Dubai`s DIFC Enhances Its Appeal to Family Offices
Only recently, concerted efforts by the DIFC and the Ministry of Economy (Dubai) led to allow DIFC-based companies to apply for and be licensed to commence commercial activity onshore in Dubai, as well as to acquire and operate properties within Dubai.
Effectively making the freezone of the DIFC semi-permeable, the move comes as a further step in the opening of the local economy to foreign direct investment. By establishing a presence within the DIFC jurisdiction, family offices and other investment vehicles are now able to tap into the local markets while at the same time remaining within the DIFC`s higly predictable common law jurisdiction.
The DIFC freezone, which was awarded 10th. position within the world`s best financial centres („The Banker“ 2017 IFC rankings) in September 2017, is based on a comprehensive common law-based legal framework, providing family offices with a host of easements compared to fully regulated financial companies. Complemented by the DIFC`s Wills and Probate Registry as another vital building block, the DIFC provides family offices with a wide range of options with respect to legal structuring, management as well as succession of assets.
A more detailed article covering the recent evolution of the DIFC with respect to its proposition to family offices and its implementing rules can be found here:
The author`s blog property-blog-dubai.com covers subjects related to Dubai`s property market and its trends and influences from an institutional investor`s perspective.
The author has been actively engaged in the Dubai property market since 2005 and advises institutional investors pertaining to their overall investment strategy, ongoing asset management as well as the initiation and execution of property transactions.
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