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Long-term UAE visas ' boon to residents, property investors'

DUBAI, December 4, 2018

DIFC Courts Wills Registry for Non-Muslims has welcomed the government’s decision to issue long-term visas and believes it will encourage more UAE residents to protect their family’s financial future with the certainty of a safe and enforceable Will.

The Wills Registry for Non-Muslims at the DIFC Courts expects to see a rise in will registration among non-Muslims, who now have the option of committing their future to the UAE, said the statement from Dubai Courts.

More than 4,500 wills have been registered since 2015 and many were by long-term residents owning valuable property and significant stakes in private businesses, it stated.

Tun Zaki bin Azmi, Chief Justice at DIFC Courts, said: "These latest measures are another step forward in the UAE’s forward-thinking strategy of developing and retaining wealth and talent in the country."

A Federal Cabinet decision this week has offered visas of up to ten years for investors, entrepreneurs, and leading specialists and students focused on science, technology, medicine and culture.

In particular, foreign residents with wholly-owned property worth Dh5 million ($1.36 million) or more will qualify for a five-year visa, while those with a mix of property and business investments reaching Dh10 million ($2.27 million) or above can apply for a renewable ten-year visa.

"We welcome this UAE commitment to residents and investors, which follows the decision earlier this year to offer retirement visas," stated bin Azmi.

Without a recognised will certain to be enforced by the courts, the assets of any UAE resident will be divided among family members after death, according a pre-determined Sharia law formula, he added.-TradeArabia News Service




Tags: property | residents | DIFC Courts | UAE visas |

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