DUBAI // Regulators have moved to close a loophole that allowed investors to buy and sell property without paying a transfer fee.
Owners are now barred from registering property in offshore companies other than those set up in the Jebel Ali Free Zone (Jafza).
Previously, they could set up offshore companies in tax havens such as the British Virgin Islands through which to purchase property that would then be exempt from tax in their home country and from local inheritance laws that favour male over female relatives.
Owners could also sell the property without notifying Dubai's Land Department by transferring ownership of the offshore company's shares.
The department has now reached an agreement with Jafza to track the land rights of companies registered in the free zone, and it will charge a two per cent fee for transfers of shares that are effectively property sales - the same rate charged for other property transactions.
"The procedure is intended in part to verify the Jafza-registered offshore companies' ownership, the buying and selling transactions and the owners of those companies," the Land Department said.
"The Land Department shall charge a fee of two per cent of the value of the real-estate share sold: one per cent on selling, and one per cent on buying," it said. The two per cent fee would apply no matter how small a portion of the property changed hands, it said.
The move may disappoint investors who want to transfer only a small percentage of shares. "There might be reasons other than selling property that people want to transfer shareholdings," said Alexis Waller, a property specialist and partner at the law firm Clyde & Co.
Some might want to add a family member to the company, or exit a business relationship and sell a minority shareholding, she said.
chuang@thenational.ae
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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The five pillars of Islam
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
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Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
How to avoid crypto fraud
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
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- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
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The specs
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THE LIGHT
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Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
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Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
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