In UAE, Trust law exists in two jurisdictions, namely Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM). The trust law was issued by the Ministry of Finance UAE and the law regulates trust formation, purpose and operation and furthermore defining the rights and obligations of settlor, beneficiaries and trusts in UAE.
The advantage of issuing the trust law is to boost and support the wealth management sector and it has been, for the first time, been recognised within the UAE’s onshore legislative system and included within UAE’s civil law regime.
The law puts in place the mechanism for managing wealth in the UAE due to its innovative and future-oriented framework. The law is aimed at protecting family wealth as the new trust law enables the patriarch of the family to become settlors and facilitate the transfer of the family assets into the Trust. The law allows family members to become beneficiaries. The trust asset’s can now also be governed by the trustees. The new law helps companies to set up trusts and manage fixed or movable assets. Furthermore, the new law allows the creation of private trusts which are set up for performing securities trading.
The law will definitely benefit families owning huge wealth and assets to consider onshore trusts apart from considering offshore solutions for their asset protection and succession planning.
Freemont Group is equipped to provide a full service together with ancillary services. We can provide trustees as well as protectors as well administering the Trust on your behalf. Furthermore, we can provide all major ancilliary services such as accounting, bank account opening and administration, and sound advice on all issue that may come across in your path.
We are here to assist you in order to ensure your peace of mind and help you focus on your pressing business issues.
