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UAE secure haven for international rich households, says Marc Sola – Information

Marc Sola, CEO, 1291 Group.

Marc Sola, CEO, 1291 Group.

Printed: Sat 10 Sep 2022, 7:28 PM

Final up to date: Sat 10 Sep 2022, 8:02 PM

Rich households across the globe are at the moment planning migration searching for private security, political stability, fashionable infrastructure with first-class medical services and a tax-friendly atmosphere. And sure, the UAE proves to be a incredible place that tics all of the necessary bins.

“Transferring household, enterprise and wealth is usually a prolonged course of and subsequently many households begin by bringing their household workplace to a beneficial jurisdiction,” mentioned Marc Sola, CEO, 1291 Group.

Sola been advising purchasers from throughout Europe, North and South America, the Center East, Asia, and Africa. He’s a sought-after speaker at worldwide funding, asset safety, and property planning conferences worldwide.

Zurich-based 1291 Group — a Swiss non-public wealth options with a worldwide presence — just lately opened its regional workplace in Dubai Worldwide Monetary Centre (DIFC).

From a regulatory viewpoint the UAE has taken a giant step and carried out anti cash laundering laws and strict supervision on monetary companies corporations which might be absolutely consistent with worldwide requirements.

“I personally skilled this when making use of for our license within the DIFC. We’re licensed in 35 international locations however no different authority labored so diligently. This is essential for creating a powerful and secure monetary sector and to earn belief and respect in a world context,” mentioned Sola.

DIFC just lately introduced the launch of the primary World Household Enterprise and Non-public Wealth Centre (Centre) within the area and worldwide. DIFC is the primary monetary centre on this planet to create a novel providing at a time when an estimated Dh3.67 trillion ($1 trillion) in property can be transferred to the following era within the Center East in the course of the subsequent decade.

The initiative aligns with the UAE Authorities’s dedication to assist household companies, which proceed to play a outstanding function in accelerating the expansion of the nation’s financial system. It’s estimated that solely 20 per cent of household companies are managed by the third era within the Center East. It’s essential to coach those that face challenges associated to governance, succession, possession, wealth, household dynamics and technique to make sure a strong household enterprise and long-term success.

The initiative is consistent with DIFC’s 2030 Technique goals, which is able to allow DIFC to double in dimension and its financial contribution to Dubai’s GDP. The technique additionally helps sustained financial progress and additional differentiates Dubai as a world hub for main monetary establishments and companies.

The centre will convey collectively international family-owned companies, ultra-high web value people (UHNWIs) and Non-public Wealth in a single hub to assist protect and develop the sector and supply entry to a full vary of assist companies to allow sturdy legacy and succession planning. The centre can also be anticipated to draw household companies and UHNWIs from the area and globally to ascertain a presence in Dubai.

“We’re right here to assist rich households and their advisers. Most of those households stay and function in a world atmosphere. The standard subjects like privateness and asset safety, Worldwide tax optimisation and property planning are key considerations,” mentioned Sola.

“At present we’re seeing plenty of curiosity from Asia (China, Taiwan, India) but additionally Jap Europe and Latin America (Mexico, Brasil).”

Sola factors out that the UAE is proving to be a incredible place for transferring household and wealth. “The nation is admired for glorious insurance policies, infrastructure and schooling. The brand new golden visa programme offers households with long-term stability,” concluded Sola.


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