buying property in UAE A comprehensive guide to buying a property in UAE
|
|
- Geoffrey Gibbs
- 6 years ago
- Views:
Transcription
1 buying property in UAE A comprehensive guide to buying a property in UAE
2 Judicare Law International Limited is a company incorporated in England & Wales under Company Number and is authorised and regulated by the Solicitors Regulation Authority with number
3 contents Introduction - United Arab Emirates (UAE) 4 Frequently asked questions 5 Surveys 8 Power of attorney (POAs) 9 Inheritance and wills 10 Mortgage 11 Costs and timings 12 Who should own the property? 13 Ongoing obligations 14 Dispute resolution 15 Miscellaneous 16 Why use Judicare 19 3
4 introduction - United Arab Emirates (UAE) The United Arab Emirates (UAE) is a country that was established in 1971 and which is made up of seven emirates (similar to principalities). The UAE is made up of Abu Dhabi (the largest emirate and also the second most populous emirate. It is also the capital of UAE), Ajman, Dubai (the largest population and second largest square area), Fujairah, Ras Al-Khaimah, Sharjah and Umm al-quwain. The UAE is situated in the Persian Gulf bordering Saudi Arabia to the south. Traditionally most people looking at buying property in the UAE have done so in Dubai and Abu Dhabi with some others looking at Ras Al-Khaimah. The majority of properties for sale in the UAE have been new properties, off plan, with properties often sold to other investors prior to completion, a process known as flipping. 4
5 frequently asked questions Q. Is the legal system in UAE the same as anywhere in the world? A. The basics of buying freehold property in UAE are the same as anywhere else in the world. However, some emirates do not currently have in place legislations regulating off plan properties, real estate brokers and agents, escrow accounts or the issuance of strata title. Such being the case one needs to be even more careful and exercise greater due diligence while purchasing property in UAE. Q. Do you need a lawyer to help you buy in UAE? A. It is advisable to hire a lawyer to aid with the due diligence and purchasing process, though this is not a formal requirement in UAE. Q. Is the property you are intending to purchase located in an area where non-uae and non- GCC nationals are permitted to purchase freehold property? A. As the UAE does not have a federal law in place regarding property ownership and registration, each emirate has its own regulations and procedures in place applicable to property ownership in their respective Emirates. a. Dubai In 2006, Dubai issued a law permitting foreigners to own freehold interest in properties in certain areas of Dubai designated by law. Most of the designated areas are well known to the general public, however your broker or lawyer will be able to assist you in determining whether the property is located in a designated area or you could consult the Dubai Land Department website. 5
6 ...frequently asked questions b. Abu Dhabi Abu Dhabi property laws permit foreigners to acquire interests in properties located in certain areas of Abu Dhabi designated by law in 2005 which are known as Investment Zones. These Investment Zones are areas of land within Abu Dhabi in which GCC and non UAE/ GCC nationals are entitled to real property rights. However, such rights specifically exclude ownership rights to land for foreigners. It has been announced by the Abu Dhabi Municipality that foreigners will now be allowed to own property in Abu Dhabi on a freehold basis in designated investment zones as opposed to leasehold arrangements with 99 -year leases. However, the situation will hopefully be clearer once details of such freehold arrangements are eventually provided on how exactly it shall differ from other property rights in Abu Dhabi. Your broker or lawyer will be able to assist you in determining whether the property is located in an Investment Zone or not. Some of the investment zones are Reem Island, Raha Beach, Al Reef, Yas Island, Saadiyat Island. c. Ras Al Khaimah (RAK) The freehold property law issued in 2005 made RAK the first emirate after Dubai to open up its freehold property sector to foreigners. The law permitted foreigners to own property in specific "investment projects" provided that they establish a company in the Ras Al Khaimah Free Zone and purchase the property in the name of the company, i.e. foreign nationals were not permitted to buy directly in their individual capacity. However, amendments to the law were made in 2007 which allowed foreign nationals and corporate bodies (regardless of where they are incorporated), to own freehold title to property in projects owned by RAKIA, Al Hamra and RAKEEN, without the need to establish a company in RAK. 6
7 ...frequently asked questions d. Ajman Legislations issued in 2008 legalized freehold ownership of land and property for UAE and GCC citizens and companies wholly owned by them as well as to the public stock companies. In addition to this, non-gcc developers and buyers are also entitled to own a right of freehold in designated areas or usufruct, including long leases for a term of 50 years with the approval of the Ajman Ruler. e. Sharjah At present, Sharjah laws do not permit foreigners to buy freehold property in the emirate. However, foreigners may acquire leasehold interest in properties for a 99 year period. f. Fujairah As of now, there are no specific laws in Fujairah regarding property ownership in the emirate. g. Umm Al Quwain The property law issued in 2006 restricted ownership of real estate only to UAE and GCC nationals or corporate bodies owned by them. However, foreigners may own property in the emirate but not the land in designated investment areas. They 7
8 surveys It is important to have a proper and complete understanding of your rights and the legal risks involved, when buying a property anywhere in the world. The same applies when buying property in the UAE, especially for expatriates and overseas investors who may not be familiar with the local laws and market conditions. We therefore recommend that you obtain a survey. A survey would highlight any important problems that could affect the property value. If there are any defects in the property the survey will help you negotiate the price or require certain works to be carried out before the property is purchased. 8
