Abu Dhabi Global Market (ADGM) has now introduced a foundations system for supporting the expansion of the wealth management sector in the UAE, as a substitute to corporate vehicles and trusts.
The goal of the regime is to appeal to families and high-net-worth individuals from the United Arab Emirates and also, other countries in the Gulf, who use St Kitts, Jersey and various other international financial centres.
The system will ensure client confidentiality and also, ease the migration to and from other jurisdictions.
ADGM has stated that this is part of their continuing promise to improve their ecosystem and satisfy their stakeholders through innovation towards effective business solutions.
According to ADGM, the system will permit private corporate enterprises in the UAE, a more convenient way of tax planning and succession, without the need to use different investment vehicles overseas. The structure of the new regime apparently took inspiration from similar arrangements in Jersey and Guernsey.