utmost international deed of assignment

Deed of Assignment: Everything You Need to Know

A deed of assignment refers to a legal document that records the transfer of ownership of a real estate property from one party to another. 3 min read updated on January 01, 2024

Updated October 8,2020:

A deed of assignment refers to a legal document that records the transfer of ownership of a real estate property from one party to another. It states that a specific piece of property will belong to the assignee and no longer belong to the assignor starting from a specified date. In order to be valid, a deed of assignment must contain certain types of information and meet a number of requirements.

What Is an Assignment?

An assignment is similar to an outright transfer, but it is slightly different. It takes place when one of two parties who have entered into a contract decides to transfer all of his or her rights and obligations to a third party and completely remove himself or herself from the contract.

Also called the assignee, the third party effectively replaces the former contracting party and consequently assumes all of his or her rights and obligations. Unless it is stated in the original contract, both parties to the initial contract are typically required to express approval of an assignment before it can occur. When you sell a piece of property, you are making an assignment of it to the buyer through the paperwork you sign at closing.

What Is a Deed of Assignment?

A deed of assignment refers to a legal document that facilitates the legal transfer of ownership of real estate property. It is an important document that must be securely stored at all times, especially in the case of real estate.

In general, this document can be described as a document that is drafted and signed to promise or guarantee the transfer of ownership of a real estate property on a specified date. In other words, it serves as the evidence of the transfer of ownership of the property, with the stipulation that there is a certain timeframe in which actual ownership will begin.

The deed of assignment is the main document between the seller and buyer that proves ownership in favor of the seller. The party who is transferring his or her rights to the property is known as the “assignor,” while the party who is receiving the rights is called the “assignee.”

A deed of assignment is required in many different situations, the most common of which is the transfer of ownership of a property. For example, a developer of a new house has to sign a deed of assignment with a buyer, stating that the house will belong to him or her on a certain date. Nevertheless, the buyer may want to sell the house to someone else in the future, which will also require the signing of a deed of assignment.

This document is necessary because it serves as a temporary title deed in the event that the actual title deed for the house has not been issued. For every piece of property that will be sold before the issuance of a title deed, a deed of assignment will be required.

Requirements for a Deed of Assignment

In order to be legally enforceable, an absolute sale deed must provide a clear description of the property being transferred, such as its address or other information that distinguishes it from other properties. In addition, it must clearly identify the buyer and seller and state the date when the transfer will become legally effective, the purchase price, and other relevant information.

In today's real estate transactions, contracting parties usually use an ancillary real estate sale contract in an attempt to cram all the required information into a deed. Nonetheless, the information found in the contract must be referenced by the deed.

Information to Include in a Deed of Assignment

• Names of parties to the agreement
• Addresses of the parties and how they are binding on the parties' successors, friends, and other people who represent them in any capacity
• History of the property being transferred, from the time it was first acquired to the time it is about to be sold
• Agreed price of the property
• Size and description of the property
• Promises or covenants the parties will undertake to execute the deed
• Signatures of the parties
• Section for the Governors Consent or Commissioner of Oaths to sign and verify the agreement

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Content Approved by UpCounsel

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Deed of Assignment (Assignments to or from Corporate Entities)

With this deed you can assign a policy to or from a corporate entity. For use with a policy issued under Isle of Man or English law. Trust Literature Deed of Assignment (Assignments to or from Corporate Entities)

UWSQ PR | 21051

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Privacy Notice

This Privacy Notice explains how Utmost Limited and Utmost Trustee Solutions Limited as part of the Utmost Isle of Man Group (together ‘Utmost’ and the ‘Utmost Isle of Man Group’ or ‘us’ and ‘we’ as the context shall permit) hold, control and process your personal data. If you have any questions you can contact us using the details provided at the end of this notice.

WHAT IS PERSONAL DATA?

• Personal data is information that relates to a living individual who can be identified from that data. This identification can be from the information alone or in conjunction with any other information in our possession, or that is likely to come into the possession of those processing the information.