9 power of attorney (POA s) A POA is a written instrument whereby one party, the grantor or principal, gives authority to another party, the grantee or attorney, to act on their behalf in the proposed transaction. POAs have a big role in UAE property transactions. Not all property owners are able to put aside hours and sometimes days to finalize a transaction, so a POA is sometimes necessary. Q. How can you issue a POA? A. For a POA to be valid and acceptable it should be signed before a Notary Public in UAE. Q. Can a POA be issued outside UAE? A. Yes. However, if POA has been issued outside UAE, it is required to be legalized up to the UAE embassy in the place of issue and further up to the Ministry of Foreign Affairs in the UAE. Q. To whom should you issue a POA? A. Before issuing the POA, the principal or grantor should ensure that the person being granted the POA is reliable. Preferably, it should be granted in favour of trusted relatives, friends, law firms or licensed conveyancing companies. B. It is always recommended to obtain legal advice at the time of drafting a POA as UAE has certain restrictions in place when it comes to use of POA in property transactions. 9
10 inheritance and wills In general, inheritance in UAE is governed by the UAE Civil Code and UAE Personal Affairs Law. As per UAE laws, property rights located in the UAE which belong to a foreigner having no heir shall become vested in the UAE. The general rule in the UAE is that inheritance issues related to Muslims shall be dealt with in accordance with Sharia principles, and for others, the law of the deceased s home country shall apply. However, no matter what the religion or nationality of the deceased and whether he has a will or not, his inheritance and will, will only be distributed and enforced in accordance with the laws of the country of which the deceased is a national at the time of his death to an extent that it does not contradict with the UAE public order. Though UAE Personal Affairs Law stipulates that the laws of the country of the deceased shall apply to matters regarding inheritance, UAE Civil Code provides that the law of the UAE shall apply to wills made by expatriates disposing of their real property located in the state and also states that inheritance of real estate will be governed by Islamic Sharia law. Ultimately, it is up to the UAE Courts to decide which law would apply, on a case by case basis. Such being the scenario, the only practical approach towards safeguarding an expatriate s rights over real property is by executing a will. Since UAE laws shall be applicable to Wills made by expatriates disposing of their real estate property located in the UAE, it is advisable that proper legal assistance is sought for drafting the will. To circumvent the application of Sharia Law, alternate methods such as setting up an offshore company and purchasing the property in the name of that offshore company can also be considered. 10
11 mortgage In October 2013, the UAE Central Bank issued new set of regulations on mortgage lending. As per the new regulations, for the first property non-uae nationals are only entitled to borrow up to 75 per cent of the value for properties that are valued at AED 5 million or less. If the value of property is more than AED 5 million they shall be entitled to borrow a maximum of 65% of the value of property. In the event of a second purchase of property the maximum loan available will be 60% of the value of the property. In case of a purchase of an off-plan property, the maximum loan amount shall be 50% of the property. The regulations further state that the maximum term of a mortgage shall be 25 years and the maximum age limit of a borrower at the date of last repayment due on the loan is to be 65 years (or 70 years if self-employed). 11
12 costs and timings All transactions involving the sale and purchase of property requires registration at the land department of the concerned emirate. The fee for such registration is 2% of the sale price. However, in 2013 Dubai increased the fee for registration from 2% to 4% of the final sale price. In the case of purchasing resale properties, an additional 1% to 2% transfer fees would apply. In addition to this, purchasers shall be required to pay the agent s fee which is usually between 2% to 5%. In cases of mortgage, the mortgage registration fee shall be around 0.25% of the mortgage value. For off-plan properties, purchasers selecting the property of their choice, will first sign a booking form for their chosen unit and by pay an initial deposit (which is usually around 10% to 15% of the total price). They will then be required to enter into a comprehensive sale and purchase agreement. It is very important to have a construction linked payment plan inserted in the sale and purchase agreement rather than having the liability to make payment on specific dates to the seller. In such construction linked plans the balance of the total price is paid upon handover of the property which is then followed by registration and transfer of title deed at the Land Department of the concerned emirate. Normally, it takes around 2-3 years from booking the property to obtaining the title deed of the property in your name. However, in case of a resale, the process is much quicker. Once an offer to purchase a property is accepted, the seller s agent would provide a sale contract. At this stage, the purchaser shall be required to pay 10% deposit which would be held by the seller s agent. The seller shall then apply for a no objection letter from the developer of the property. Once all documentation has been done, the parties shall make an appointment and meet at the land department to finalize the process. The balance payment shall be made and the title of the property shall be transferred into the purchasers name. This process usually takes around days. However, if there are mortgages/ lending from the bank involved then the process may take up to days as the lending bank shall conduct a valuation of the property. 12
