Abu Dhabi Global Market (ADGM) has created a legislative and regulatory framework for foundations, the first of its kind in the UAE.
The Foundations regime will serve as an alternative to trusts and corporate vehicles by offering a strategic platform for financial planning and structuring.
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The local, private and corporate community can deploy these structures for family succession planning, tax planning, asset protection, wealth management and corporate structuring, ADGM said.
The regime has been benchmarked against the jurisdictions such as Jersey and Guernsey, as a major proportion of Emiratis and Gulf families currently have their wealth managed in those jurisdictions.
Registration Authority of ADGM CEO Dhaher Bin Dhaher Al Mheiri said: “ADGM has been working closely with local and international stakeholders and market panel of experts to understand their needs and develop a Foundations regime that addresses the unique requirements of families and asset owners in Abu Dhabi, regionally and globally.
“The new foundations regime, together with the existing world-class legislative and regulatory framework, adds to ADGM’s extensive corporate and legal structure offerings.”
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