Residents And Investors Taking Advantage Of New Long-Term UAE Visas Have Been Urged To Make Firm Plans For Their Family’s Financial Future #Dubai - Dubai City Guide
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Residents And Investors Taking Advantage Of New Long-Term UAE Visas Have Been Urged To Make Firm Plans For Their Family’s Financial Future
(4 December 2018)
DIFC Courts Wills Registry for Non-Muslims is expecting more people to register DIFC Wills with the Wills Service Centre, guaranteeing them the freedom to choose how their wealth will pass to the next generation


 

The 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.

Tun Zaki Bin Azmi, Chief Justice, 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.”

“We welcome this commitment to residents and investors, which follows the decision earlier this year to offer retirement visas.“

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 AED 5m or more will qualify for a five-year visa, while those with a mix of property and business investments reaching AED 10m or above can apply for a renewable ten-year visa.

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.

Without a recognized 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.


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