HOW YOUR INFORMATION WILL BE USED

• Being transparent and providing accessible information about how Utmost hold, control and process personal data is governed by the European Union General Data Protection Regulation (GDPR) and the Isle of Man regulations applied under the Data Protection Act 2018 (together the Data Protection Regulations).
• As a financial services organisation we hold, control and process your personal data to enable us to provide you with our products and related services. We also hold, control and process your data to allow us to comply with our obligations under the laws and regulations of the Isle of Man and the United Kingdom (UK) in relation to the prevention of crime and terrorist financing and to enable information exchange between taxation authorities. In addition, if you are resident in the UK, we will process your personal data to comply with UK taxation law.  This personal data will include details such as your name, address and date of birth and may include information as to your place of birth and National Insurance number.
• Subject to changes in the Data Protection Regulations, where you provide us with personal data about an individual who is under 16 years of age, it is your responsibility to advise us when that individual attains 16 years, as we may be required under the Data Protection Regulations to tell them that we hold their personal data.
• To enter into or perform a contract (in the case of Utmost Limited a contract for an insurance bond and in the case of Utmost Trustee Solutions Limited, should they be appointed as a trustee, a trust client agreement),
• To comply with the legal requirements of an European Economic Area (EEA) Member State or the Isle of Man, and
• To fulfil the legitimate interests of Utmost.
• To comply with the laws of the Isle of Man in relation to anti-money laundering and countering the financing of terrorism requirements, which require us to be satisfied that we have suitably identified our customers and understand the nature of their affairs.
• To disclose personal information to the Isle of Man Treasury in order to meet international taxation reporting standards.
• Where you have applied for one of our products that require underwriting services such as the Estate Planning Bond or the Discounted Gift Trust, we will process information about your health.  This information will be supplied by you in an application form and also by your General Practitioner (GP) when you have authorised your GP to do so. We process this information so that the value of the gift placed into trust can be calculated.  We then keep this health data so that in the future we can respond to any enquiry from HM Revenue & Customs (HMRC) as to how the gift value has been calculated.
• If you do not provide us with the necessary personal data, Utmost will not be able to enter into and/or administer the contract that you have with us.

INFORMATION PROVIDED BY OTHER SOURCES

• You have been named as a life assured for an insurance bond.
• You are a director, signatory or shareholder of a corporate applicant for an insurance bond.
• You are the beneficiary of a trust that holds an insurance bond.
• You have witnessed a signature upon a form or deed.
• The settlor and/or trustees of a trust of which you are a beneficiary.
• The director, signatory or shareholder of a corporate applicant.
• Your GP in relation to health information.
• Publically accessible media sources.

SHARING INFORMATION

• Associated Isle of Man companies within the Utmost Isle of Man Group, including Utmost Services Limited, which supplies our computer systems and Utmost Trustee Solutions Limited where it has been appointed as a trustee in connection with an insurance bond provided by Utmost Limited.
• If applying for a product which is underwritten, our appointed underwriter who will receive your health information.
• The Isle of Man Government and regulatory agencies when required to by law or regulation.
• Your nominated advisers, such as your Independent Financial Adviser.
• If you are resident in the UK, HMRC when required by UK taxation law or regulation.
• Your personal data will be held, controlled and processed by us in the Isle of Man, which is not a member of the EEA.  The Isle of Man has been recognised by the European Commission as having adequate data protection legislation.

HOW LONG DO WE KEEP YOUR PERSONAL INFORMATION?

• To meet our legal and business requirements your personal data will be stored, and accessible, in our business systems for a period of up to seven years following the date on which all connected business relationships have ended. After this period, your personal data will be archived and placed beyond the use of the business, with access restricted to legitimate legal or business requirements. Examples of such requirements include, but are not limited to, legal actions, fund corrections and regulatory changes.

HOW TO UPDATE THE INFORMATION WE HOLD ABOUT YOU

• It is important that the information we hold about you is accurate and up to date. Please let us know if your information changes, or if the information we hold about you is incorrect. You can ask our Customer Services team to update or correct your information.

