More Indian expats register DIFC Wills

21/02/2018

   

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Uncertainties don’t knock when they come. Therefore, don't wait until it's too late. More and more Indian expats are taking legal steps to protect their assets in Dubai and Ras Al Khaimah by registering DIFC Wills.

British nationals were the largest group registering DIFC Wills in 2016. In 2017 Indians have been the largest group to register their wills with the DIFC Wills & Probate Registry in Dubai. 531 out of a total of 1,560 DIFC Wills issued in 2017 were for Indian nationals.

“The NRI (Non-Resident Indians) 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,” said Zubin Karkaria, CEO of VFS Global Group.

With many NRIs are holding wealth both in the UAE and in their home country, registering a DIFC Will has become more important. Latest figures released by the Dubai Land Department show that Indians come second only to Emiratis in real estate investment. Indians have invested 15.6 billion AED in the Dubai market during 2017. Therefore, an NRI living in the UAE should create a will for his assets in India and register a DIFC Will for his assets in Dubai and Ras Al Khaimah. Indian expatriates who do not have a will in place can end up leaving a lot of complicated bureaucratic hassles for their loved ones to cope with.

“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,” said Sean Hird, Director, DIFC Wills Service Centre. The DIFC Wills Service Centre (before known as DIFC Wills and Probate Registry) offers non-Muslims the option to pass on their assets as they choose. Five different will options are offered, covering all assets in Dubai and Ras Al Khaimah, including property, free zone company shares, financial assets and the guardianship of children.