Dubai (Al-Ittihad)
The Dubai Family Business Centre, which operates under the umbrella of Dubai Chambers, has issued a family office guidance model, with the aim of reviewing the administrative structures, defining the specializations and regulatory frameworks for family office activities, and defining their tasks and services.
The centre reviewed, within the guidance model, the most important elements of Dubai’s attractiveness to family offices planning to establish a regional headquarters, which include an advanced financial system that provides access to diverse investment opportunities such as hedge funds, real estate, and others, in addition to the strategic location and advanced infrastructure that provides extensive connectivity with all parts of the world, in addition to the high quality of life, which constitutes an ideal environment for families with high wealth.
Dubai’s competitive advantages also include cultural harmony, as Dubai embraces multiple cultures and enjoys a family environment that is suitable for all nationalities, allowing families to preserve their heritage and culture.
The Family Office Guidance Model confirmed that Dubai is a tax-efficient wealth management hub, enhancing its position as a global destination for high-net-worth individuals to establish family offices, as there are no personal income taxes, no capital taxes, and no inheritance taxes.
The guidance model issued by the center explained that the family office is a vital tool for enhancing the management of family affairs effectively and efficiently, and plays an important role in the field of wealth management and preserving the legacy of family businesses, as it assumes various roles and provides multiple services, starting from developing investment strategies and tax planning, all the way to administrative affairs and charitable work.
The family office provides an institutional approach to comprehensive wealth management, provides a framework for handling family affairs with a high degree of confidentiality and privacy, and is an important means of enhancing the family legacy, in addition to its role in improving the efficiency of tax affairs.
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