YOUR RIGHTS

• You have the right to request from us access to your personal data through a ‘subject access request’.
• You have the right to obtain from us the rectification of any inaccurate personal data we hold about you.
• You have the right to erasure of your personal data, unless we have a legal obligation to process your personal information.
• You have the right to seek the restriction of the processing of your personal data in certain circumstances.
• You have the right to object to its processing. We shall no longer process the data unless there are compelling legitimate grounds for the processing.
• You have the right of portability in relation to your personal data. This means you can request we provide you with the personal data we hold about you in a structured, commonly used and machine readable format.
• You have the right not to be subject to decisions based solely on automated processing. We do not carry out any automated processing which may lead to an automated decision based on your personal data.
• If you believe we have not complied with the requirements of the Data Protection Regulations you have the right to make a complaint about our data processing to a supervisory authority, for example, the Information Commissioner’s Office in the UK or the Information Commissioner in the Isle of Man. Their contact details are as follows:

IDENTITY AND CONTACT DETAILS OF THE DATA CONTROLLER AND THE DATA PROTECTION OFFICER

• Utmost Limited, which provides insurance bonds, and
• Utmost Trustee Solutions Limited, where it has been appointed as a trustee in connection with an insurance bond provided by Utmost Limited.
• If you wish to exercise any rights, have any queries as to how your data is processed, concerns or complaints, you can contact  our Data Protection Officer by emailing: [email protected].

As the Isle of Man is not an EEA Member State, our EEA Appointed Representative in the United Kingdom is an establishment of Utmost Services Limited based at Saddlers House, 5th Floor, 44 Gutter Lane, London EC2V 6BR.

INTERMEDIARY PRIVACY NOTICE

This Privacy Notice explains how Utmost Limited and Utmost Trustee Solutions Limited as part of the Utmost Isle of Man Group (together ‘Utmost’ and the ‘Utmost Isle of Man Group’ or ‘our’, ‘us’ and ‘we’ as the context shall permit) hold, control and process your personal data. If you have any questions you can contact us using the details provided at the end of this notice.

• Personal data is information that relates to a living individual who can be identified from that data. This identification can be from the information alone or in conjunction with any other information in our possession, or that is likely to come into the possession, of those processing the information.
• As a financial services organisation we hold, control and process your personal data to enable us to provide your clients with a contract for an insurance bond and you and your client with connected services. We also hold, control and process your data to allow us to comply with our obligations under applicable law and financial regulation and to provide you with information about our products and services which may help you in your client recommendation process. This personal data will include details such as your name, bank account details, address, email address, employer and regulatory authorisation information.
• To enter into or perform a contract (this will be your Terms of Business Statement & Application Form for Intermediaries or other agreement (Terms of Business Contract) with Utmost Limited),
• To comply with the legal requirements of a European Economic Area (EEA) Member State or the Isle of Man, and
• Where this is necessary for the purposes of our legitimate interests or that of a third party, except where such interests are overridden by the interests of the data subject.
• To comply with applicable law and financial regulation.
• To ensure network and information security.
• To disclose personal information to regulatory authorities where we are required to do so by applicable law or regulation.
• For marketing and communication purposes to keep you informed of product, service and industry-related technical developments, which may help you in your client recommendation process. In these circumstances we may contact you through mediums such as post, email communication and live telephone calls. You may object to the processing of your personal data in this way at any time, by contacting us using the details listed in paragraph 14 or by speaking with your Utmost contact.
• If you do not provide the necessary personal data, Utmost may not be able to provide your client with a contract for an insurance bond and you and your client with connected services.
• Not all personal data we hold about you will have been provided directly by you. Where your personal data has been provided to us by another party, this is likely to have been as a result of a client recommendation; by way of a third party introduction; by your employer identifying you as their employee; or where you are a director or signatory of an Intermediary that has entered into a Terms of Business Contract with Utmost Limited. In these circumstances, we will have asked for information such as your name, address and where relevant your personalised contact details such as email address and telephone number.
• Associated Isle of Man companies within the Utmost Isle of Man Group, including Utmost Services Limited, which supplies our computer systems.
• Regulatory authorities where we are required to do so by applicable law or financial regulation.
• Where you provide your consent to do so, third parties for the purposes of providing a business reference in circumstances where you are establishing a relationship with that third party.
• Third parties for marketing and communication purposes in order to fulfill our legitimate business interests.
• Third party data processors, in circumstances such as where investment or adviser charge payments are facilitated via an insurance bond.
• Your personal data will be held, controlled and processed by us in the Isle of Man, which is not a member of the EEA. The Isle of Man has been recognised by the European Commission as having adequate data protection legislation.
• It is important that the information we hold about you is accurate and up to date. Please let us know if your information changes, or if the information we hold about you is incorrect. You can ask our Customer Services team to update and correct your information.
• Where we are processing any of your data based upon your consent to do so, you have the right to withdraw this consent at any time.
• Utmost Trustee Solutions Limited, where appointed as a Trustee in connection with an insurance bond issued by Utmost Limited, and
• Utmost Services Limited which supplies our computer systems.
• If you wish to exercise any rights, have any queries as to how your data is processed, concerns or complaints, you can contact our Data Protection Officer by emailing: [email protected]
• As the Isle of Man is not an EEA Member State, our EEA Appointed Representative in the United Kingdom is an establishment of Utmost Services Limited based at Saddlers House, 5th Floor, 44 Gutter Lane, London, UK, EC2V 6BR.

