djamel05
October 11th, 2007, 01:03 PM
I want to ask if there is any freehold property in Dubai that has been registered so far in the Dubai Lands Department in the name of non-UAE based offshore companies, and if such did happen, under what conditions.
Registering freehold ownership under the name of offshore companies would allow one to evade paying transfer fees to the Lands Department by selling the company that owns the property instead of selling the property.
dubaiquote
October 11th, 2007, 01:09 PM
How does this work .. why would someone who wants ur property want to buy a whole company and all the paperwork that goes with it?
AltinD
October 11th, 2007, 02:48 PM
^^ To save the 2% transfer fee to Dubai land Department. Creating an OFF-SHORE company it costs you a few thousands dollars only.
Naz UK
October 11th, 2007, 03:37 PM
Erm...not to forget the MOST IMPORTANT REASON FOR DOING THE ABOVE:
To avoid having your partner, e.g. wife completely losing all rights to your property in the event of death. The UAE applies bits of Shariah Law which can mean partners not receiving priority when it comes to property, despites wills.
romaforever
October 12th, 2007, 07:13 AM
Somebody may actually like this :)
DUBAI
October 12th, 2007, 02:07 PM
yes, everyone does this, its verry common.
Panama, BVI, Cook Islands
djamel05
October 12th, 2007, 04:38 PM
I know that many people are buying from developers in the name of offshore companies. My question is that if the Dubai Land Department is giving the title deed in the nameof such companies and what type of documentation they would require.