The DIFC Wills & Probate Registry (the Registry) today announced achieving the milestone of 3,000 Wills registered since launch. This latest figure highlights the growing demand for succession planning for assets in Dubai and Ras Al Khaimah. Previous research from the Registry has shown that registering a Will in the UAE is becoming increasingly important as residents and investors view the UAE as a long-term proposition for their property and families.
The vast majority of registrants (96%) are opting to protect their prized possessions through a full Will covering family, property and other assets. This suggests that the resident expatriate population is committing to a future in the UAE - settling down, buying property, and accruing assets. Just over half of registrants are from the UK and India - reflecting their position as the two largest investor groups in real estate after GCC nationals.*
The past 12 months has seen five successful innovations by the Registry to enable greater flexibility and better access to Will registration in line with the needs of residents and investors:
Extension of Registry rules to Ras Al Khaimah, leading to more than 127 Wills covering Ras Al Khaimah assets registered in under eight months
On-line template Wills for property (up to five properties in Dubai and Ras Al Khaimah) and free zone company shares (for up to five shareholdings in free zone companies in Dubai and Ras Al Khaimah, including RAKICC) – with over 200 people using this service
Smart government pact with the Dubai Land Department (DLD), enabling executors to benefit from rapid data exchange of property owner details and other data
Easy payment terms through partnerships with Emirates NBD, NBAD, Citibank and RAKBANK for interest-free credit card payments for up to 12 months.
Agreements to set up a number of registration access points across Dubai and Ras al Khaimah through outsourcing partnerships with selected partners
Sean Hird, Director of DIFC Wills and Probate Registry commented: “Our numbers show that people are opting to register their Wills under common law so that their wishes will be respected. We are very proud and thankful that we have been able to expand into Ras Al Khaimah this year, launch our on-line special purpose Wills, and develop outsourced registration services for the future with trusted partners in multiple locations.”
Registering a Will with the DIFC Wills & Probate Registry is one of the basic steps that every non-Muslim with assets in Dubai or Ras Al Khaimah should be taking as part of their life planning. For more details please visit www.difcprobate.ae.
