| 26 Jan 2012 |
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Inheritance laws remain unclear
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Thursday, Jan 26, 2012
Dubai While the UAE waits for stability in its real estate marketplace, there are a few ambiguities that property investors are still living with. One concern that is yet to be resolved relates to the status of such assets upon an investor’s demise.
Can the property ownership rights pass smoothly on to the rightful heirs named in the deceased’s will?
“Non-Muslim residents in the UAE are never sure whether they would be subject to Sharia or not on what was likely their biggest asset,” said Jesse Hester, chairman of Atlas Corporate Services, which specialises in consultancy related to the setting up and management of offshore companies and trusts.
Time-consuming process
“The Sharia courts may propose that they will follow the laws of the deceased’s home country, though this is not guaranteed, and procedures are still complicated, time-consuming and expensive.
“Offshore companies — or potentially a corporate trustee — can, therefore, be used to own shares of a Jebel Ali offshore company owning the property, thus taking it outside the scope of the UAE inheritance legislation.”
As it is, few homeowners and property investors here are fully aware of the implications of the laws governing property inheritance.
Consult a lawyer
© Gulf News 2012. All rights reserved.
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