Asset Ownership through an Offshore Company in Dubai - JAFZA

15 / 07 / 2020

In this article, we have put together the most common questions related to property ownership through an offshore company in the JAFZA Free Zone.

    ● What is the purpose of the offshore company if I intend to buy property in Dubai?

Registering an offshore company has become a very popular way to acquire real estate in Dubai, and there are many reasons for this. The absence of exhausting inheritance procedures is the main reason for using an offshore company.

If you purchased property through an offshore company, then it is the owner of this property. Shares of the company itself can be distributed among partners at their discretion. This method is very simple and affordable if you want to invest in any real estate together with partners. Also, the advantages include data security and the organization of a single asset structure.

    ● It turns out that anyone can buy property in Dubai through an offshore company JAFZA?

Yes, it is. Do not forget that this applies only to buying real estate in Dubai. If you want to invest in real estate for example in Abu Dhabi, then this can be done through other companies in other offshore zones, for example, BVI.

    ● Can an offshore company JAFZA belong to a foreign company?

Yes, it is possible. During the process of opening a company in the JAFZA Free Economic Zone, you must use the company BVI (British Virgin Islands), or a trust, in order to take ownership of the stake in your offshore. Further, it is necessary to deliver documents with information about the final owners to the Land Department.

    ● Is it possible to get permission from JAFZA to own property in Dubai?

Yes. Offshore company JAFZA has the right to own property in Dubai, which were owned by Emaar Properties, Dubai Holdings and Dubai World. As you can see, there are no restrictions on freehold real estate. Do not forget to obtain a mandatory Certificate confirming that the JAFZA Zone has no objection.

    ● What if the property is owned by the company and I plan to sell it?

To solve this problem, there are 2 ways:

    ● sale of property from a company through the signing of documents related to the sale;

    ● sale of company shares.

In any case, it is necessary to notify the Land Department of any made changes.