|
United Arab Emirates
is one of the countries in the world with the highest expatriates
population rate which is more than 80%. This rate shows that UAE has
fair and easy enough regulations for foreign residency in comparison to
other countries. Generally
there are two main types of visas namely Visit Visa and Resident Visa.
In UAE all types of visas need sponsors. The sponsor can be a person
holding residency visa or a company and will be responsible for all the
legal aspects of the invitee.
|
|
Read more...
|
|
|
Law No. (7) of 2006 concerning Real Property Registration in the
Emirate of Dubai (the ‘Dubai Property Law’) was signed by His Highness
Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai, on 13th March
2006 and came into force on 1st April 2006.
According to the Dubai Property Law, the Lands Department will be the
only authority recognised as being able to register real property
rights for property in Dubai. Real property rights capable of
registration include rights of freehold ownership, rights of usufruct,
long leases of up to 99 years, rights of Musataha and also collateral
rights such as easements, restrictions and mortgages over real property. |
|
Read more...
|
|
Below is the standard purchase process in UAE, and issues that may affect the purchase:
- Most property for sale in the UAE is new-build, as the housing industry is so young little resale property is available yet.
- All
homes for purchase by foreigners are located within special
pre-approved zones, with resident visas issued on completion for those
wishing to make a permanent move.
- Strict government regulations mean the process is straightforward.
- A
simple sales agreement is the only document required for purchase.
However, this is legally binding and should only be signed when all
reasonable checks have been undertaken and all negotiations completed.
The cost of a standard property purchase in UAE includes the following:
- There is no income tax or capital gains tax on property sales or rentals in the UAE.
- 2-4% stamp duty is payable on property purchases in the UAE.
- A 1.5% land registry fee is also payable on completion.
|
|
Which properties are eligible for registration of land?
Properties that are:
- Completed
- Fully paid
- Handed over
- Without
any outstanding balances for charges such as services, interest and
maintenance fees (All due balances should be paid till the end of the
current year)
Can any owner from any project can come and register?
|
|
Read more...
|
|
|
In
March 2006 the government of Dubai implemented a new property law, Law
Number 7, which is expected to boost all sectors of Dubai's real-estate
market. It allows foreigners freehold ownership rights in Dubai
property such as condo hotels.
While it's expected that the residential market will benefit most from
the change in the freehold and lease-hold laws, properties such as
condo hotels may also see a surge in sales, now that one of the last
objections to investing in Dubai property by non-nationals has been
eliminated.
|
|
Read more...
|
|
|
|
