You being a Designated Nonfinancial Businesses and Professions (DNFBP) as defined under the Federal Decree-law No. (20) of 2018 & Federal Decree-law No. (20) of 2018, to enhance the supervision, Real Estate Activity Report (REAR) has been introduced effectively from 1st July 2022.
The above-mentioned DNFBPs are required to submit Real Estate Activity Report (REAR) if the transactions are in nature of Purchase and sale transactions of Freehold real estate, according to the description and determination of the law of each emirate,
All documents and information related to Real Estate Activity Report (REAR) should be recorded for a minimum period of (5) years.
You are not. It is important to note that submissions of the Real Estate Activity Report (REAR)do not exempt you from your existing obligations of reporting. It is an additional requirement for the transaction pertaining to freehold property.
Real estate, brokers /agents are also required to file the following existing reports via GoAML whenever applicable.
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Mr. Ragesh Mattummal | Partner
Mob: +971 50 3578031