DIFC Revamps Trusts And Foundations Law
by Lorys Charalambous, Lowtax.net, Cyprus
12 October, 2017
Dubai International Financial Centre, the low-tax financial center, is consulting on new legal regimes to regulate trusts and foundations.
The new proposed laws are primarily designed to enhance the operating environment for private wealth management and succession planning platforms on both a conventional and Sharia compliant basis.
The new laws form part of the DIFC's implementation plan relating to the 56 recommendations made by the DIFC's Wealth Management Working Group. The recommendations include the establishment of DIFC's Family Business Centre, which will support and service regional and international family offices looking to relocate their private wealth and succession planning structures to the Centre.
Essa Kazim, Governor of DIFC, commented: "The proposed new trust law and foundations law will significantly enhance DIFC's wealth management proposition by ensuring that lifetime and succession planning for families at the Centre will have a robust legal status. We have earned our place among the world's top 10 financial centers by having a legal and regulatory ecosystem that is progressive and draws on the considerable expertise of the global leaders in financial services operating from DIFC. We will continue to work closely with the financial community to maintain the evolution of our business environment, in line with DIFC's 2024 Strategy."
DIFC is a free trade zone located in Dubai, which offers a number of perks to firms, including zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, and no exchange controls.
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