As Dubai prepares to host India’s Prime Minister this week, there is growing evidence that more Indian expats are taking legal steps to protect the wealth they have acquired through building lives and businesses in the UAE.
Narendra Modi’s two-day visit puts the spotlight on the UAE’s 2.8 million Indian population, and figures just released show that Non-Resident Indians (NRIs) are now the largest single national group creating non-Muslim Wills through the DIFC Wills Service Centre.
In 2017 more than a third of Wills issued were for NRIs, 531 out of a total of 1560. Two years ago British nationals were the largest group but now the Indian population is leading the way in protecting its assets.
Zubin Karkaria, CEO, VFS Global Group, said: “The NRI population in the UAE has worked very hard and thrived in the UAE in accumulating wealth and assets, often over several generations. Today they are important contributors to the country’s economy, and it is important that they take steps to ensure their wealth is passed on exactly as per their wishes. VFS Global is very pleased to partner with DIFC Wills and Probate in offering this solution for Indian expatriates.”
The DIFC Wills Service Centre offers non-Muslims the option to pass on their assets as they choose. Under local UAE law, if your Will is not registered, any assets in Dubai or Ras Al Khaimah may be distributed in line with Sharia principles.
Mr. Modi will be the keynote speaker at Dubai’s 6th World Government Summit on February 11. He is heading a trade delegation expected to sign new deals between the two countries in areas such as finance and space technology, and will also address the NRI community at the Dubai Opera House.
Latest figures released by the Dubai Land Department show that Indians come second only to Emiratis in real estate investment, spending AED 15.6 billion in the Dubai market during 2017.
Sean Hird, Director, DIFC Wills Service Centre, said: “We welcome the growing support of the Indian community in the UAE. Their increasing use of the DIFC Wills Service Centre shows a realistic and mature approach to transferring wealth between the generations. We are pleased to offer peace of mind to our clients, giving them the legal certainty that their final wishes will be respected.”
Five different Will options are offered by the DIFC Wills Service Centre, covering property, free zone company shares, financial assets and also the guardianship of children.
