More Indian expats protect wealth with DIFC Wills
Dubai — As Dubai welcomed India’s prime minister this week, there is growing evidence that more Indian expats are taking legal steps to protect the wealth they have acquired through building lives and businesses in the UAE.
Narendra Modi’s two-day visit puts the spotlight on the UAE’s 2.8 million Indian population, and fig- ures just released show that non- resident Indians (NRIs) are now the largest single national group creating non-Muslim wills through the DIFC Wills Service Centre. In 2017, more than a third of Wills issued were for NRIs, 531 out of a total of 1,560. Two years, ago British nationals were the largest group.
Zubin Karkaria, CEO of VFS Global Group, said: “Today, Indians they are important contributors to the country’s economy, and it is important that they take steps to ensure their wealth is passed on exactly as per their wishes.”
The DIFC Wills Service Centre offers non-Muslims the option to pass on their assets as they choose. Under local UAE law, if your will is not registered, any assets in Dubai or Ras Al Khaimah may be distributed in line with Shariah principles.
Latest figures released by the Dubai Land Department show that Indians come second only to Emiratis in real estate investment, spending Dh15.6 billion in the Dubai market during 2017. — business@khaleejtimes.com