Here is our cookie policy for this website. It describes the types of cookies we use on it, what these cookies do and how you can control the cookies we place on your browser. This website is hosted by Utmost Services Limited (“Utmost Services”) on behalf of Utmost International Isle of Man Limited and Utmost PanEurope dac (both companies are referred to herein as “Utmost”). The companies are ultimately responsible for content which relates solely to their company and products. Please see the Terms of Use for more information including company and regulatory information. The cookies are held by Utmost Services on behalf of Utmost.

What are cookies?

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We use necessary cookies to make our site work and for your security. We’d like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone.

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Modern Slavery

MODERN SLAVERY ACT STATEMENT (THE “ACT”)

Published 4 July 2023

Introduction:

The Utmost Group is committed to working towards the eradication of slavery and human trafficking. We are a global provider of insurance and savings solutions in the UK and Internationally. The Group is owned by its two Founders and funds managed by Oaktree Capital Group LLC. Further details of our ownership structure are available in the Governance section of our Annual Report, available online at www.utmostgroup.com.

As a business that places corporate and social responsibility at the heart of its values, the Utmost Group recognises that respecting human rights is the right thing to do and ensures that appropriate actions are taken to manage risks relating to modern slavery.

This statement sets out the steps taken by the Utmost Group or actions underway during the financial year ended 31 December 2022 and to date, to assist in the detection and prevention of modern slavery across its business operations and supply chains.

OUR BUSINESS

The Utmost Group is a leading provider of modern, flexible solutions which assist our customers in securing their financial futures. The Group has over 1500 employees predominantly based in the UK, Ireland, the Isle of Man and Guernsey, with a small number of staff working in worldwide operations in locations across Europe, Singapore, Hong Kong, Switzerland and the Dubai International Finance Centre.

OUR POLICIES ON SLAVERY AND HUMAN TRAFFICKING:

We are committed to preventing modern slavery or human trafficking in our supply chains or in any part of our business. The Group is committed to conducting business responsibly and upholding the highest standards of governance throughout our operating businesses. The Group has in place a Group Corporate Governance Manual and Policy Suite framework, which alongside this statement contains relevant policies, such as our Corporate Social Responsibility Policy and Outsourcing Management Policy, which set out the necessary principles to manage and mitigate key risks and safeguard the business and all its stakeholders, including employees, suppliers, and customers.

The Group’s approach to human rights extends beyond our supply chain, to employees and contracted staff and we are committed to paying at least the national living wage in the UK and its equivalent in the other jurisdictions in which we operate. The system of internal controls implemented by our operating businesses includes:

• Protecting employees and whistleblowers
• Identifying and assessing potential risk areas in our supply chains.
• Mitigating the risk of slavery and human trafficking occurring in our supply chains.

