The main goal of any wealth management and succession planning is to preserve the family legacy and family owned and operated businesses. The regulatory framework of succession planning in the UAE includes both civil and Islamic law principles. However, as the DIFC has its own independent jurisdiction within the UAE, it is also empowered to create its own legal and regulatory framework for all civil and commercial matters and when it comes to succession planning and wealth management, it provides flexible structures in the form of companies, trusts and foundations.
This framework has recently been enhanced with the implementation of two new laws – the new DIFC Trust Law No. 4/2018 and the DIFC Foundations Law No. 3/2018. The two new laws should provide those looking for wealth management and succession planning routes with new, more efficient options as Lara Barbary, Partner and John Peacock , Senior Associate at BSA Ahmad Bin Hezzem & Associates LLP explain.
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