KOCHI: Do you or your relatives have properties or bank deposits in Dubai or sister emirate Ras Al Khaimah? If you are an overseas investor and a non-Muslim, then waste no time. Register a Will as per the local UAE law or face the likelihood of your assets not being passed on to your chosen beneficiaries, warn experts.
The gravity of the issue comes to light considering the fact Indians have invested in $23 billion worth of assets in Dubai in the past five years. Last year alone, Indians have made purchases to the tune of $4.25 billion in Dubai real estate and around 10 per cent of these investments is from Kerala.
"Many Indians with overseas investments or even residents of Dubai and/or Ras Al Khaimah are not aware as per the local UAE law, if a Will is not registered in Dubai, their Dubai/Ras Al Khaimah assets will not be passed on to their chosen beneficiaries.
"In such cases, Sharia principles are applied with specified blood relatives receiving pre-determined allocations," said Sean Hird, director, DIFC (Dubai International Financial Centre) Wills Service Centre, a public entity of the Dubai Government. To provide a solution to the investors in India, DIFC Wills Service Centre (WSC) has given non-Muslim residents and overseas investors with assets in Dubai or Ras Al Khaimah the option to chose the DIFC courts as a reliable route through which they can enforce their inheritance wishes.
"WSC's first-of-its-kind 'Virtual Registry' gives eligible investors living outside of the UAE the ability to create, register and witness a Will for their Dubai and Ras Al Khaimah assets from anywhere in the world," Hird, who was here to create an awareness about the service, said.
The 'Virtual Registry' is a smart government service that for the first time empowers global investors and asset owners wanting to register a Will to do so from the location of their choice. Assisted by a team of DIFC specialists, those registering their Will can complete the entire process via their laptop or smartphone, he said.
In November 2017, the WSC had entered into a partnership with VFS Global, a Dubai-based firm with branches in several locations, including Kochi, to provide verification services to non-residents of the UAE as part of their Will registration process. "DIFC WSC's customers will be able to verify their identity for free as an extra security measure in any of the 17 cities in which we operate - either at one of our application centres or in their home or office," said Vinay Malhotra, chief operating officer, South Asia & West Asia of VFS Global.
"Our identification verification services will minimise risks of future disputes and increase the level of reassurance for international customers securing their Dubai or Ras Al Khaimah-owned assets," he said.
Indians are the largest users of the service since its launch. A total of 3500 Wills have been registered since 2015 - 170 in 2015, 403 in 2016 and 531 in 2017.