deed will be transferred to your name.

Golden Visa Opportunity

If you invest at least AED 2 million (approximately USD 545,000) in a property, you become eligible for a 10-year Golden Visa. This visa offers long-term residency benefits, including the ability to live, work, and study in Dubai without needing a national sponsor. It also allows you to sponsor family members.

Tax Considerations

Dubai has no personal income or capital gains tax. However, if you are a tax resident in Italy, you'll need to report your Dubai property income (rental income or capital gains) on your Italian tax return. Italy taxes its residents on their worldwide income, with progressive rates ranging from 23% to 43%. Additionally, Italy has a wealth tax called IVIE (Imposta sul Valore degli Immobili all'Estero) on foreign properties, which is 0.76% of the cadastral value, unless exempt.

If you are not a tax resident in Italy (e.g., you live in Dubai for more than 183 days a year), you might not be subject to Italian taxes on your Dubai property income. It's crucial to ensure you comply with Italian non-residency rules, such as registering with AIRE (Register of Italians Living Abroad).

Payment in Cryptocurrency

An interesting aspect of the Dubai real estate market is the acceptance of cryptocurrency by some developers. This can simplify transactions, especially for international transfers. Major developers like Emaar and Select Group have been known to accept Bitcoin and Ethereum.

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