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.
Following the Covid-19 pandemic, a degree of uncertainty still exists across the board. While the UAE is deemed to be one of the most secure locations to invest, we must consider all options available to not only reach financial freedom, but to safeguard this freedom attained. With numerous options to invest available, we must take a step back and ask ourselves whether our property is truly protected.
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.”
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.
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.
Lastly, it should be noted that each individual matter should be treated separately, and that this is a general approach. 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.
Romano Dolbey | Wills and Inheritance
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