RAK ICC signs deal to permit corporate property ownership
The Ras Al Khaimah International Corporate Centre (RAK ICC) has signed a memorandum of understanding (MoU) with the Ras Al Khaimah Municipality Department (Land and Properties Sector) to permit investors to purchase and register properties in the Emirate, as well as structure their investments under a RAK ICC entity.
The RAK Municipality’s role focuses on the urban and real estate development of Ras Al Khaimah, along with regulating laws that promote the ease of doing business in the Emirate in line with its vision of being an attractive investment hub.
RAK ICC chairman Sheikh Ahmed bin Saqr Al Qasimi said: “We are keen on collaborating and coordinating with all government bodies to achieve the vision of our leadership in order for the Emirate to become the most attractive investment destination globally.”
“Ras Al Khaimah is a beautiful place to live and a very cost-effective option for those looking to invest or live in the Emirate,” said RAK ICC chief executive Dr Sameer Al Ansari. “There is tremendous interest from international investors and expats in the Emirate and our collaboration with RAK Municipality Department will make it possible for us to partner with the various property developers in the Emirate and create opportunities for international investors to hold assets with a RAK ICC entity.
“Acquiring an estate under this type of corporate structure benefits global investors in many ways. It allows them to own one or more properties and/or other types of investments without impacting each other, protects them from personal liabilities, as well as offering a simplified and more streamlined transfer of property ownership in terms of inheritance and asset planning.”
Other benefits of purchasing a property with a RAK ICC entity include gaining eligibility to open a bank account for rental income and payment purposes, simplified bookkeeping and tax through the proper segregation of properties under the structure, as well as the flexibility of transferring shares upon a sale of the property.
“Our latest partnership with RAK ICC will play a key role in encouraging more investors to own properties in RAK, and therefore further boost the real estate industry and drive more businesses to the Emirate,” said said Director General of RAK Municipality Department Munther Mohammed Bin Shakar. “The MoU serves to enhance the sustainable growth of the sector and contributes towards the development of Ras Al Khaimah as one of the world’s leading real estate investment destinations.‘’
