KYC

Know Your Customer (KYC) is the first stage of the AML checks every regulated party in a UAE property transaction must run. It establishes who you are, where you live and whether you present any particular risk. Expect to complete it separately with the developer or seller's broker, with your bank or currency provider, and with a mortgage lender if you use one.

For an individual buyer the usual requests are:

• a copy of your valid passport
• proof of address, such as a recent utility bill or bank statement
• an Emirates ID and visa page if you are a UAE resident
• contact details, occupation and, increasingly, a tax identification number
• a declaration of whether you are a politically exposed person

Buying through a company adds a layer. You will need the certificate of incorporation, constitutional documents and a register of shareholders, traced up to the individuals who ultimately own it, and overseas company documents generally need attestation before a land department will accept them.

KYC is usually followed by questions about source of funds. The two are distinct: one is about identity, the other about money.

A practical tip for buyers abroad: have clear colour scans ready before you reserve. Reservation periods are short, and a unit can be released if documents are slow to arrive.