A trust is essentially an agreement between two parties, the settlor and the trustee, and it does not need to registered to be effective. Pursuant to a trust deed, the settlor will transfer his properties to the trustee, where the trustee will then hold on to all the properties but for the sole benefit of […]
Read MoreThe taxation of trusts is not straightforward. Because a trust is a relationship, not a person, it does not fit neatly in the categories of individual or corporation. Further, even though the trustee has legal title to the trust assets, the assets really belong to someone else, i.e. the beneficiary or beneficiaries. Despite this, most […]
Read MoreThe ADGM has been promoting foundations as a vehicle for wealth and estate planning. Many people think of foundations as philanthropic organizations. However, ADGM foundations have great utility as a vehicle for private family wealth and especially family offices. ADGM foundations combine characteristics of trusts and corporations – assets are managed by directors of the […]
Read MoreTrusts have been around a long time. Even though the Dubai International Finance Centre (DIFC) and the Abu Dhabi Global Market (ADGM), both free zones with their own bespoke legal systems, only introduced trusts in recent years, trusts and similar legal instruments have a long history spanning multiple legal systems. The trust most familiar to […]
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