How to Buy a Property in Dubai Confidentially?
To buy a property in Dubai you must keep few things in mind. Dubai real estate market is continuously experiencing a boom since year 2000 and the main reason behind this is that foreigners are being allowed to buy property in Dubai.
Those who want to keep ownership of a property confidential, they can buy through ownership association management companies in Dubai that works with offshore companies. Let’s find out how you can do this.
How to buy property in Dubai and get it registered
First of all, you must deal with only a reputable agents and developers that are registered with RERA. In Dubai, you can get registration done through DLP and any of the registration trustee office.
Rules of Land Department
One of the various function of Land Department in Dubai is to offer ownerships and registration of properties. Generally, registry fee of purchasing any property in Dubai is 4 percent. Besides, once sale is finished, you need to pay this 4 percent amount to real estate agent as commission.
Jebel Ali offshore companies
Before the year 2011, you could contact to any offshore company for buying property. But now, you can only go with a licensed company or Jebel Ali offshore company. In fact, Jebel Ali offshore companies are authorized as ownership association management companies in Dubai.
How to Set Up an Offshore Company and Register Property
Setting up offshore company in Dubai
- Individual has to provide these important information and documents with registrar;
- Name and address of offshore company
- Type of Business
- Name and addresses of founders
- Articles of association
- Share capital amount
- Any other documents asked by registrar
- As soon as registration process is complete company will be provided ID number and registration certificate
After this you need to submit this contract to any of the registration offices trustee in Dubai.
Other things required are;
- Copy and/or original of trade license of the company
- Passport copies of shareholders
- Arabic and English translation of Power of Attorney
- Arabic and English Translation of Board Resolution
- Urdu and English translation of Company memorandum
- English and Urdu translation of Shareholder’s certificate
In the end, concerned parties will sign contract and submit application to employees of trustee offices in presence of RERA. After this new owner will be registered with DLB. This process takes 4 days. Owners association management companies in dubai will charge a Registration fee which is AED 2,000 but if property value exceeds AED 500,000 this fee will be AED 4,000.