When investing overseas, the tax implications of buying, owning and selling property are of primary importance, but they can also be confusing to navigate. Whether it is inheritance tax, capital gains tax, or the vagaries of forced heirship, particularly in UAE, the passage of the Freehold Property Ownership Law allowing non-UAE nationals has led to a continued boom in the real estate market overseas buyers account for a large proportion of property transactions in Dubai as well as other Emirates in UAE.
By owning real estate through a company, real estate investors better protect their asset than if the property is owned individually. Trinity Group strongly advises that serious consideration be given to purchasing property via a corporate structure.
Trinity assists with the incorporation of offshore companies in various jurisdictions around the world, including UAE, to own property on behalf of individuals, investors, and companies.
Structuring the right type of ownership vehicle can protect your interests now and for inheritance. The UAE applies Islamic Sharia Laws for inheritance of personal effects and real estate. Islamic Sharia is very different to common law and civil law in many countries as it enforces a set inheritance scheme. However, with the correct advice, you can avoid complicated inheritance procedures through the use of an offshore company because passing on shares in a company is often more controllable than controlling individual properties.
Company ownership of a property provides an easy method for joint investment, confidentiality, and organising assets under a manageable structure. When an offshore company holds a property, the company’s owners or partners own the shares of the company and the company’s name appears on the title deed rather than the individual.
As ever, circumstances and future plans are unique to each client and tailored advice is vital. If you would like to speak with us about company formation in Dubai, offshore companies in UAE or require specific country focused advice, please contact us at firstname.lastname@example.org.
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