13 who should own the property? This is one of the most important points to consider at the time of purchasing a property. Options like establishing an offshore company first and then purchasing the property in the name of that offshore company may be considered. This option is usually considered by many investors to circumvent the application of Sharia laws. Other factors to be considered while making this decision could be taxation issues. Although UAE is tax-free, purchasers may find they are required to pay taxes in their home country applicable to rental income or capital gains on disposal of the property. It is highly recommended therefore to seek legal advice at the time of considering the best form of legal entity for purchasing real estate in UAE as different set of rules apply to different emirates. 13
14 ongoing obligations Once the title of the property is transferred in your name, there are certain ongoing obligations which shall be required to be met on a regular basis. Some of these include: a. Insurance: It is important to have your property as well as its contents insured. Accordingly you shall be required to pay annual premium towards such insurance. b. Municipality Tax: Municipal tax which is a local tax which is levied in most Emirates on annual rental paid/ rental index at 5 percent for residential premises and 10 percent for commercial premises. c. Service Charges: Once the property has been handed over you shall be required to pay service charges on an annual basis to the developer/ owner s association, covering maintenance, refuse collection, etc. d. Utilities: You shall be responsible for the payment of utility charges- water, electricity, gas, etc. on a regular basis. 14
15 dispute resolution The dispute resolution clause is very common and forms an integral part of any sale and purchase agreement. Since any dispute arising out of or in relation to the property shall be resolved by referring to this clause it is important to have it properly and comprehensively drafted. Since various dispute resolution forums exist in UAE (courts, arbitration, special judicial committees, etc), we recommend purchasers seek proper legal advice to review the contents of the dispute resolution clause in their agreement. Specialist advice will include whether a particular dispute resolution forum in the agreement would be in a purchasers best interest or not depending on the emirate in which they have purchased the property and the nature of the transaction. 15
16 miscellaneous The following are some of the other important issues which individuals need to consider at the time of purchase of their chosen property in UAE: i. Verification of developer and project registration The most important initial step is to ensure that the developer and the project are registered with the competent authorities in the concerned emirate. Below are the competent authorities in UAE who are responsible for registration of real estate developers and projects in the respective emirates. a. Dubai: The law related to establishment of escrow accounts was introduced in 2007 to regulate developers and safeguard purchasers' money in respect of off-plan property purchases in Dubai. As per the requirements of this law, for each real estate project the developer is required to open a specific bank account at one of the accredited banks in the UAE and the said account will be used exclusively for the particular project. b. Abu Dhabi: As per 2015, Abu Dhabi via a new law issue, establishes the existence of the escrow account for the sale and marketing of off-plan units. All the proceeds from off-plan sales will need to be paid into this account and only taken out in stages to fund construction and with restrictions on withdrawals. c. Sharjah: Escrow accounts are not yet required for real estate developments in Sharjah. d. Ras Al Khaimah: Ras Al Khaimah has also enforced a similar law to Dubai in Under this law, developers selling off-plan units must open a Guarantee Account with the Ras Al Khaimah Investment Authority (RAKIA) and deposit finances towards project funding in an approved bank trustee account, regulated by the Real Estate Regulatory Authority (RAKIA RERA). 16
17 ...miscellaneous e. Ajman: Ajman s Real Estate Regulatory Authority (ARRA) was established in 2008 with the authority to regulate real estate developments in Ajman. Further a decree was issued in the same year which required creation of project escrow accounts certified by ARRA. f. Fujairah: The property market in Fujairah is under development and any specific legislation is yet to be passed in relation to escrow accounts. g. Umm Al Quwain: In 2007, a law was issued which made it mandatory for any developer wishing to sell off-plan units to apply to the Survey and Planning Department to open a guarantee account in the name of the project to be used exclusively for its construction. i. Confirming the establishment of Project Escrow Account To safeguard payments made towards off plan' property purchases, some emirates have introduced legislations to regulate setting up of specially managed accounts known as escrow accounts. Money paid by buyers or financiers towards properties will be deposited in a special account opened under the name of the property development in an approved bank. 17
18 Following the successful resolution of our problems and subsequent completion and handover of our apartment in Dubai, I wanted to write and thank you, on behalf of myself and wife Angie, for the excellent service you provided in achieving this. Not only did you provide expert knowledge and advice but the professionalism and dedication to the cause, even working on a Sunday and out of hours, was most impressive. We would have no hesitation in using your services again and would highly recommend you to anyone who found themselves in a similar situation. Once again, many thanks Judicare for all your hard work! Mr & Mrs Williams 18
19 why use Judicare UAE lawyers A highly experienced UAE legal team. We are Solicitors We are a UK based firm of Solicitors regulated by the Solicitors Regulation Authority and who specialise in international legal issues. We understand both sets of laws Because we understand both sets of laws we understand the difficulties that come when two sets of laws meet.. This is particularly important when it comes to issues involving ownership, taxation and inheritance. We are members of AIPP The Association of International Property Professionals was set up to improve standards of professionalism in a largely unregulated overseas property market. Experience Our UAE team has many years of experience dealing with a whole range of legal issues with UAE. If you have a particular problem we have probably come across that problem before and already found a solution. We speak your language You need a lawyer who can speak your own language. More importantly you need somebody who can explain and discuss often complicated issues in terms that you understand. Independence We are independent. We do not to act for the buyer and the seller at the same time. We are not linked with any Development Companies, Builders or Estate Agents in the UAE. 19
