Dubai PR Network, Online Press Release from Dubai and Middle East
 
Government Sector(Government, Legal & Humanity)
Filter PR by
  
New retirement visas likely to drive long-term inheritance planning for UAE expats
 

DIFC Wills Service Centre expects significant increase in Will registrations as residents protect their property and investments after retirement

September 19, 2018 - Dubai, UAE: The head of the DIFC Wills Service Centre says he’s expecting a significant increase in the number of foreign residents registering new Wills as a result of the Government’s recently announced 5-year retirement visa.

Sean Hird, Director of the WSC, says the retirement visa is the latest in a series of carefully calibrated Government legal initiatives to ensure that the UAE remains the GCC’s top destination for overseas investment.

He believes that foreign residents and business owners who choose to stay after retirement will now commit to firm financial planning, rather than putting off important decisions. In particular, he expects them to choose a DIFC Will to pass on their wealth, allowing them to follow the inheritance laws or customs of their home country.

Mr Hird said: “The new visa allows time for those who have acquired property and built businesses here to consider their next steps at the end of their working lives.”

“It reinforces investor confidence, enhances economic stability and should stimulate further growth in one of the world’s most dynamic and forward-thinking nations.”

“The people who will receive the new visa have significant wealth. They will now have to think long and hard about how to protect their assets as they grow older.”

“The obvious step is to take out a recognized and enforceable DIFC Will and we expect a significant growth in DIFC Will registrations.”

This week’s visa announcement follows last year’s introduction of new legislation streamlining the administration and enforcement of Wills in Dubai for non-Muslim residents and overseas investors.

Mr Hird says the retirement visa is the next logical step, reflecting the reality that people will continue to live in a place where they feel secure and have lifetime investments.

The five-year visa, with possible further extensions, was announced earlier this week. It will be on offer to over-55s who have either invested Dh2 million in property, hold Dh1 million in savings or have an active monthly income of more than Dh 20,000.


Posted by : Dubai PR Network Editorial Team
Viewed 3172 times
PR Category : Government, Legal & Humanity
Posted on : Wednesday, September 19, 2018  11:15:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Abu Dhabi Takes Top Spot in 2018 Safest Cities in the World ...
Next Story : Dubai to host 13th IAMRA conference in 2018
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Brow Contour Pro 4-in-1 defining & highlighting brow pencil [12243-Views]
Jessica Kahawaty in Dubai to Celebrate the Launch of SUKIN, Australia's No.1 Natural Skinc... [11468-Views]
BodyO launches officially its AiPod for a full body check-up during the Gitex Future Stars [10004-Views]
Get flawless skin with Rodial's new Booster Drops [9736-Views]
The World of Aigner Wunderkammer [9717-Views]
Manero Peripheral (43 Mm) Classic Watchmaking Meets State of,the Art Technology [7778-Views]
Curate your perfect Autumn Winter wardrobe, with Robinsons [7436-Views]
Fifi & Friends - Now available at more outlets across the UAE [7137-Views]
Corum Heritage Eleganza- Dedicated to the stylish woman [7113-Views]
Dubai Shopping Festival Returns With Much-awaited Mega Raffles [6765-Views]
Halloween “Catwoman” mask using BROW products [6734-Views]
BOLLYWOOD PARKS™ Dubai introduces 11 new shows with a new line up of performances from var... [6588-Views]
With more collections and a more spacious car parking, Kalyan Silks moves to Electra Stre... [6515-Views]
Joyalukkas Celebrates the Festival of Light with Irresistible Offers [6454-Views]
OMEGA gets set to time the Youth Olympic Games Buenos Aires 2018 [6436-Views]
Malabar Gold & Diamonds to triple number of outlets to 750 and raise Group turnover to US$... [6423-Views]
Win up to 250,000 Gold coins at Malabar Gold & Diamonds this festive season [6234-Views]
Dubai's newest social hub - Bar Baar introduces ‘Thela Baar Brunch' [6228-Views]
Sharjah Government pavilion highlights digital transformation of Sharjah at GITEX 2018 [5539-Views]
Introducing the Nokia 7.1 to the UAE [5057-Views]
Saddle Up With kate spade Fall 2018 [5051-Views]
Hour Choice presents Coach Park Collection (Suede straps) [5051-Views]
Michael Kors to Introduce a Special-edition Whitney Handbag for the Middle East [4935-Views]
W Motors and Safe City Group introduce the BEAST PATROL at GITEX: One of the most advance... [4880-Views]
CITIZEN Unveils 100th Anniversary Limited Edition Collection [4819-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories