Legal Process & Tax

Legal ProcessThe legal costs associated with the purchase of a property in Dubai are low. The registration cost of the purchaser is 2%.

Our Legal Office

Seasif Group FZCO, Dubai Airport Free Zone, PO Box 293549  legal@seasif.com

Tax

Zero tax in the UAE leaves your investment free to attract optimum returns. The UAE is free of capital gains tax, inheritance and gift tax, government tax on property sales, individual income tax, wealth tax.

Insurance

Building insurance structures are covered by Statutory Law for a period of ten years. All other insurances are the responsibility of property owner.

Ownership in Dubai Silicon Oasis

The law in Dubai allows non-UAE citizens to purchase property. In Dubai Silicon Oasis they will be given the right to acquire freehold 99 years lease property.

Escrow Account protection

The Escrow Account law protects the purchase, providing security to the buyer by allowing government agents to monitor the existence of the building and the construction status and at the same time the seriousness of the developer company. House prices in Dubai are lower than other metropolis with equal wage level. The HSBC survey on house prices, by referring to the GDP per capital, has shown Dubai as a city with the lowest GDP PC /average wages. This is a historical anomaly that will be eliminated by the natural increase in prices, which are expected between 2010 and 2015. The government of Dubai turned out to be the most active from UAE because of the economic development and the recent regulatory legislative initiatives suggest a strong interest in supporting this development for a long time. The current absence of taxes in Dubai is transforming the country into a new “world safe-box”, as it happened in the past to Monaco, Singapore and Panama.

Escrow Account – a law that protects the investors

Since 2007 the government of Dubai has implemented the Escrow Account Law (DL No.8 of 2007), in order to protect those who decide to invest in the emirate. A law that requires the developer to provide the certificated state of constructions progress, as an evidence of the actual development of the project, and the developer must deposit the investors’ payments into an account with access restricted by the authorities. Furthermore, 5% of the construction value must remain in the deposit account for 12 months, in order to guarantee the completion of the work, to ensure the proper implementation of the final work. The constructor that will not provide the necessary guarantees, will not be allowed to build. Seasif, on the contrary, will get more and more power thanks to the enormous capital and trust earned on the field with the projects already built in Dubai.