20 Contacts A member of the Judicare Team can be contacted either by phone, or post. t: e: admin@judicaregroup.com w:
Buying in Greece guide. A comprehensive guide to buying a property in Greece
Buying in Greece guide A comprehensive guide to buying a property in Greece Judicare Law International Limited is a company incorporated in England & Wales under Company Number 10043006 and is authorised
More informationSETTING UP BUSINESS IN UAE
www.antea-int.com SETTING UP BUSINESS IN UAE 1 General Aspects Capital: Abu Dhabi Currency: United Arab Emirates dirham National anthem: Ishy Bilady Population: 9.346 million (2013) World Bank Ruler: Sheikh
More informationSTEP SOUTH AFRICA CONFERENCE Year of Zayed
STEP SOUTH AFRICA CONFERENCE 2018 Update from Dubai, United Arab Emirates (UAE) Year of Zayed by Carlyle K Rogers MBA LLM TEP Barrister/Principal and Managing Director CARLYLEROGERS/Stafford Corporate
More information15. Appendix 8 VAT return format
15. Appendix 8 VAT return format Value Added Tax Return Main Form Type Document Locator Tax Form Filing Type Submission Date Taxable Person details TRN Taxable Person Name (English) Taxable Person Name
More informationPortuguese wills guide. A comprehensive guide to making a will in Portugal
Portuguese wills guide A comprehensive guide to making a will in Portugal Judicare Law International Limited is a company incorporated in England & Wales under Company Number 10043006 and is authorised
More informationPro Bono Practices and Opportunities in the United Arab Emirates
Pro Bono Practices and Opportunities in the United Arab Emirates Excerpt from: A Survey of Pro Bono Practices and Opportunities in Selected Jurisdictions September 2010 Prepared by Latham & Watkins LLP
More informationDiscuss how the UAE legal system is organized
Discuss how the UAE legal system is organized The United Arab Emirates is a Federation that has seven emirates that have united in 1971, forming a coherent and centralized base of the legal structure in
More informationSpanish mortgage problems guide. A guide to problems with Spanish mortgages
Spanish mortgage problems guide A guide to problems with Spanish mortgages Judicare Law International Limited is a company incorporated in England & Wales under Company Number 10043006 and is authorised
More informationDr Habib Al Mulla. Chairman of DIAC s Board of Trustees
Dr Habib Al Mulla Chairman of DIAC s Board of Trustees v Strong tradition of private out of court dispute resolution dating back thousands of years. The Prophet Mohammed (PBUH) arbitrated disputes and
More informationAn Introduction to Baitulhikma
An Introduction to Baitulhikma Baitulhikma is a leading law firm that has been providing legal services in the United Arab Emirates since 1985. It was established as a two-man operation by Mohammed Issa
More informationRegistration Authority. Choosing a company name
Registration Authority Choosing a company name Choosing a company name There are certain restrictions, controls and requirements for approval of certain words and expressions when used in a company name.
More informationTax Clinic by FTA to help the businesses in the UAE.
August, 2018. Inside this Issue: 1. Tax Clinic by the FTA, UAE. (Page no. 1) 2. Eligible goods for calculating VAT (Page no. 2) 3. Requirements for refund VAT on newly constructed residence for UAE nationals
More informationGCC update. NASDAQ Dubai Listing Rules consultation. January Contents
January 2011 GCC update. NASDAQ Dubai Listing Rules consultation On 18 January 2011 NASDAQ Dubai issued a consultation paper proposing changes to its Listing Rules that have been in effect since 2005.
More informationRegistration of Partnership. Guidance Notes
Registration of Partnership Guidance Notes Contents Introduction... 3 Registration Authority Office... 3 The Registrar s main functions under Companies and Commercial Licensing Regulations... 3 Opening
More informationA matter of life and death
Hubbis, January 2018 A matter of life and death Life changes. Be Prepared. Be protected. 2 Key considerations Plan for the worst, hope for the best 14 things you should consider 1. Leave a will 2. Ensure
More informationTHE IMPORTANCE OF INHERITANCE PLANNING
We believe in aw THE IMPORTANCE OF INHERITANCE PANNING ingapore Middle East India I IN NT TE ER RN NA AT TI OI ON NA A Goodwins aw Corporation, 19 th Floor, Al Wahda Commercial Tower, 11 th treet, We believe
More informationU M M A L QUWAI N FR E E T RA DE ZONE AUT HO RIT Y PO BOX 7072 U M M A L QUWAI N / UAE
U M M A L QUWAI N FR E E T RA DE ZONE AUT HO RIT Y PO BOX 7072 U M M A L QUWAI N / UAE TEL : +971(0)6 76 472 7 2 FAX: +971(0)6 76 4 9 7 8 2 W WW.UA QF T Z. CO M INFO@UAQF T Z. COM UA Q G OV E RN ME N T
More informationVAT USER GUIDE (REGISTRATION, AMENDMENT, DE-REGISTRATION) December 2017
VAT USER GUIDE (REGISTRATION, AMENDMENT, DE-REGISTRATION) December 2017 Contents 1. Brief overview of this user guide... 3 2. Creating and using your e-services account... 4 2.1 Create an e-services account
More informationQUOTES AND ARTICLES AS PER DUBAI LAW UNDERSTANDING HOW SHARIA LAW WILL AFFECT YOU AND SHARIA WILLS AND GUARDIANSHIP ORDERS
QUOTES AND ARTICLES AS PER DUBAI LAW UNDERSTANDING HOW SHARIA LAW WILL AFFECT YOU AND YOUR FAMILY SHARIA WILLS AND GUARDIANSHIP ORDERS WHAT HAPPENS IF YOU DIE WITHOUT A WILL IN THE UAE? WHAT HAPPENS IF
More informationRelocation to Dubai (UAE)
http://www.switzerland-family-office.com/relocation/relocation-to-dubai.html Relocation to Dubai (UAE) Relocation to Dubai is in fashion. For quite some years the metropolis Dubai has been one of the most
More informationKINGDOM OF SAUDI ARABIA. Capital Market Authority. Investment Accounts Instructions
KINGDOM OF SAUDI ARABIA Capital Market Authority Investment Accounts Instructions English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution
More informationUnited Arab Emirates. Country Q&A United Arab Emirates. Amjad Ali Khan, Afridi & Angell. Country Q&A THE SECURED LENDING MARKET REAL ESTATE.
