How to Protect Your Family Property And Assets In The UAE
Protect Your Family Property And Assets In The UAE
The United Arab Emirates serves as a home to a thriving expatriate community with more than millions of people who are looking for an opportunity in this country. There are numerous ex-pats of this country who own an asset in this country. In addition, ambients business owners in this country from different continents strategically invest in profitable companies in Dubai, often choosing for renowned free zones.
Indeed, investing in assets in the UAE is beneficial for ex-pats. However, if you are a foreigner in the United Arab Emirates, then you need to Secure your assets in the UAE. The government of this country has introduced several methods that you can follow to protect your investment, assets, or your family.
If you have invested in this country for assets and are worried about how you can protect your assets in this country, then you are required to invest your valuable time. In this article, we are going to provide you with the most effective methods that will help you to Protect your assets in UAE.
Top Method to Protect Your Family Property And Assets In The UAE
There are numerous people who have invested in the United Arab Emirates. However, most of these people might feel worried due to the security of their invested assets. The following is the list of methods that you can follow in order to protect your assets or protect your family property in the UAE:
➨ DIFC Will
The DIFC Will is the first and foremost method that you are allowed to follow in order to Secure your assets in the UAE. The emirate has the DIFC Wills Service Centre that provides non-Muslim expatriates with the ability to develop a will under similar laws to the jurisdiction of England and Wales and provides for testamentary freedom rather than the forced regime of heirship under Sharia law. Indeed, you have read it right! The Emirates does not force you to follow an heirship regime under Sharia law.
It is effortless to register a foreigner into the DIFC Will. However, there are specific guidelines that you are required to follow in an effort to register yourself in the DIFC Will. If you are not Muslim, then you are allowed to register your will in the DIFC. However, your age has to be more than 21 in an effort to create a will in the DIFC.
In order to register your will, you will need a DIFC-registered will drafting expert in an effort to create a will. The best thing about this is that the probate process is additionally more straightforward and more effective than that which applies to non-DIFC.
➨Abu Dhabi Will
The most crucial for securing your investment is for expatriates coming from foreign nations with an ideal purpose to secure and multiply their investments by targeting the real estate market. However, the inadequate insight regarding the process is far from the mere understanding of most people. Suppose an expat dies without a certified Muslim or non-Muslim will. In that case, the Shariah law would be applied to the deceased’s estate on a legal basis, and the allocations and adjustments would be made in such a way that might not please an investor.
The Abu Dhabi Courts Judicial Department understands the concern of foreigners, which is why the court has created the Abu Dhabi Will to help foreigners to protect their assets in this country. The Will provide Muslims and non-Muslims with an option to opt out of Sharia law and to register as per their alternative wishes.
The Abu Dhabi Wills Registry is an essential development for Muslim and non-Muslim foreigners in order to make sure that their wishes are correctly documented and registered with the peace of mind that principles of Sharia will not apply to their Abu Dhabi estate.
➨Trust
The trusts are additionally an excellent method that can help you to Protect Assets In The UAE. Trusts are legal arrangements in which a person (the “settlor”) transfers their assets to a trustee in order to manage and hold for the benefit of one or more beneficiaries. Therefore, a trust could be set up in order to protect your property and assets for your spouse, children, and grandchildren.
The trustee has a legal obligation in an effort to manage the assets in the trust following the trust deed and for the advantage of the beneficiaries. They have applications for wealth management, estate planning, asset protection, and even philanthropic purposes.
Remember, a holding company is a single legal entity. However, you are allowed to become the primary shareholder in the company, which mean that you still have a control over the property or asset that you hold.
➨Foundation
Developing the foundation is another method to protect your family property in the UAE. The civil laws jurisdiction in the UAE allows the development of the foundation and legal entities that hold assets on the beneficiaries. Foundation provides you with similar trust that allows for the separation of legal along beneficial interests. These foundations enable you to have complete control over their asset.
There are several advantages to creating the foundation in the UAE. Below is the list of benefits that you may get from developing your foundation:
- The founders’ and beneficiaries’ identities remain confidential
- Low set-up costs
- No corporation tax
- Solid governance structure
Foundations are required to have a council to administer the property and assets, and action the goal stated in the Foundation documents.
➨Family grants
Family grants are mostly under consideration in the UAE, where you are allowed to gift an asset to another person under the legal compliance that our experts will perform for you. However, here, the property has to be passed down through close relations of first-degree relatives who are parents of children. On the other hand, gifting the property or assets to anyone is an entirely rational decision of the investor or owner.
How Flying Colour can help you?
Flying Colour comes with a deep understanding of the protection of assets. We have a team of experts who can help you protect your assets for your family in the UAE. Whether you choose a Will or foundation to protect your asset in this country, our experts can provide you with the right path to achieve your destination.
To learn more about to Protect Your Family Property And Assets In The UAE, book a free consultation with one of Flying Colour team advisors, simply call +971 50 5585305 or send WhatsApp messages to +971 4 4542366. you can also drop an email to info (at) flyingcolour (dot) com.
*Please note that this article was published on 26/01/2024 by the federal policies and updates at the time of writing. For the latest info please talk to our consultant.
