It’s important for individuals and businesses to consider the options below to ensure their assets in the UAE are preserved for future generations. The DIFC Will and DIFC Foundation both provide a unique set of benefits and can be customized to meet specific needs and requirements. Additionally, the option of gifting property can also be a cost-effective way to transfer assets, especially for immediate family members. It’s important to consult with experienced lawyers to determine which option is best suited for your specific situation, and to ensure the process is done correctly and efficiently.
Protecting your assets is a crucial step in preserving your legacy in the UAE. If you have invested in a property or a business in the UAE, as a resident or an overseas investor, you need to safeguard it for the future.
At TWS Legal Consultants, we can help you protect your individual, company or family assets having had over a decade of experience in Inheritance and Legacy Planning solutions in the UAE.
Below are the top options in the UAE:
Make a DIFC Will
Why a DIFC Will?
The establishment of the DIFC Courts Wills Service Centre gives non-Muslims investing in the UAE the option to pass on their assets and/or appoint guardians for their children, in accordance with the instructions in their Will. The DIFC Courts Wills Service Centre allows non-Muslim expatriates to create Wills under similar laws to the jurisdiction of England and Wales and provides the freedom to distribute your assets as you wish.
Set up a DIFC Foundation
What is a DIFC Foundation?
The DIFC introduced the DIFC Foundation regime in 2018 (DIFC Law No.3 of 2018) as an alternative wealth structuring vehicle for both Muslim and Non-Muslim expats resident in the UAE and international investors that wish to protect their assets and family business in the UAE. A Foundation can be set up to hold a family business, real estate, assets such as artwork or for a charitable purpose. A DIFC Foundation is the most innovative way forward to control your assets in the UAE.
Why set up a DIFC Foundation?
As the UAE is a civil law jurisdiction, DIFC Foundations are becoming increasingly popular. One of the most attractive features is it allows you to own property in Dubai. A Memorandum of Understanding exists between the DIFC and the Dubai Land Department allowing entities such as the DIFC Foundation to purchase real estate registered with the Dubai Land Department. DIFC Foundations are a legal entity which can hold wealth and assets on behalf of beneficiaries. International investors (non-residents) or residents of the UAE can structure their assets through a DIFC Foundation. Benefits of a DIFC Foundation:
- no corporation tax
- solid governance structure
- privacy and confidentiality
- private wealth management and asset preservation
- succession and legacy planning
- creditor and divorce protection
- mitigates forced heirship rights.
In recent times foundations have become increasingly popular for wealth structuring in the UAE. Our lawyers have advised clients in wealth protection strategies for over a decade. You can have confidence that we will listen to your needs and help you create a robust wealth protection plan under a Foundation that fulfils your objectives.
Gifting/ Transfer of Property
Why should I gift my property in Dubai?
Gift your children or spouse your property. Gifting immediate family members real estate attracts a much lower transfer fee of 0.125% of the deemed value of the property. Property transfers otherwise attract a transfer fee of 4%.
Our team of Wills and Succession planning lawyers have been advising and preparing Wills, offshore structures and foundations for over a decade. Can you afford not to talk to us? To book a consultation please contact us on info@twslegal.ae or call +971 4 448 4284.