Finance 2010 United Arab Emirates United Arab Emirates Amjad Ali Khan, Afridi & Angell www.practicallaw.com/7-501-0123 THE SECURED LENDING MARKET 1. Please give a brief overview of the main trends and
More informationA Guide to Buying Your Own Home
A Guide to Buying Your Own Home banking on people Getting started Getting on the property ladder can be a big step for anyone to take. With this handy guide, you ll find helpful tips for planning ahead,
More informationInvest Abu Dhabi. United Arab Emirates. Middle East UAE. Abu Dhabi. Abu Dhabi. Ras Al Khaimah Umm Ul Quwain Ajman Sharjah Dubai Fujairah
Invest Abu Dhabi United Arab Emirates Saudi Arabia Yemen Arabian Gulf UAE Oman Saudi Arabia Arabian Gulf Abu Dhabi Ras Al Khaimah Umm Ul Quwain Ajman Sharjah Dubai Fujairah Oman Saudi Arabia Arabian Gulf
More informationTHE DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) A COMPLETE GUIDE TO WEALTH STRUCTURING OPTIONS
THE DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) A COMPLETE GUIDE TO WEALTH STRUCTURING OPTIONS Executive Summary The Dubai International Financial Centre (DIFC) has successfully positioned itself as a
More informationOfficial name Also know as. Geography. Area Location. Neighbouring Emirates. Timezone UTC/GMT +4. Demographics
MOVING FORWARD Facts Profile Official name Also know as Sharjah The Cultural Capital and Industrial Hub of the UAE Geography H.H. Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates
More informationPassing on your wealth to your loved ones
Succession planning Passing on your wealth to your loved ones While no one likes talking about death, it s especially important for you as a South African expatriate to have arrangements in place to protect
More informationRAK INVESTMENT AUTHORITY YOUR BUSINESS DESTINATION
RAK INVESTMENT AUTHORITY YOUR BUSINESS DESTINATION 1 RAS AL KHAIMAH Ras Al Khaimah (RAK), one of the seven emirates of the United Arab Emirates (UAE), has become one of the most sought-after locations
More informationUnited Arab Emirates. Contributing firm Al Shaali & Co Advocates and Legal Consultants IP Division
United Arab Emirates Contributing firm Al Shaali & Co Advocates and Legal Consultants IP Division Author Rawan Sunna Legal framework In the United Arab Emirates, trademark protection is governed by Law
More informationKINGDOM OF SAUDI ARABIA. Capital Market Authority. Investment Accounts Instructions
KINGDOM OF SAUDI ARABIA Capital Market Authority Investment Accounts Instructions English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution
More informationThe Strategic Partnership between COSMO OIL COMPANY, LIMITED and International Petroleum Investment Company and the Allotment of New Shares
The Strategic Partnership between COSMO OIL COMPANY, LIMITED and International Petroleum Investment Company and the Allotment of New Shares September 19, 2007 Yaichi Kimura President Cosmo Oil Co., Ltd.
More informationDutch Treaty Developments With Gulf Cooperation Council Countries
Volume 56, Number 4 October 26, 2009 Dutch Treaty Developments With Gulf Cooperation Council Countries by Emile Bongers Reprinted from Tax Notes Int l, October 26, 2009, p. 285 Dutch Treaty Developments
More informationIP Services Offered in UAE
Egypt Office: P.O. Box 10 El Saraya 21411, Alexandria, EGY T: +2 01001563300 F: +2 03 5708543 E: email@reyada-ip.com Emirates Liaison Office: P.O. Box 91450, Dubai, UAE T: +971 4 272 99 00 F: +971 4 272
More informationINVESTING IN THE UNITED ARAB EMIRATES Property tax & market insight
INVESTING IN THE UNITED ARAB EMIRATES Property tax & market insight Summer 2017 Contents 3 Introduction 4 Abu Dhabi property market snapshot 5 Tax considerations for investing in Abu Dhabi 6 Dubai property
More informationOn the Astana International Financial Centre Constitutional Law of the Republic of Kazakhstan No V ЗРК dated 7 December 2015
On the Astana International Financial Centre Constitutional Law of the Republic of Kazakhstan No. 438 -V ЗРК dated 7 December 2015 Article 1. Basic definitions used in this Constitutional Law The following
More informationBeneficial Ownership and Control. Guidance
Beneficial Ownership and Control Guidance Contents Introduction... 3 Registration Authority Office... 3 The Registrar s main functions... 3 Opening Hours... 3 ADGM Requirement... 4 What is beneficial owner?...
