Why do people buy property under offshore companies?

Sid wants to know why people buy property under offshore companies.

Sid:

“I’ve lived here for a really long time. Finally, I’m looking at investing

in a property here in Dubai. What are the benefits of investing through an offshore account?”

Response:

“Before moving forward, in terms of offshore companies,

I do have to mention that the Dubai Land Department

has recently issued guidelines stating that only Jebel Ali offshore companies

are allowed to own property in Dubai. Having said that, there are two

major reasons as to why people may own offshore companies.

Number one, to maintain a certain degree of privacy.

That means that if you have a title deed of an offshore company,

your individual name does not need to be on that title deed.

Number two, and most importantly, people use offshore companies

as a means of exempting themselves from Sharia inheritence.

For further information regarding Sharia inheritence,

please seek the advice of an inheritence consultant.”

[Tweet this site_text=”#iknowmyrights” tweet_text=”Curious about UAE property law? #iknowmyrights”]