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    Bypassing sanctions: the Russian elite wants to exchange housing in London for Dubai

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    Thus, the Russian rich are looking for how to get around financial restrictions.

    Russian oligarch Roman Abramovich is also looking for new apartments in Dubai / Photo: Getty Images, Collage: Today

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    The Russian elite, bypassing the sanctions imposed after the Russian invasion of Ukraine, wants to exchange their property in London for housing in Dubai.

    It is reported by the Financial Times.

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    Realtors in Dubai have been using a list of available options for weeks now, including a £34m London mansion and an £8m apartment.

    They are offered by Russians who are ready to exchange their London property for a new residence in Dubai, while avoiding bank transfers and financial control. To increase the attractiveness of the deal, the owners of London residential areas offer big discounts, FT sources say.

    However, there are doubts about the organization of such agreements and the demand: whether the residents of the UAE will want to take the risk and enter into such an agreement. On top of that, a lot of documents will have to be presented in London, which shows how far the Russians are willing to go to evade sanctions.

    What difficulties may arise

    As one of the publication’s lawyers said, difficulties with the operation may arise due to additional payments – stamp duty and other fees in both jurisdictions.

    However, if the “seller” is not under sanctions, then such exchange agreements can be concluded, they are quite legal.

    Why did the Russians rush to Dubai?

    According to the publication, Dubai has become a favorite haven for wealthy Russians and their fortunes after the start of the Russian invasion of Ukraine and sanctions against the Russian Federation. After all, the Emirates took a neutral position and did not apply restrictions to the aggressor.

    “We have seen an influx of Russian clients since the start of the war in Ukraine, and this has prompted us to set up a dedicated Russian office to serve them,” said Michael Kortbavi, partner at BSA Ahmad Bin Hezeem & Associates in Dubai.

    Driven Properties founder Abdullah Alajaji told the FT that his company has registered a sharp increase in transaction values ​​this year, which he attributed, in part, to the influx of Russians to Dubai.

    How much does a house in Dubai cost?

    To purchase housing, Russians use a simple method – they open ruble accounts in foreign banks and thus take rubles out of the country with a minimum commission or use cryptocurrency to buy apartments.

    The average value of real estate varies from 150 thousand to 500 thousand dollars

    For example, apartments on the popular Palm Jumeirah with a communal rooftop pool, restaurants and a bar will cost at $176,900 An exclusive range of residences located directly opposite the Burj Al Arab Jumeirah luxury icon, in — 317 thousand dollars A premium-class apartment on the Persian Gulf in the heart of the tourist Dubai – the Jumeirah Beach Residence area – in 429 thousand dollars

    Earlier we wrote that the sale of apartments in the temporarily occupied Crimea started abruptly, and the occupiers urgently removed the families of FSB workers from there.

    We also talked about how to get a mortgage in Poland.

    Source: Segodnya

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