Can a RAKICC Offshore Company Buy Property in Dubai?
Absolutely! The RAKICC Offshore Company is now eligible to purchase property in the vibrant city of Dubai. Investing in real estate in the UAE proves to be one of the most profitable ventures in the long term. With Dubai being a prolific investment hub, the real estate sector stands out as the prime choice for both foreign and local investors alike.
Despite the current decline in property prices, the real estate market in the UAE is expected to gain momentum in the coming years. Investing in property ownership in the UAE can yield substantial long-term returns for investors. With a diverse range of freehold options available, including apartments, villas, office spaces, and commercial properties, you can select based on your preferences and interests.
Buying a Property in Dubai with an Offshore Company
Following the signing of a Memorandum of Understanding (MoU) between the Dubai Land Department (DLD) and RAKICC, offshore companies registered with RAKICC are now authorized to possess freehold property in Dubai. This significant development allows for greater opportunities and benefits for these companies in the real estate sector of Dubai.
Besides RAKICC, only Offshore Companies registered in the Jebel Ali Freezone (JAFZA) had the privilege of acquiring freehold properties in Dubai.
What types of businesses are eligible to own properties in Dubai?
Certain types of companies are eligible to own property in Dubai, subject to specific conditions. Foreign investors and companies have the opportunity to purchase property in designated ‘Freehold’ areas of Dubai.
1. LLC and Private Joint Stock Companies
Foreign shareholders of onshore companies incorporated in Dubai, including Limited Liability Companies and Private Joint-Stock Companies, have the opportunity to purchase properties in the freehold areas. This opens up new avenues for investment and creates a favorable environment for non-UAE or GCC investors.
2. Freezone Companies
Dubai-based Freezone companies have the opportunity to acquire properties in the freehold area, subject to specific regulations. Conversely, Free Zone companies from other emirates are not permitted to make property purchases in Dubai.
Freezone companies in Dubai must meet specific conditions in order to be eligible to own a property.
- A Freezone company can only buy residential freehold property in UAE
- The residential freehold property purchased should be put for self-use
- A company cannot rent out the property and earn rental income from the same
Acquisition of Abu Dhabi properties by RAKICC offshore companies.
RAKICC companies also have the opportunity to invest in the thriving Abu Dhabi property market. Investing in real estate not only provides a secure means to preserve your assets but also ensures the confidentiality of ownership information, which is safeguarded within the UAE.
The recent development has opened up doors for Offshore companies registered in RAKICC to broaden their business prospects in Dubai and Abu Dhabi by means of property ownership. Acquiring a property through an Offshore entity offers significant advantages in terms of privacy and security.
Acquiring your property involves a straightforward process. You simply need to obtain a No Objection Certificate from the RAKICC Authorities and submit it to the Dubai Land Department (DLD) for registering your property under your company name.
Key Benefits and Advantages of Acquiring Property through a RAKICC Offshore Company
One of the major benefits of purchasing property in Dubai & Abu Dhabi through RAKICC company is the exemption from the need to legalize company documents. Unlike foreign companies, which face the expensive and time-consuming process of document legalization, RAKICC offers a streamlined and hassle-free experience.
The RAKICC Offshore jurisdiction is recognized by the mainland authorities in the UAE, as well as banks in UAE. This means that there are no obstacles when it comes to opening a bank account or registering property in Dubai or Abu Dhabi. Moreover, Offshore companies in the UAE enjoy complete exemption from taxation, meaning that any revenue generated from properties by the RAKICC Company remains untaxed. Additionally, Offshore companies in the UAE are not required to undergo financial reporting or audits.
Please ensure that the following documents are included with your application:
- Relevant incorporation certification and the business trade license
- A certificate of incumbency valid for six months
- A good standing certification
- Business current memorandum, and all relevant articles of association, including all amendments
- Formal identification forms and documents
- A No Objection Certificate (NOC) from the developer. This must be valid for at least a month
There has been a notable increase in new registrations for RAKICC Companies. The primary reason behind this surge is the newfound eligibility for RAKICC Offshore companies to purchase property in Dubai. The ability to hold property in Dubai’s freehold areas has made the formation of RAKICC Companies even more appealing. With recent changes in residency rules, such as the issuance of long-term visas, relaxed property purchase regulations, and simplified business setup through Freezones, the UAE is firmly establishing itself as an investor-friendly destination on the global stage.
For further information regarding the property acquisition by RAKICC Offshore Company, we recommend reaching out to our team of expert business consultants promptly. They will be delighted to assist you with any inquiries you may have.