More informationINDIA UNLEASHED. Gateway to India An end-to-end deep dive into Indian and overseas regulations essential for business and investors
INDIA UNLEASHED 2017 LEGAL AND INVESTMENT GUIDE Gateway to India An end-to-end deep dive into Indian and overseas regulations essential for business and investors A JOINT PUBLICATION BETWEEN: COUNTRY-BY-COUNTRY
More informationA BRIEF GUIDE TO AUSTRALIAN HOME LOANS
A BRIEF GUIDE TO AUSTRALIAN HOME LOANS FOR EXPATS & NON RESIDENTS Investing in the Australian property market is a smart move for many expats and non-residents. With its very stable economy, well established
More informationGuiding Your Success
Guiding Your Success UNITED ARAB EMIRATES Centrally Located at the Crossroads of East and West London 8hrs Paris 8hrs Berlin 8hrs Moscow 5hrs Astana 5hrs Beijing 9hrs Los Angeles 16hrs New York 13hrs Italy
More informationPAST ATTENDEE SNAPSHOT
Dubai, UAE We have pulled this exclusive list of our past attendees to get a flavor of the type of industry experts and key personnel you ll be able to network and learn from. PAST ATTENDEE SNAPSHOT PAST
More informationMarket Entry United Arab Emirates (Dubai and Abu Dhabi)
us y p t Israel S u d a n Lebanon T u r k e y J o r d a n E r i t r e a S y r i a Dijbouti Georgia Armenia Azerb. I r a q Kuwait Azerbaijan S a u d i Bahrain Qatar Y e m e n A r a b i a I r a n United
More informationA matter of life and death
Key considerations for UAE expatriates A matter of life and death Life changes. Be prepared. Be protected. Plan for the worst, hope for the best 14 things you should consider 1. Leave a Will 2. Ensure
More informationBereaved customers. Helping you deal with a deceased person s account
Bereaved customers Helping you deal with a deceased person s account How this leaflet will help This guide will help if you need to settle the banking affairs of someone who has died. When you have suffered
More informationUAE Freezones An Effective Destination For Doing Business. Contact Us Suite No 1801,City Tower 2 Sheikh Zayed Road, Dubai Phone :
UAE Freezones An Effective Destination For Doing Business Phone : +971 43277775 1 United Arab Emirates(UAE) UAE is a constitutional federation of seven emirates: Abu Dhabi (capital and the largest city
More informationRegistration No: INTERNATIONAL BUSINESS COMPANIES DEPARTMENT RAK INVESTMENT AUTHORITY MEMORANDUM & ARTICLES OF ASSOCIATION XYZ LIMITED
Registration No: INTERNATIONAL BUSINESS COMPANIES DEPARTMENT RAK INVESTMENT AUTHORITY MEMORANDUM & ARTICLES OF ASSOCIATION OF XYZ LIMITED 1 MEMORANDUM OF ASSOCIATION Date : NAME 1 The name of the International
More informationNorthern Emirates Q Report
Property Review Northern Emirates Q2 2015 Report With rental rates decreasing in neighbouring Dubai, rents in Sharjah and also came under pressure. In addition, despite the recently implemented ownership
More informationLaw No. (6) of 2011 Regulating the Participation of the Private Sector in Electricity and Water Production in the Emirate of Dubai 1
Law No. (6) of 2011 Regulating the Participation of the Private Sector in Electricity and Water Production in the Emirate of Dubai 1 We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai, After perusal of
More informationPinsent Masons in the UAE
Pinsent Masons in the UAE Pinsent Masons In the UAE Introduction Our UAE office, based in the heart of Dubai s financial district, combines local knowledge with an international experience to advise clients
More informationRAK INVESTMENT AUTHORITY GOVERNMENT OF RAS AL KHAIMAH RAS AL KHAIMAH UNITED ARAB EMIRATES
RAK INVESTMENT AUTHORITY GOVERNMENT OF RAS AL KHAIMAH RAS AL KHAIMAH UNITED ARAB EMIRATES CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND REVIEW REPORT FOR THE SIX-MONTHs PERIOD ENDED JUNE 30,
More informationCare home fees and your property
Care home fees and your property This factsheet explains whether you will need to sell your property to pay care home fees, and outlines alternatives such as deferred payment agreements with your council.
More informationDoing Business in the UAE September Alan Wood and Nigel Wilson Pinsent Masons LLP Dubai Branch
Doing Business in the UAE September 2009 Alan Wood and Nigel Wilson Pinsent Masons LLP Dubai Branch Introduction The Legal Framework of the UAE Legal Issues faced operating in the UAE Trading from Overseas
More informationHOTSPOT MIDDLE EAST. May Dear Friends & Partners,
May 2009 HOTSPOT MIDDLE EAST Dear Friends & Partners, Due to the economic downturn being of unprecedented scale and intensity, people all over the world are facing several radical changes. As mentioned
More informationOctober. Doing property business in the UK
October 2017 Doing property business in the UK 0 F o r w a r d This booklet has been prepared for the use of clients, partners and staff of Menzies LLP. It is designed to give some general information
More informationPartnership and shareholder business protection
Business protection Partnership and shareholder business protection Adviser guide Life changes. Be prepared. Be protected. A partnership is an effective method of combining skills to build an enterprise..
More informationKey Features of the products within the James Hay Wrap service
Key Features of the products within the James Hay Wrap service Important information you need to read and understand before you invest The Financial Conduct Authority is a financial services regulator.
More informationNOTES. Prime Minister Narendra Modi held wide-ranging talks with Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan on February 10, 2018
NOTES Prime Minister Narendra Modi held wide-ranging talks with Crown Prince of Abu Dhabi Mohamed bin Zayed Al Nahyan on February 10, 2018 Palestine, United Arab Emirates and Oman UNITED ARAB EMIRATES
More informationVAT UAE IMPORT EXPORT & DESIGNATED ZONES
VAT UAE IMPORT EXPORT & S S: Key Points: (1) For Exports: A movement of Goods into a Designated Zone from a place in the State or a supply of Goods to a Designated Zone shall not be considered an Export
More informationTrust Pack. Discretionary Discounted Gift Trust
Trust Pack Discretionary Discounted Gift Trust Discretionary Discounted Gift Trust Introduction Important Note The Discretionary Discounted Gift Trust is a discretionary trust which allows for beneficiaries
More informationICC UAE VAT RETURNS WORKSHOP. 29 th March 2018 Dubai Chamber of Commerce & Industry
ICC UAE VAT RETURNS WORKSHOP 29 th March 2018 Dubai Chamber of Commerce & Industry OVERVIEW OF VAT Direct Tax The person paying the tax to the Government directly bears the incidence of tax It is progressive
More informationBENEFITING FROM PROFESSIONAL TRUST SERVICES
BENEFITING FROM PROFESSIONAL TRUST SERVICES A professional trust company offers just the right level of specialized services and support. All so you can spend more time doing what you enjoy. BENEFITING
More informationLending and taking security in the United Arab Emirates: overview
MULTI-JURISDICTIONAL GUIDE 2014/15 FINANCE Country Q&A Lending and taking security in the United Arab Emirates: overview Bashir Ahmed and Rahat Dar Afridi & Angell global.practicallaw.com/7-501-0123 OVERVIEW
More informationFlag. National emblem
Flag National emblem Capital Abu Dhabi Largest city Dubai Official languages Arabic Religion Islam President Khalifa bin Zayed Al Nahyan Prime Minister Mohammed bin Rashid Al Maktoum - Total 83,600
More informationRAKBANK. Investor Relations Presentation Q3 / 9M 2017
RAKBANK Investor Relations Presentation Q3 / 9M 2017 RAKBANK Profile Establishment Subsidiaries The National Bank of Ras Al Khaimah was founded in 1976. It underwent a major transformation in 2001 as it
More informationCare home fees and your property
Care home fees and your property This factsheet explains whether you will need to sell your property to pay care home fees, and outlines alternatives such as deferred payment agreements with your council.
