Transfer Office Title as Payment for Liability Abroad

[jltyyy]

Hi,

Is it allowed to transfer a Dubai JLT office property to another owner in exchange of a liability incurred in another country?

To reframe, would it be allowed to swap ownership of assets in two different countries?

What would transfer costs be?

I realise that the first is a bit of a tricky question so if anyone can help but requires clarification please message.

 

[Longterminvestor]

I assume that if you own the asset then it is up to you what you do with it? If there was this type of restriction on Duabi property I dont think international investors would be too impressed?

 

[LegalHelper]

Hi,

Is it allowed to transfer a Dubai JLT office property to another owner in exchange of a liability incurred in another country?

To reframe, would it be allowed to swap ownership of assets in two different countries?

What would transfer costs be?

I realise that the first is a bit of a tricky question so if anyone can help but requires clarification please message.

Hey,
not sure whether you managed to find an answer yet, but yes, it can be done legally here through the Dubai Land Department.

And the costs associated will be 4% of the property value, which are title transfer fees that go to the government + any other legal fees or professional fees if you hire anyone to assist you with this transfer and with the contracts, which should be quite low considering it is an easy task.

 

[youngken]

https://transferwise.com/u/keungy
It is a really good choice

 

[FWL]

If I was in your shoes I would look at getting an expert in to do the paperwork. I can imagine if you make any simple mistakes it could prove very costly!