Remitting naira to a Dubai escrow account
There is no Nigerian equivalent of India's LRS annual cap, but the Central Bank of Nigeria's foreign exchange framework means large transfers go through your bank's trade or international payments desk with Form A (for services) or a direct outward transfer, supported by the developer's proforma invoice and allotment letter. The bank converts naira to AED and wires directly to the developer's escrow account. Naira exchange rates can move significantly, so confirming the AED price and locking the transfer in the same window avoids slippage.
- Provide the developer's proforma invoice and allotment letter to your bank for the transfer.
- For large transfers, a specialist FX desk typically beats the retail card rate materially.
Tax on Dubai rental for Nigerian residents
The UAE levies no income tax on rental income. As a Nigerian tax resident, your Dubai rental is taxable in Nigeria as foreign-sourced income and is added to your total income at your applicable rate. There is no UAE withholding tax on rental repatriated to Nigeria, and because the UAE rate is zero no foreign tax credit flows through. You must declare the rental on your annual FIRS return.
- Declare foreign rental and the Dubai property on your FIRS return.
- Capital gains on sale are taxable in Nigeria; the UAE levies no capital gains tax.
The 10-year Golden Visa in naira
An investment of AED 2 million, about NGN 850 million at current rates, qualifies you, your spouse and children for a 10-year renewable UAE Golden Visa. Several DAMAC apartments in Dubai Harbour, Downtown and Dubai Harbour start near this level. The visa requires no minimum stay to renew and does not, on its own, change your Nigerian tax residency.
Remote purchase and the Power of Attorney
Nigerian buyers can complete a Dubai purchase largely remotely. A Notarised and Apostilled Power of Attorney, arranged through a Nigerian notary and the Ministry of Foreign Affairs authentication, lets a representative in Dubai sign the SPA, register the title and handle handover. We coordinate the POA drafting, the escrow transfer and the Oqood (off-plan) or Title Deed registration so only a short visit is needed for key collection.