Revealed: Nationalities with most number of wills registered in Dubai's DIFC

The DIFC Wills & Probate Registry (W&PR), a joint initiative of the Government of Dubai and the DIFC Courts that gives non-Muslims investing and living in Dubai the option to secure their assets and family’s future through a common law will, achieved the milestone of 1,000 wills registered on the occasion of its first year anniversary.

Over two-thirds (68 per cent) of the wills registered last year were executed by both husbands and wives, reflecting the importance placed on protecting mutual assets in Dubai.

The remaining 30 per cent of the wills registered came from unmarried individuals, while two per cent were guardianship wills to safeguard children.

These numbers highlight the increasing importance residents and people investing in Dubai place on having a will to plan succession as they see fit.

The majority of W&PR registrants in the past year were UK nationals (30 per cent) and Indian nationals (27 per cent).

This correlates with official figures of the largest groups of nationalities investing in Dubai real estate. After GCC nationals, UK and Indian nationals invested Dh10 billion and Dh20 billion in 2015, respectively.

“Reaching 1,000 registrants is a major step forward in providing people who live and invest in Dubai with the certainty that their wishes as expressed in their wills will be honored and respected,” said Sean Hird, the new Director of the DIFC Wills and Probate Registry.

The value the DIFC Wills & Probate Registry brings to Dubai is also evident amongst different business stakeholders.

“A large number of UAE residents have investments in business and property in Dubai: up to a quarter of Dubai residents may be eligible to register their will. The registry also fulfils a need among high-net worth individuals in Dubai,” said Suvo Sarkar, Senior Executive Vice President and Group Head of Retail Banking and Wealth Management at Emirates NBD.

“A year ago, Dubai’s leadership identified the opportunity to launch this initiative, offering non-Muslim individuals in Dubai the peace of mind through testamentary freedom for the protection of their assets and families. We believe the DIFC Wills & Probate Registry plays an important role in helping make Dubai the best place to invest and live in the region,” said Mark Beer, OBE, Chief Executive Officer of the DIFC’s Dispute Resolution Authority.

 

Source:: Emirates 247

Revealed: Nationalities with most number of wills registered in Dubai's DIFC

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