Defining the MoU as a legal instrument: A memorandum of understanding serves as a preliminary agreement between parties involved in a property transaction. It outlines the key terms and conditions agreed upon by both the buyer and the seller, laying the foundation for further negotiations and formal contracts. Significance of a MOU in Real Estate […]
The Role of MoU in Real Estate Transactions Read More »
This landmark legislation represents a critical step forward in the EU’s ongoing efforts to combat financial crime and ensure a safer economic environment for all citizens. Key Highlights of the Legislation: The establishment of an EU Anti-Money Laundering Agency in Frankfurt marks a critical step in strengthening financial regulation across the EU. By centralizing oversight,
EU Passes Landmark AML Legislation Read More »
In the dynamic economic environment of the United Arab Emirates (UAE), understanding the legalities of bank loan default is paramount for both lenders and borrowers. The UAE, known for its rapid development and business-friendly atmosphere, has continually evolved its legal system to ensure a robust and fair approach to financial transactions and enforcement of loan
Navigating the Legal Landscape: Understanding UAE’s Laws on Bank Loan Default Read More »
Historical Context: Eviction Notice Processes Historical Process: Originally, eviction notices were exclusively associated with the individual or entity that issued them. This legal framework necessitated that new property owners, upon acquiring a property with existing tenants, had to issue a fresh 12-month eviction notice, disregarding any notice previously served by the former owner. Consequences for
Dubai Real Estate Law Update: Eviction Notice transferred with the property sale. Read More »
HISTORICAL REVIEW Notably, modern French and German civil codes have deeply interconnected guardianships with family considerations, prioritizing the appointment of relatives as guardians. This emphasis on familial ties seeks to ensure a strong support system for the individuals under guardianship. Across various European countries, public agencies have been established to administer guardianships, aiming to maintain
Introduction Aligned with Gulf Cooperation Council countries’ initiatives for economic diversification, Dubai enacts Law No. (1) of 2024. This legislation supersedes Regulation No. (2) of 1996, introducing a contemporary framework for taxing foreign banks operating within the Emirate, including special development zones and free zones, with an exemption for entities licensed by the Dubai International
Dubai has announced a new tax on foreign banks operating in the Emirate. Read More »
Introduction to Estate Planning: A Necessity for All Initially devised to organize the transfer of assets upon death, it has become a critical process for individuals worldwide to secure their financial legacy. Contrary to the common misconception that estate planning is exclusive to the wealthy, it is, in fact, a valuable tool accessible to everyone.
Estate Planning 101: Securing Your Legacy and Protecting Your Loved Ones in the UAE Read More »
This legislative move is a strategic endeavor to align the nation’s tax system with global compliance efforts, notably the Organization for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative, and the global consensus on a minimum corporate tax rate. The introduction of CT is aimed at diversifying the UAE’s economic base,
Corporate Tax Registration: New Timeframes and Penalties Read More »
FATF’s Evaluation and Recommendations The inclusion in the grey list came as a result of the FATF’s 2020 Mutual Evaluation of the UAE , which highlighted areas requiring significant improvement to meet international AML/CFT standards. The FATF, serving as the global standard-setter in the fight against money laundering and terrorist financing, required the UAE to
UAE’s Removal from FATF’s “Jurisdictions under Increased Monitoring” List Read More »
An Overview These amendments took effect from the 1st of January 2024, and introduced pivotal modifications to the jurisdiction and authority of the Ministry of Human Resources and Emiratization (MOHRE) in adjudicating certain employment disputes. Below is a comprehensive elucidation of the salient aspects of the amendment by Decree-Law No. (20) of 2023: Jurisdictional Scope:
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