More informationPrivate Wealth Planning for You and Your Family
Private Wealth Planning for You and Your Family vwv.co.uk Offices in London, Watford, Bristol & Birmingham Page 2 www.vwv.co.uk London, Watford, Bristol & Birmingham Bristol & Birmingham Your Wealth Partner
More informationYour guide to. Equity Release. with no obligation
Your guide to Equity Release EXPERT ADVICE with no obligation Your introduction to equity release Your retirement should give you the freedom to do all the things in life you haven t had time for. However,
More informationFirst Gulf Bank Public Joint Stock Company
First Gulf Bank Public Joint Stock Company CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2014 CONSOLIDATED INCOME STATEMENT Year ended 2014 2013 2014 2013 Notes AED 000 AED 000 US$ 000 US$ 000 Interest
More informationExpatriate Mortgage Application Checklist
Expatriate Mortgage Application Checklist Please complete this checklist and submit with your mortgage application. Incomplete (or non-original) applications will not be processed. All non-english documentation
More informationPrime Investments International Group Limited
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt about the contents of this document, you should consult a person authorised and regulated by the Financial Services
More informationDoing Business in the United Arab Emirates
Doing Business in the United Arab Emirates I. Key facts What are the key facts on doing business in the UAE? When considering doing business in a foreign jurisdiction, an investor must consider a wide
More informationPortuguese buying guide. A comprehensive guide to buying a property in Portugal
Portuguese buying guide A comprehensive guide to buying a property in Portugal Judicare Law International Limited is a company incorporated in England & Wales under Company Number 10043006 and is authorised
More informationGUIDE TO BUYING PROPERTY IN SWITZERLAND
Property Purchase by Foreigners Individuals purchasing second homes in Switzerland require a permit from the relevant Canton and Federal Authorities. The number of annual foreigner permits authorised is
More informationRAKBANK. Investor Relations Presentation H1 / 6M 2018
RAKBANK Investor Relations Presentation H1 / 6M 2018 RAKBANK Profile Establishment Subsidiaries The National Bank of Ras Al Khaimah was founded in 1976. It underwent a major transformation in 2001 as it
More informationUNITED ARAB EMIRATES
SHIPPING IN THE UNITED ARAB EMIRATES Rania Tadros is the managing partner of Ince & Co s Dubai office. Rania qualified as an English solicitor with Ince & Co in London in 2000 and relocated from London
More informationApplication for Temporary License. Guidance
Application for Temporary License Guidance Contents Contents... 2 Introduction... 3 Registration Authority Office... 3 The Registrar s main functions under Companies and Commercial Licensing Regulations...
More informationIntroduction Page 1 of 7. Introduction
Introduction Page 1 of 7 Introduction Country and people The United Arab Emirates (UAE) is a country located in the Arabian Gulf, bordered by Saudi Arabia and Oman. Because it is located in the centre
More informationCountryView UNITED ARAB EMIRATES
CountryView UNITED ARAB EMIRATES www.cbre.eu/research Key Facts Capital City Governance Federation Area million sq km (Rank) 0.08 (114) Population million 5.1 The United Arab Emirates comprises seven emirates
More informationFundraising. Investment. Transactions. Exits
United Arab Emirates Amjad Ali Khan Afridi & Angell www.practicallaw.com/6-500-6174 MARKET TRENDS AND ACTIVITY 1. Please describe briefly the private equity market in your jurisdiction, in particular:
More informationPROPERTY: TIPS TO MINIMISE TAX BEFORE AND AFTER INHERITANCE
IHT PLANNING AND PROPERTY: TIPS TO MINIMISE TAX BEFORE AND AFTER INHERITANCE WHY ADVICE ON INHERITING PROPERTY IS VITAL House prices have been rocketing, particularly in property hot-spots like London
More informationRising Emirate.
Bringing investors and financiers together with key RAK entities to explore real investment projects & venture opportunities in the Rising Emirate. 13-14 December 2016 Rixos Bab Al Bahr, Ras Al Khaimah,
More informationUnited Arab Emirates
This chapter is from Legal Aspects of Doing Business in the Middle East, 2nd Ed. Juris Publishing, Inc. 2014 www.jurispub.com United Arab Emirates Charles S Laubach Afridi & Angell Abu Dhabi, United Arab
More informationStaying out of court: Avoiding litigation in M&A
Staying out of court: Avoiding litigation in M&A 20 January 2015 Baker & McKenzie Habib Al Mulla is a member firm of Baker & McKenzie International, a Swiss Verein with member law firms around the world.
