Many foreign investors are interested in buying a property in the UAE, and most of them are eyeing Dubai as their dream destination.
There are several reasons why Dubai is the most sought after location in the UAE.
For starters, it has a booming economy due to its trade and tourism.
It also has several unique architectural marvels like the Burj Khalifa, which is considered as one of the tallest buildings in the world.
Not to mention, the many luxurious amenities this emirate can offer including its vibrant nightspots and top of the line hotels.
These are the factors that make Dubai the ideal place to settle in, but before you decide to invest in the UAE, it's important that you understand and know Sharia Law (Islamic Law).
Things You Need To Know About Sharia Sharia is the moral code of Islam and it's a broad subject that deals with many topics including economics, crime, personal matters and politics.
But we are going to focus more on the most pressing issue that most expatriates and foreign investors encounter in the UAE - inheritance under Sharia Law.
Usually, investors are lured by the lucrative ventures that are available in Dubai that they don't have a plan on how they can protect their assets, in case they do buy a property in the city.
As a matter of fact, they don't even have an idea on what will happen to their property if they die in an Islamic country like the UAE.
According to Islamic Law, there are four essential duties that need to be satisfied when a property owner dies and these will include the following: 1.
The debts of the deceased must be paid.
2.
Burial and Funeral expenses should be paid in full.
3.
To execute the last will and testament of the deceased.
This gives the owner of the will the right to distribute one third of their estate according to their wishes.
4.
The remaining estate will be distributed to immediate relatives and family based on rules of priority.
Based on Sharia Law, Muslim property owners can only dispose 1/3 of their estate, because the remaining portion shall be lawfully distributed to other family members and relatives.
However, if a property owner does not have a direct relative, then his/her estate will directly go to the state treasury.
Although, you need to understand that Sharia will only apply to Muslims in the UAE.
However, expats and foreign investors who are non-Muslims can use the laws of their native country in distributing their properties, which they acquired in the UAE under the "Personal Affairs Law.
" You can protect your property in the UAE by establishing a valid and legal will that is notarized in a UAE court.
Having a valid will can exempt a non-Muslim property owner from Sharia Law, in case something happen to them in Dubai or in any other emirate in the country.
So, it would be wise to hire a credible lawyer who is also qualified to draft your will according to the laws of your home country.
This will give you a peace of mind that your property will be distributed according to your own will and testament.
There are several reasons why Dubai is the most sought after location in the UAE.
For starters, it has a booming economy due to its trade and tourism.
It also has several unique architectural marvels like the Burj Khalifa, which is considered as one of the tallest buildings in the world.
Not to mention, the many luxurious amenities this emirate can offer including its vibrant nightspots and top of the line hotels.
These are the factors that make Dubai the ideal place to settle in, but before you decide to invest in the UAE, it's important that you understand and know Sharia Law (Islamic Law).
Things You Need To Know About Sharia Sharia is the moral code of Islam and it's a broad subject that deals with many topics including economics, crime, personal matters and politics.
But we are going to focus more on the most pressing issue that most expatriates and foreign investors encounter in the UAE - inheritance under Sharia Law.
Usually, investors are lured by the lucrative ventures that are available in Dubai that they don't have a plan on how they can protect their assets, in case they do buy a property in the city.
As a matter of fact, they don't even have an idea on what will happen to their property if they die in an Islamic country like the UAE.
According to Islamic Law, there are four essential duties that need to be satisfied when a property owner dies and these will include the following: 1.
The debts of the deceased must be paid.
2.
Burial and Funeral expenses should be paid in full.
3.
To execute the last will and testament of the deceased.
This gives the owner of the will the right to distribute one third of their estate according to their wishes.
4.
The remaining estate will be distributed to immediate relatives and family based on rules of priority.
Based on Sharia Law, Muslim property owners can only dispose 1/3 of their estate, because the remaining portion shall be lawfully distributed to other family members and relatives.
However, if a property owner does not have a direct relative, then his/her estate will directly go to the state treasury.
Although, you need to understand that Sharia will only apply to Muslims in the UAE.
However, expats and foreign investors who are non-Muslims can use the laws of their native country in distributing their properties, which they acquired in the UAE under the "Personal Affairs Law.
" You can protect your property in the UAE by establishing a valid and legal will that is notarized in a UAE court.
Having a valid will can exempt a non-Muslim property owner from Sharia Law, in case something happen to them in Dubai or in any other emirate in the country.
So, it would be wise to hire a credible lawyer who is also qualified to draft your will according to the laws of your home country.
This will give you a peace of mind that your property will be distributed according to your own will and testament.