UAQ issues new resolution on foreign freehold real estate ownership
Resolution Number 4 of 2021 will grant foreigners, limited liability companies partly owned by foreigners, free zone companies and offshore companies, will have the right to freehold real estate ownership
HH Sheikh Saud bin Rashid Al Mu’alla, Supreme Council Member and Ruler of Umm Al Qaiwain, has issued Resolution Number 4 of 2021, on foreign freehold real estate ownership in the Emirate of Umm Al Qaiwain, it has been announced.
According to a WAM report, under the resolution, foreigners, limited liability companies partially owned by foreigners, free zone companies and offshore companies, will have the right to freehold real estate ownership. It added that any other previous legislation that contradicts the provisions of this resolution shall be repealed.
The resolution also stipulates that specific freehold ownership zones will be determined under a resolution from HH Sheikh Saud, taking into account real estate development, freehold real estate ownership for foreigners, or any other relevant considerations, the report said.
The law shall come into force on the date of its issuance and published in the Official Gazette, it concluded.