More informationHeadquarter Jurisdictions Around the World: A Comparison
Headquarter Jurisdictions Around the World: A Comparison 2017 Austria Belgium Cyprus Dubai Hong Kong Ireland Luxembourg The Netherlands Portugal Singapore Spain Switzerland United Kingdom Headquarter jurisdictions
More informationGuide to the Flexible Drawdown Lifetime Mortgage
Guide to the Flexible Drawdown Lifetime Mortgage Issued: 12 April 2011 CONTENTS 1. How the Flexible Drawdown Lifetime Mortgage works 2 Summary 2 Interest 2 How your loan is repaid 3 Staying in your home
More informationMortgage advice you can depend on
Mortgage advice you can depend on Whether buying your first home, buying to let, or remortgaging it s a big commitment. This guide aims to help you understand what you need to think about making you feel
More informationA GUIDE TO INHERITANCE TAX PLANNING
A GUIDE TO INHERITANCE TAX PLANNING 02 A guide to Inheritance Tax planning CONTENTS Page What is Inheritance Tax (IHT)?...3 What happens if the nil rate band isn t used...3 Included in your estate...4
More informationHome Purchase Plan. Product information. alrayanbank.co.uk
Home Purchase Plan Product information alrayanbank.co.uk Sharia compliant, flexible, aordable home finance Unlike a conventional mortgage where the purchaser borrows money from a lender which is then repaid
More informationat the center of your administration
at the center of your administration About IGC Who We Are Inter Global Consulting was founded with the aim of providing transparent and earnest services for setting up and managing businesses in the United
More informationSLQS JOURNAL. Arbitration and its Development in the UAE Construction Industry - an Overview. September 2009
Arbitration and its Development in the UAE Construction Industry - an Overview E.A.Thusitha P. Edirisinghe, B Sc (Hons)QS, MCIArb, CCE, Pg Dip (Arb & Const. Law) is a quantity surveyor graduated from University
More informationB K R INTERNATIONAL. Kanaan & Associates AN INDEPENDENT MEMBER FIRM OF BKR INTERNATIONAL
Kanaan & Associates AN INDEPENDENT MEMBER FIRM OF BKR INTERNATIONAL B K R INTERNATIONAL SETTING UP AN OFFSHORE INVESTMENT HOLDING COMPANY IN THE UNITED ARAB EMIRATES PREFACE This publication was written
More informationAL FUJAIRAH NATIONAL INSURANCE COMPANY P.S.C. Review report and interim financial information for the period ended 31 March 2013
AL FUJAIRAH NATIONAL INSURANCE COMPANY P.S.C. Review report and interim financial information for the period ended 31 March 2013 Al Fujairah National Insurance Company P.S.C. Review report and interim
More informationCross border Wills (CroBoWills) Project
EUROPEAN NETWORK OF REGISTERS OF WILLS ASSOCIATION (ENRWA) Cross border Wills (CroBoWills) Project Final Report Version of 12 March 2015 This publication was produced with the financial support of the
More informationImproving the home buying and selling process: UK Finance response to the DCLG call for evidence
Improving the home buying and selling process: UK Finance response to the DCLG call for evidence 15 December 2017 Introduction UK Finance represents around 300 firms in the UK providing credit, banking,
More informationWAREHOUSE KEEPER AND DESIGNATED ZONE REGISTRATION USER GUIDE September 2017
WAREHOUSE KEEPER AND DESIGNATED ZONE REGISTRATION USER GUIDE September 2017 Contents 1. Brief overview of this user guide... 3 2. Creating and using your e-services account... 4 2.1 Create an e-services
More informationHis Excellency Sultan bin Saeed Al Mansoori, Minister of. Ambassador of the United Arab Emirates to Singapore Dr
EMBARGOED UNTIL AFTER DELIVERY PLEASE CHECK AGAINST DELIVERY OPENING REMARKS BY DR KOH POH KOON SENIOR MINISTER OF STATE FOR TRADE & INDUSTRY AND NATIONAL DEVELOPMENT AT THE UAE-SINGAPORE BUSINESS AND
More informationChartered Accountants and Auditors EXPERTISE IN IN EXCELLENCE. Dubai Abu Dhabi Sharjah
Chartered Accountants and Auditors EXPERTISE EXPERTISE IN EXCELLENCE IN EXCELLENCE ABOUT US BOUT AGX is a firm of Chartered Accountants and professional Auditors with Head Office in Dubai and our branches
More informationInformation for mortgage customers. Mortgages
Information for mortgage customers. Mortgages Hello. This is your guide to TSB mortgages. This guide provides lots of information about our mortgages. Some of it is relevant to everyone but some of it
More informationClearing, Depository and Registry Rules
Clearing, Depository and Registry Rules The Board of Directors of Abu Dhabi Securities Exchange (ADX), Having perused the Federal Law No. (4) of 2000 concerning the Emirates Securities and Commodities
More informationMulti-jurisdictional estate planning and administration
Multi-jurisdictional estate planning and administration Fiduciary Institute of Southern Africa August 2017 Oliver Phipps, Partner Introduction a small world South African fiduciary practitioners regularly
More informationWills & Inheritance in Australia. Wills & Probate. Other Legal Services. Property Law. Business Law
Wills & Inheritance in Australia Property Law Wills & Probate Business Law Other Legal Services If you have or are about to acquire assets in Australia you should consider how they will be dealt with after
More information