DO I GET THE TITLE DEEDS?
Yes, the new Dubai property law now enables locals and foreigners to own and register property in the Dubai Lands and property department. You will get the deeds after the property has been completed. If, however, you wish to resell the property before it is built or any time up to completion, then all you need is your original contract.
CAN I PUT THE PROPERTY IN MY WILL?
Yes, you can, but local law does not validate wills here. And as far as expatriates are concerned, inheritance laws of the country they belong to, would apply. It is therefore advisable to buy property in joint names so it goes to either or survivor.
If you are considering multiple property purchases, you may want to operate through an offshore company
WHAT IS AN OFFSHORE COMPANY?
An offshore company is a business entity that is formulated in a low tax or no tax jurisdiction for the purposes of legally minimizing any type of tax payment and improving your wealth management.
An offshore company legitimately assists you in gaining confidentiality over your financial affairs and growing your wealth. Offshore companies can eliminate or minimize many types of tax payments such as: Capital Gain Tax, Death Duty, profits on business earnings and property sales tax.
CAN I BUY ON THE NAME OF AN OFFSHORE COMPANY?
Yes, and using a Dubai offshore company can also be explored.
IS THERE ANY CAPITAL GAINS TAX ON THE SALE OF MY PROPERTY?
No.
