Over the past decades the number of high net-worth families across the globe has considerably increased. Subsequently there has been a growing need for these families for structuring their affairs and managing their assets and Dubai provides an attractive base for these wealthy families worldwide. The favourable tax regime of Dubai, with no personal income tax, estate tax and capital gains tax together with its robust legal framework and extensive Double Taxation Agreements make Dubai an attractive jurisdiction for individual and families to structure and manage their business.
As a major international financial centre, Dubai allows private individuals to set up and manage their personal structures. Dubai provides the right infrastructure and environment for high net-worth individuals (HNWI) to establish their family offices and bespoke structures to manage their wealth. The favourable legislation in Dubai allows private individuals to establish trusts, foundation and companies making it more flexible in structuring tailor made solutions based on clients individuals requirements.
The recent trend has been towards the establishment of Private Trust Companies (PTC) which allows the assets of one single family or related family members to be considered under one roof. Instead of transferring assets to service providers acting as trustees, HNWI prefers to set up their own trustee (a Private Trust Company). The PTC can act as trustee for one or more of the family trusts. The Private Trust structures allow the founders to have greater control and involvement in their affairs whereby experienced family members and trusted advisers can become members of the board of the PTC, while at the same time benefiting from specialist knowledge and expertise of in-house professionals and from the support of good governance framework.
Plus Consulting & Services International provides private advisory services to select group of clients by advising them on their long term strategy to preserve and enhance family wealth and ensure effective transfer of wealth from one generation to another.
For more information on how we can support you and your move to Dubai, please contact us on +971 56 1744 598.