Akin Gump has advised Abu Dhabi Global Market (ADGM), the International Financial Center in Abu Dhabi, in the creation and launch of the UAE’s first of its kind foundations regime in support of more effective structures for wealth preservation and wealth management.
The regime provides a strategic platform for financial planning and structuring, serving as an alternative to trusts and corporate vehicles. For the first time in the UAE, the local, private and corporate community can now efficiently and locally deploy these structures for a variety of services, including family succession planning, tax planning, asset protection, wealth management and corporate structuring, without relying on foreign regimes and practices.
Jonathan Ivinson, a partner in Akin Gump’s cross-border transactions practice, said, “It has been an honor for Akin Gump to be involved in the development of this exciting addition to ADGM’s product offerings. This foundation law combines a robust governance and compliance regime with a high degree of operational autonomy to the founder and additionally offers access to the double tax treaty network of the United Arab Emirates. For these reasons we expect it to be a compelling alternative to the common law trust and a market leader among jurisdictions that offer foundations.”
The regime and offerings take effect immediately.
Mr. Ivinson, leading the Akin Gump team advising ADGM, was supported by global project finance associate Jeff Quinn-Cane.
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