The main goal of any wealth management and succession planning
is to preserve the family legacy and family owned and operated
businesses. The regulatory framework of succession planning in the
UAE includes both civil and Islamic law principles. However, as the
DIFC has its own independent jurisdiction within the UAE, it is
also empowered to create its own legal and regulatory framework for
all civil and commercial matters and when it comes to succession
planning and wealth management, it provides flexible structures in
the form of companies, trusts and foundations.
This framework has recently been enhanced with the
implementation of two new laws – the new DIFC Trust Law No.
4/2018 and the DIFC Foundations Law No. 3/2018. The two new laws
should provide those looking for wealth management and succession
planning routes with new, more efficient options as
Lara Barbary, Partner and
John Peacock , Senior Associate at BSA Ahmad Bin Hezzem &
Associates LLP explain.
