Owning property in the UAE is much simpler than ever before. The real estate market especially offers significant returns, and the absence of annual property tax, income tax, capital gains tax, rental revenue tax, or Value Added Tax (VAT) is a welcome incentive.
Protecting Your UAE Property Through a Will
While property protection may be acquired by means of insurance to some extent, it’s highly advised to refer to such property per your Will. Should no reference be made to your property, it will be divided per the rules of Sharia law. Sharia law is based on traditional Islamic customs, which aid in the division of your estate, should you pass away without a will, or “intestate.”
For expatriates who own property in Dubai or elsewhere in the UAE, having a properly drafted UAE Will can provide greater certainty about how their property and other UAE-based assets should be dealt with following their death. It is therefore important to consider your UAE property as part of your wider estate and succession planning.
Assets (movable and immovable alike) may be referred to within one’s will. This includes real estate investments and applies even if individuals do not reside within the UAE on a permanent basis. Thus, the will remains valid, regardless of permanent residency, until such time as it is revoked, or replaced by a new will, which essentially means that you don’t have to be physically be present.
A Will should also be reviewed when your circumstances change, such as when you purchase or sell a property, acquire significant new assets, or experience changes in your family circumstances. This can help ensure that your estate planning continues to reflect your wishes and provides appropriate protection for your beneficiaries.
UAE Property and Visa Options
It should be mentioned that you may also qualify for a number of visa options available, depending on the value of your property. This is just one example of the UAE’s continued efforts to include expats in the ever-growing economy.
UAE Wills and Inheritance Advice
Lastly, it should be noted that each individual matter should be treated separately, and that this is a general approach. Specialist legal advice should be obtained where you own property or other assets in the UAE, particularly where you have family members or assets in different jurisdictions.
For more information, reach out to our Wills and Inheritance department, and we will gladly respond and assist.
This is a general guide on the subject matter and should not be construed as specific legal advice.
