Are you are looking for a way to transfer the rights of your property to a first-degree family member while avoiding the 4% transfer fee that is payable on ordinary property transfers in Dubai? Then gifting a property between married couples or children could be the answer you are looking for.
Need Legal Help? Click Here
Below we will look at the process of Gifting property in Dubai answering questions such as – What is a Gift Transfer of Property? Can I gift a house to someone in Dubai? And how do transfer property ownership in Dubai? Read below to discover everything you need to know about Property Gifting in Dubai.
What is a gift transfer?
A gift transfer of property in Dubai is the process of transferring the ownership of the property to another first-degree family member while avoiding the normal transfer fee of 4% payable to the UAE land department.
Can I gift a house to someone?
You will be able to gift a house in Dubai while avoiding the 4% tax implications as long as the recipient of the house is a first degree relative according to UAE regulations. The family members who qualify for gift transfer of property are:
- Parents and Children
- Husband and Wife
Brothers and sisters cannot gift a house between themselves after recent changes to the property girting regulations. Likewise, aunts, uncles, and cousins don’t qualify as eligible relatives under the scheme.
If you have any doubts about whether or not you can gift a property in Dubai to your family member, you should contact a property lawyer in Dubai to make certain before you begin the process.
How do I gift property in Dubai?
To get started on gifting property in Dubai, you need to, first of all, ensure that you have the real estate title deed as proof of your ownership. Then you will need to start gathering all the information below:
- Get a property evaluation report for the price of the property from the UAE Land Department.
- Attain a No Objection Certificate (NOC) from the property developer.
- Official Proof of your First Degree Familial Relationship such as a birth certificate or marriage certificate. Any foreign proof documents will need to be notarized by the UAE Ministry of Justice and translated into Arabic.
You should also ensure that you have paid off any outstanding debts on the property before you proceed.
Once you have got all the information together you can consult with an expert property lawyer in Dubai who will check over the validity and eligibility of your documents and help you to proceed with submitting your paperwork to a Dubai trustee’s office.
What is the cost of a gift transfer of property?
Although you will be able to avoid the 4% fee involved in a normal property transfer in Dubai, there are still some costs involved that you need to be aware of. These include.
- A Gift Transfer Property Fee of 0.125% which you will need to pay at the time of transfer.
- Payment to the Land Department for a Property Evaluation.
- Cost for an Official Name Title Deed.
Once you have made all of these payments and provided all the required documentation to the trustees office, you just need to wait for official confirmation that the transfer has gone through.
How long does it take to transfer property in Dubai?
Depending upon the circumstances you can expect to wait anywhere between one week to a month for the process of transferring property to be completed.
Property lawyers in Dubai will be able to guide you through the entire process, ensure you have everything you need, and ensure that no time or money is wasted in submitting applications that are incomplete or invalid.
Read Also: How to Solve Property Disputes in Dubai?
