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Abu Dhabi Relaxes Controls On Real Estate

by Lorys Charalambous, Tax-News.com, Cyprus

13 December 2010


Abu Dhabi's Crown Prince, Shaikh Mohammad Bin Zayed Al Nahyan on December 8 issued new regulations to support the growth of the emirate's real estate sector, through the mandatory registration of investors' interests in Abu Dhabi property in a centralized register, and through the relaxation of rules on foreign ownership.

The issue of Resolution No. 64 of 2010, as first announced by the official national news agency WAM, will now enforce the mandatory registration of owners' interests in Abu Dhabi real estate in a consolidated register. The register's use will provide greater legal certainty on investments and reduce bureaucracy in transferring ownership, the government said. Investors that provide the required documents will be provided with deeds of ownership, it was announced.

Restrictions will remain on non-domestic investors, but investors from the Gulf Cooperation Council, and corporate entities with the permission of the Abu Dhabi Executive Council will now have the right to own, buy, sell, rent, or mortgage in specified investment zones.

TAGS: United Arab Emirates | tax | investment | business | real-estate investment | interest | law | real-estate | offshore | regulation

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