1 / 1

UAE Trust Service pdf

One of the oldest techniques for affluent families to protect their assets is trust. It began in the United Kingdom but swiftly expanded over the world. The Sharia Law of the United Arab Emirates makes no provision for the creation of trusts. Each emirate, however, has its own set of norms. <br> Dubai, United Arab Emirates<br> 971-50-5071820<br> inquiry@dubaidebtrecovery.com<br> www.dubaidebtrecovery.com

legalreferal
Download Presentation

UAE Trust Service pdf

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. UAE Trust Services ABOUT US Oneoftheoldesttechniquesforaffluentfamiliestoprotecttheirassetsistrust. ItbeganintheUnited Kingdombutswiftlyexpandedovertheworld. TheShariaLawoftheUnitedArabEmiratesmakesno provisionforthecreationoftrusts. Eachemirate, however, hasitsownsetofnorms. TheTrustLaw wasenactedin2005asDubaiacknowledgedthevalueoftrust. Thislawwasupdatedtwice, oncein 2007andagainin2010. Atrustcanbefoundedbothonshoreandinafreezone, suchasDubai InternationalFinancialCentre (DIFC), oneoftheemirate’smostrecognizedfreezones, asperFederal LawNo. (19) of2020onTrust. TheDIFCTrustLawestablishesspecificrequirementsthatmustbe completed. Therecanbenotrustifanyoftheseconditionsarenotmet. Furtherinformationonthe TrustLawisavailablefromourDubaibusinessformationagents. TRUSTEE: Trustee: AnyonewhoismentallycompetentmaybenominatedasaTrustee. Whenappointinga Trustee, theSettlormustincludethenameoftheTrusteeinthetrustdeed. Whena Settlerestablishesatrust, hegivestrusteescontroloftheassets. WhentheTrustis established, legalownershippassesfromtheSettlortotheTrustees. Trustees, like businessesandindividuals, arelegalentitieswithseparatelegalpersonalities. Atrusteeis giventhepowersanddiscretionsindicatedintheTrustInstrumentandunderthis Decree-Law. BENEFICIARY NUMBER THREE: TheonlypeoplewhocanuseorprofitfromtheTrust’sincomeorassetsarethe beneficiaries. Unlessitislistedintheclassofbeneficiaries, theSettlorcannotbenefit fromthetrustproperty. AbeneficiaryisapersontowhomtheTrusteehastheauthority todistributetheTrustBenefits, includingtheformationofanysecurityorclaiminhis favorinconnectionwiththeTrustProperty. Abeneficiaryhasapersonalrightunderthe TrustInstrument. THEBENEFITSOFFORMINGATRUSTINTHEUNITEDARABEMIRATES Thefollowingaresomeofthemostimportantadvantagesoftrusts: Thecapacitytocontrolhowandwhenyourassetsaredistributedafteryoudie; IthelpstobypasstheProbateprocessbyreducingoreliminatingestateandgift taxes. Probateisthelegalprocedurebywhichajudgedistributesyourassetstothe individualsnamedinyourWill. Establishingtrustsmighthelpyouavoidprobateanditsassociatedcosts. TRUST IN ITS MANY FORMATS 1. 2. 3. 4. Therearefourdifferenttypesoftrusts: Privatetrustsarecreatedforthebenefitofprivateindividualsandtheirestates. Corporatetrustsincludepensionsandemployeebenefittrusts, forexample. Donor-advisedfunds (donor-advisedfunds): Onlyforthebenefitofcharitable organizations. Trustshavingaspecificgoal: Trustwithaspecificgoal 5. Dubai, UnitedArabEmirates +971-50-5071820 inquiry@dubaidebtrecovery.com www.dubaidebtrecovery.com

More Related