OUR EMPLOYEES

We follow the principles of good corporate governance and Enterprise Risk Management and do not tolerate any malpractice, whether committed by senior managers, employees, suppliers, or contractors acting on our behalf.

The Group Code of Conduct (“Code”) applies to all directors, officers, and employees, requiring that they adhere to the Code. Our employees are encouraged to report any practices or actions where they believe these to be inappropriate or inconsistent with the Code or that may compromise the ethical standards or integrity of the organisation.

The Group Whistleblowing Policy sets out requirements for reporting inappropriate, unethical, or otherwise activities that are inconsistent with the Code. This policy enables an employee to report any improper conduct or unethical behaviour via line management, senior management, the relevant Chief Risk Officer, Company Secretary, Head of HR or Chair of the Audit Committee. This Policy and the associated Guidance Notes are communicated to all employees at least annually and are easily accessed.

Where employees feel that they cannot raise a concern with these individuals, they may make contact on a confidential basis with the Chairman of the local Audit Committee, after which their report will be investigated and considered by the Non-Executive Directors of the relevant subsidiary company. Employees may also raise their concerns with the Chairman of the Audit, Risk and Compliance Committee of Utmost Group plc or if they deem it necessary, employees may wish to contact the applicable external regulator. At all times during any investigation the whistleblower’s identity will be kept confidential. All employees are reminded annually of their right to raise concerns under the Whistleblowing Policy, and to consult with associated guidance.

OUR SUPPLIERS

It is important to us that our commitment to human rights is shared by our suppliers. The Utmost Group accepts a range of goods and services from suppliers located across the globe, although the majority of suppliers have their operations locally in the Isle of Man, Ireland or Guernsey or the United Kingdom. Goods and services utilised by the Utmost Group and its subsidiaries primarily consist of investment services, catering, cleaning, office furniture and stationery, electrical equipment, IT software, property maintenance and utilities.

As the Utmost Group businesses operate in the financial services sector, the risk of being exposed to modern slavery is considered lower than in other industries. However, we recognise that financial services firms cannot be complacent as to the risks that exist in their supply chains and a risk-based approach is taken to identify any high-risk suppliers and prioritise them for review.

Where we enter or renew a contract with a supplier, we will negotiate terms to include standard contractual obligations seeking to ensure that the supplier confirms they have adequate training and policies in place to comply with the Act and avoid slavery.

OUR ONGOING APPROACH AND NEXT STEPS

There is a commitment throughout the Group to ensure that we respect human rights and continue to act as a responsible business. To achieve this, there is a Group Corporate Social Responsibility Policy in place which ensures that all employees of the Utmost Group are provided with ongoing training to ensure that there is the appropriate level of awareness and consistency across the entire business to detect and ultimately prevent modern slavery from occurring anywhere in our supply chain.

This statement has been approved by the Board of Utmost Group plc and signed on its behalf by the Utmost Group CFO.

Ian Maidens

4 July 2023

Utmost Wealth Solutions is the business name used by a number of Utmost companies. Utmost Online is a service provided by Utmost International Isle of Man Limited.

The following Isle of Man registered companies are, where regulated, licensed by the Isle of Man Financial Services Authority. Regulated: Utmost International Isle of Man Limited (No 024916C), Utmost Administration Limited (No 109218C), Utmost International Trustee Solutions Limited (No 095926C) and Utmost Trustee Solutions Limited (No 106739C). Non-Isle of Man regulated: Utmost Services Limited (No 059248C).

Each has its registered office at: King Edward Bay House, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles.

Telephone: +44(0)1624 643345

Email: [email protected]

Web: www.utmostinternational.com

Telephone calls may be recorded.

Utmost Services Limited has a UK branch office at: Saddlers House, 5th Floor, 44 Gutter Lane, London, EC2V 6BR. Registered branch number BR018821.

