By Parag Deulgaonkar www.emirates247.com
Offshore companies in other free zones and not just Jebel Ali Free Zone Authority (Jafza) may be allowed to register titles for freehold properties with the Dubai Land Department (DLD), Emirates 24|7 can reveal.
“We are in the process of discussing and talking with other free zones. The move is aimed to give the real estate market more regulation so as to achieve transparency, clarity and effectiveness in real estate transactions that relate to ownership of real estate by offshore companies in Dubai,” a department official said.
The department is holding discussions with Dubai Silicon Oasis and Dubai Multi Commodities Centre, according to the official.
The Land Department has already signed a memorandum of understanding with Jebel Ali Free Zone Authority (Jafza) whereby title for freehold properties will be issued to Jafza-registered offshore companies only.
The guidelines are not retrospectively effective and apply solely to new registrations after January 1.
The move is aimed to help the DLD update information on offshore companies, their shareholding pattern and make it easy for the department to interact with the property owners.
According to the official, the department will be charging a fee of two per cent (one per cent from the seller and one per cent from the buyer) and companies will not have to re-register if the apartments are registered with the Oqood (off plan registration) system.