Central to these reforms is the introduction of Articles 8A and 8B, which offer statutory clarity on the sources and interpretation of DIFC law. These amendments explicitly establish that DIFC law is grounded in its statutes, further interpreted through DIFC Court rulings. The legislation is bolstered by common law principles, with courts drawing on English common law and other global common law jurisdictions where appropriate.
The changes underscore DIFC’s unique positioning as an international common law jurisdiction while ensuring it remains adaptive to global best practices. Jacques Visser, Chief Legal Officer at DIFC Authority, highlighted that the amendments enhance legal certainty, particularly for practitioners and courts navigating the nuances of DIFC legislation.
Additionally, modifications to DIFC Real Property Law and Regulations aim to streamline property transactions. Key updates include:
- Mortgage Registration Fee: A 0.25% fee on the value of registered mortgages to align with onshore practices and cover administrative processes.
- Extended Off-Plan Sales Registration: The registration window for Off-Plan Sales has been increased from 30 to 60 days, providing purchasers additional flexibility.
These reforms reflect DIFC’s commitment to maintaining a dynamic legal framework that integrates traditional principles with innovative practices. By reinforcing its legislative foundation, DIFC continues to lead as a hub of financial and legal excellence in the region.
