Why Dubai?
To be clear, Dubai is not the only city where criminals and kleptocrats have been known to buy properties. But experts say it has several points of appeal – particularly for those on the run from authorities in Western countries. Here are a few reasons why:
- Pro-Expat Policies: Dubai has become a global financial center in large part because of policies the emirate adopted making it easy for foreigners — including those with dubious backgrounds — to immigrate and purchase real estate. Foreigners now make up roughly 90 percent of Dubai’s population and collectively own property worth an estimated $160 billion in 2022.Â
- Few Questions Asked: Some real estate agents in Dubai have a reputation for asking minimal questions about the origins of their clients’ funds – an ideal arrangement for those looking to launder dirty money. Until 2022, real estate agents and lawyers were not obligated to report large cash or cryptocurrency transactions. While the UAE has tightened regulations in recent years, some experts say it is too early to evaluate the impact.Â
- Avoid Justice Back Home: Until recently, the UAE lacked extradition treaties with many countries, helping make Dubai a go-to destination for a steady flow of high-profile fugitives. To this day, UAE authorities inconsistently respond to extradition requests.Â
Dubai’s property records are difficult to obtain and cannot be easily searched, making it difficult to determine who owns real estate in the city. In many cases, even international law enforcement officials have been unaware that people in their sights held property in Dubai. But thanks to a new leak of data, reporters have identified scores of alleged criminals, individuals facing sanctions, and political figures accused of corruption who have owned property there.
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Sincerely,
— The OCCRP Team
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