DIFC Wills and Probate Registry on Saturday launched the Virtual Registry that allows international investors to register and witness their will directly through new smart service.
Designed for overseas asset-holders, the innovative service enables eligible investors living outside of the UAE to create, register, witness and store a will for Dubai and Ras Al Khaimah assets from anywhere in the world.
From October 1, 2017 eligible investors living abroad with real estate assets or shareholdings in Free Zone companies in Dubai or Ras Al Khaimah, can create and register a will online from anywhere around the world. This first-of-its-kind service provides a simple online template for property assets and Free Zone company shares to be completed via the registry's website.
The draft will can then be registered in real time by video conferencing a Registry Officer based in Dubai. In a break with traditional legal requirements, clients and witnesses no longer need to attend a registration appointment onsite to create a binding legal document.
Sean Hird, director, DIFC Wills and Probate Registry, said the Virtual Registry is a smart government service that for the first time enables global investors and asset owners wanting to register a will to do so from wherever they are in the world.
"In offering this new system, the Registry is supporting overseas investors in Dubai and Ras Al Khaimah," he said.
The property will allows those with real estate assets to secure up to five properties in Dubai and Ras Al Khaimah. Likewise, Free Zone company shareholders in both Dubai and Ras Al Khaimah can directly protect up to five shareholdings and guarantee business continuity through the single purpose Free Zone Company Will. The registration cost of a single property Will is Dh7,500 and that of two mirror property Wills is Dh10,000.
"To date we have registered more than 3,000 Wills at the registry," Hird said.
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