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Indians buying property in Dubai — But most don't know this rule
Thousands of Indians are buying property in Dubai — But most don't know this rule exists
Indians can legally buy property in Dubai but only by following strict RBI rules. You can send a maximum of USD 2,50,000 per person per year from India. Family members can pool their limits only if all are joint owners on paper. You cannot borrow from a Dubai bank to fund the purchase. Break any of these rules and FEMA penalties kick in. Talk to a lawyer before sending a single rupee abroad.
New Delhi: Dubai has become a favourite destination for Indians looking to buy property abroad — whether as an investment or a second home. But before you transfer any money, there are some important rules you need to understand. Get them wrong, and you could end up paying heavy penalties.
How Much Money Can You Send?
The Indian government allows residents to send money abroad for buying property. But there is a strict annual limit — you can send a maximum of USD 2,50,000 per person in a financial year (April to March). This rule comes under something called the Liberalised Remittance Scheme, or LRS for short.
So if a flat in Dubai costs more than USD 2,50,000, what do you do? Simple — get your spouse or other family members to co-own the property with you. Each person can send up to USD 2,50,000, so a family of four could technically pool together up to USD 10,00,000 — but only if all of them are listed as joint owners on the property's official documents. You cannot just pool money informally. One important thing to note — this scheme is only for individual people. Your company, business partnership, trust, or Hindu Undivided Family (HUF) cannot use this route to buy property abroad.
How Do You Actually Send the Money?
You cannot just wire money to Dubai directly from any account. The money must go through an authorised bank in India — these are banks approved by the Reserve Bank of India to handle foreign exchange. When sending, the bank will ask you to mention the purpose of the transfer. Make sure you pick the correct purpose code for real estate purchase.
Also, the money you're sending must be clean, legitimate, and tax-paid. You cannot send black money or undisclosed income abroad.
What Happens After You Buy?
Buying the flat is just the beginning. Every year, when you file your income tax return in India, you must disclose that you own property abroad. If the property earns rental income or if you sell it later at a profit, that income must also be reported in your Indian tax filings. Hiding it is not an option — the penalties can be serious.
Can You Take a Loan From a Dubai Bank to Buy the Flat?
This is where many people make a big mistake. The short answer is — generally, no. Indian residents are not allowed to borrow money from a foreign bank or a Dubai-based developer to fund an overseas property purchase. The rules under FEMA (India's foreign exchange law) are very clear on this.
Even Indian banks typically do not give home loans for properties located outside India. So if you want to buy a flat in Dubai, you largely have to pay from your own savings and route it through the LRS system.
If someone tells you there's a smart financing structure that lets you borrow abroad — be very careful. Such arrangements need to be reviewed by a legal expert because getting it wrong could mean you've violated Indian foreign exchange laws.
What Happens If You Break the Rules?
FEMA violations are not taken lightly. If your transaction is found to be non-compliant, the government can impose financial penalties. In some cases, the consequences can be quite significant.
Bottom Line
Buying property in Dubai is perfectly legal for Indians — but only if you follow the rules carefully. Use the LRS route, stay within the USD 2,50,000 per-person annual limit, keep your co-owners on the title deed, pay from clean sources, and report everything in your tax returns. And most importantly — don't take loans from foreign banks without expert legal advice.
Given how complicated these rules can get, it is always a good idea to consult a chartered accountant or a lawyer before you move a single rupee abroad.
Source: ZeeNews
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