Utmost Wealth Solutions is a business name used by a number of Utmost companies. Utmost Trustee Solutions is the business name used by Utmost International Trustee Solutions Limited and Utmost Trustee Solutions Limited.

The following Isle of Man registered companies are, where regulated, licensed by the Isle of Man Financial Services Authority. Regulated: Utmost International Isle of Man Limited (No 024916C), Utmost Administration Limited (No 109218C), Utmost International Trustee Solutions Limited (No 095926C) and Utmost Trustee Solutions Limited (No 106739C). Non-Isle of Man regulated: Utmost Services Limited (No 059248C). Each has its registered office at: King Edward Bay House, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles.

Utmost PanEurope dac (No 311420) is regulated by the Central Bank of Ireland. Its registered office is Navan Business Park, Athlumney, Navan, Co. Meath C15 CCW8, Ireland.

Assignment or Appointment

Explains how the ability to move the tax on a chargeable gain can be a valuable tax planning tool.

One of the advantages of investment bonds is the ability to move the tax point away from the original owner to another. This strategic planning benefit can be used with investment bonds held individually or within a trust and coupled with an effective exit strategy can help reduce the tax payable on a chargeable gain.

Individually held bonds

An assignment is a process whereby one person, the assignor, transfers assets to another person, the assignee, who becomes the new owner of the assets.

This mechanism allows the tax point of an investment bond to be deflected away from the original owner to a new owner. The benefit of being able to assign, or change policy ownership, is that the transaction is not a chargeable event for the purposes of income tax, provided that it is a genuine gift and has not been assigned for money or money’s worth.

Where an assignment is made as part of a divorce settlement HMRC will only treat the assignment as a gift if it is specifically mentioned in the court order. If it is not mentioned then the assignment would be treated as a gift for money or money’s worth, making it a chargeable event.

It could be that the new owner pays tax at a lower rate, or better still, is a non-taxpayer. As the new owner they would have the authority to surrender the policy and pay tax (if applicable) on the chargeable gain, at their marginal rate of income tax.

Remember, if the new owner is an individual the assignment would be a potentially exempt transfer for inheritance tax purposes, unless it is covered by any available exemptions. If the new owner is a trust the assignment would either be a potentially exempt transfer or a chargeable lifetime transfer, depending on whether the trust is absolute or discretionary.

If the assignment is between a married couple or civil partners and the proceeds benefit both of the original owners and not just the new owner, HMRC might look at the overall transaction rather than the individual steps and apply tax accordingly.

There are no time constraints on the new owner to surrender the bond. If the surrender is deferred following assignment, additional years of top-slicing relief could accumulate and potentially mitigate the tax liability, when it is ultimately surrendered. Additionally, if dealing with an offshore bond, the timing aspect should focus on the appropriate tax year to surrender so that the bond gain can soak up what remains of the new policy owner’s personal allowance, starting rate band for savings income and personal savings allowance.

Investment bonds held by trustees

Even where an investment bond is held under a trust the trustees still have the ability to assign ownership from themselves to a beneficiary, rather than surrendering the bond within the trust and distributing cash.

Where an investment bond is held in a discretionary trust, any chargeable gain is assessed on the settlor if the chargeable event occurs while the settlor is alive at any point in the tax year and is UK resident.

If the settlor cannot be taxed because they died in a previous tax year or they are non-UK resident, the chargeable gain is assessed on a UK trust. This means that a UK trust could potentially pay up to 45% tax on an offshore bond gain or 25% on an onshore bond gain.

Moving the tax point to a beneficiary can result in a better tax position because that beneficiary could potentially be a lower taxpayer, have sufficient personal allowances to soak up any gains and be entitled to use top-slicing relief.

When dealing with a discretionary trust the trustees have two options; they can either assign legal ownership to the beneficiary for them to hold individually or use a deed of appointment to create a bare trust.

Where the beneficiary is over 18 and so can legally own an investment bond, the trustees can complete an assignment. As the trustees are distributing rights under the trust it is not a chargeable event for the purposes of income tax but there could potentially be an inheritance tax exit charge.

