As a UAE property investor, if you do not want to risk your property being governed by the set distribution structure of Muslim sharia law after your death, buying a property under the name of an off-shore company may avoid this.
Notably, the majority of lawyers in the UAE will advise that setting up an offshore company is the most certain method of bypassing Islamic Sharia law provisions on inheritance.
Shares in a company are not considered to be real property, so they pass under the UAE civil code restrictions on inheritance of real property owned in the UAE.
It is also essential as an expat living in a Muslim country that an offshore bank account is opened to avoid sharia law applying to your cash and other liquid assets. All UAE bank accounts will be frozen at the time of your death and inaccessible to family members, this includes joint bank accounts. Bank accounts including joint bank accounts will remain frozen after your death until a sharia court order is issued by the local courts, this can take up to 18 months. Therefore an offshore bank account will provide urgently needed funds for your loved ones should you die as sharia law does not apply to offshore.
As an expatriate you are amongst a reported 7 million either working or living abroad. Your priorities will be ensuring that your income and assets are secure and your finances structured for maximum safety and tax efficiency.
Expat Wills Offshore specialist partner has been serving expatriates across the world for three decades. We understand your needs, your challenges and the advantages that come from being an expatriate. We also understand your individual circumstances and the need to give you personalised advice and support, wherever you may live.
The motivations for individuals and corporations to utilise offshore planning and offshore companies include the desire to:
More broadly, the reasons for going offshore and utilising offshore companies for tax planning and offshore business include:
The principal uses of offshore companies are: