The Dubai government is reviewing proposals from a high-level working group to sharpen its focus on becoming a leading regional wealth management and succession planning hub for GCC families.
The Dubai International Financial Centre (DIFC) Wealth Management Working Group, set up in August 2016, identified models of best practice to enhance the local offering to clients.
This explored a number of areas: trusts; foundations; issues in respect of establishment and ongoing maintenance in the DIFC; Shariah compliance; DIFC entities and structures outside the DIFC; as well as a review of outcomes and existing arrangements.
Upon implementation, the government said that the Working Group’s new strategy will:
• Place the DIFC at the forefront of jurisdictions which provide modern and flexible structures in the form of companies, trusts and foundations
• Provide an effective framework to establish sound family governance structures
• Simplify the DIFC’s current administrative arrangements and costs, without compromising its existing standards
• Offer an attractive platform for local families to structure their business and succession planning arrangements, particularly if complemented by the measures recommended by the Working Group
• Provide a favourable environment for Single Family Offices
The Working Group includes senior advisers including leading lawyers, accountants, barristers and senior executives of the DIFC Authority and Governor’s Office.
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