The beneficiary then becomes the legal owner of the bond meaning that any chargeable gains would be taxed at their marginal rate of tax.

Where there are minor beneficiaries who cannot legally own an investment bond, instead of assigning the bond the trustees can execute a deed of appointment to create a bare trust. The trustees remain the owners of the bond but the impact of the appointment is to effectively carve out the policies for the minor beneficiaries. Any chargeable gain under a bare trust is assessed on the beneficiary, so this moves the tax point to the minor beneficiary.

However, remember that if the parents of a minor beneficiary establish a trust, any distribution to that minor beneficiary (whilst unmarried or in a civil partnership) which results in a chargeable gain exceeding £100 in the tax year will all be taxed on the parent.

• The ability to assign or appointinvestment bonds to newowners can be a valuabletax planning tool.
• The assignment or appointment is usually not achargeable event which gives owners the opportunityto plan suitable exit strategies.
• The ability to move the tax point allows anysubsequent chargeable gains to be assessedon a lower or non-taxpayer.

This document is based on Canada Life’s understanding of applicable UK tax legislation and current HM Revenue & Custom’s practice, as at May 2019 and could be subject to change in the future. It is provided for professional advisers only. Any recommendations are the adviser’s sole responsibility.

• Partner with AGBI

Moscow courts UAE to bump up inbound tourism

• Moscow targetting UAE tourism
• International visitors 10% of total
• Gulf tourists spend more

Moscow aims to double the number of annual visitors from the UAE this year, to expand its international tourist base amid headwinds such as the war with Ukraine. 

Bulat Nurmukhanov, head of the International Cooperation Division at Moscow City Tourism Committee (MCTC), told AGBI that while the Russian capital’s domestic tourism has broadly recovered since the pandemic, international tourism has yet to do so. 

Moscow received 24.3 million visitors in 2023, he said, of which 2.3 million were international and the rest were from elsewhere in Russia. In 2019, Moscow recorded 25 million visitors, of which four million were from overseas.  

• In Dubai, it looks like the Russians are staying
• Moscow still a key destination for Middle East tourists
• UAE-Russia trade grows as Putin arrives in Gulf

“Despite the challenges Moscow faces today, it has almost recovered its pre-Covid visitor flow of 2019 – our best year for the industry, helped by the effect of hosting the Fifa World Cup in 2018,” Nurmukhanov said.  

“But most of these are domestic tourists. We hope that by working with new markets such as the UAE, we can restructure the international tourism base and attract more visitors from the Emirates and wider GCC.”

Moscow has yet to calculate the number of visitors from the UAE last year, but it is a small proportion of the overseas total, according to Nurmukhanov. However, it is an important source market because of its higher-than-average spend per visit. 

“They’re helping load Moscow’s five-star hotels”, he said. These are not as popular among domestic tourists and other nationalities as three and four-star hotels. 

Last summer, MCTC revealed that tourists from the Middle East accounted for more than 30 percent of Moscow’s total tourist flow from outside the Commonwealth of Independent States in 2022. 

“Middle Eastern countries are among the most promising markets for inbound tourism,” the committee noted. 

In the UAE, the number of Russian tourists and investors leapt in the year after Moscow’s invasion of Ukraine, as Russian businesses sought a safe haven free of sanctions imposed on them by the West. 

Bilateral trade between the two countries has also risen sharply , by 63 percent between January and September 2023 to $9 billion, according to Russia’s government. 

Nurmukhanov said: “We’re already receiving a decent amount of tourists from the UAE and want to make sure that now, we adapt our infrastructure and design new hospitality products, entertainment and offerings that will be in their interest.” 

The strategy includes enhancing relationships between Moscow and UAE hotels, travel agents and tour operators; improving restaurants’ halal offerings; translating menus and other literature to Arabic, and promoting popular activities such as bear hunting, helicopter trips and horse riding.  

Some Moscow hotels even help GCC tourists to purchase warm clothing for their trip, Nurmukhanov said. Gulf visitors can obtain visas on arrival in Russia, and in November a rapid e-visa service was extended to other countries.  

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