6 Reasons to Buy Property in Dubai under JAFZA Offshore
Overview:
The real estate and property scene in Dubai as always under a limelight. With the country as a whole progressing, expanding and developing itself, infrastructure and technology-wise, added with favorable rules and benefits for doing and setting up business in Dubai and UAE, has always attracted foreign investment. One of the major avenues for investment has been in Dubai property market. In 2018, Dubai attracted an investment of over AED 285 Billion (Source: Khaleej Times, Jan 9, 2018). With favorable ROI, and an every-growing list of new projects, Dubai remains a hub for real estate investment.
Investors usually have the First doubt, ‘How do I invest in the property market in Dubai?’ This brings us to our topic. Properties in Dubai can be bought only in 2 ways, either under personal name or under special vehicles (like JAFZA, DMCC, etc.). Below, we figure out the 6 reasons to buy a freehold property in Dubai under JAFZA Offshore company.
What are the 6 Main Reasons
- JAFZA offshore is an authorized company to own assets and properties in Dubai. JAFZA Offshore has an MOU with the Dubai Land Department and DLD recognizes JAFZA Offshore as an instrument to purchase property in Dubai.
- If someone buys property under JAFZA Offshore then the JAFZA company’s name is reflected on the title-deed. Thus, it gives a layer anonymity as the personal name of the individual is not displayed either on title-deed or on JAFZA company’s certificate of incorporation as JAFZA Offshore is a closed jurisdiction.
- As JAFZA Offshore company has an authorized director who can be an individual other than the shareholder. In case of death of shareholder, the rental and other management of properties will be unaffected and will be carried out by the director till court orders to transfer shares in the names of heirs. If in case property is in personal name, then all property management transactions get blocked till the court makes it’s decision.
- It is always advisable to register will in DIFC by property buyer so that in case of death of shareholder, it will be easier to implement the will to transfer property/shares of company to legal heirs. This will is applicable for non-Muslims only.
- Any off-plan property purchased in JAFZA Offshore Company also gives the protection to the buyer for any unpaid future liabilities. In this case, because of limited liability nature of the JAFZA Offshore, buyer will be personally protected.
- For any project development, it is always advisable to own the land under JAFZA offshore company as it provides protection to an individual shareholder from any personal liabilities in case the project gets into any financial troubles for any unforeseen circumstances
Document Required to Setup JAFZA Offshore Business
Following documents of shareholder are required to register an offshore company in JAFZA:
- Passport Copy.
- 3 Months Bank Statement.
- C.V or Resume.
- Utility bill having name & address of the shareholder and should not be older than 90 days.
Flyingcolour Business Setup registered several JAFZA Offshore’s over the years and are up to date with any new rules and regulations that needs to be followed under a JAFZA Offshore.
The documentation and procedure to setup JAFZA Offshore business can be carried out by Flyingcolour.
This article is written by Mr. Raj, Chairman, Flyingcolour & can be contacted on 0097150-5585305 or email: raj@flyingcolour.com
