Dubai International Financial Centre (DIFC) has announced the enactment of new family arrangements regulations, following a 30-day public consultation period.
The new regulations provide a foundation for the new DIFC family wealth centre, it offers a framework and a hub for global and regional family-owned businesses, ultra-high net worth individuals and private wealth.
It also aims to further differentiate DIFC as a global hub for leading financial institutions and businesses.
DIFC family arrangements regulations
The regulations replace the previous single-family office regime and eliminates the need to register with the DFSA.
The regulations were drafted to take advantage of the recognition of family businesses structures in free zones and advisors in the financial hub.
“For almost 20 years, DIFC has provided a supportive and dynamic environment for global and regional family-owned businesses, ultra-high net worth individuals and private wealth. The introduction of these new regulations marks a significant step forward in our commitment to setting the standards for excellence in the industry,” said Chief Legal Officer Jacques Visser.
“With a focus on transparency, accountability and stability, these regulations provide a comprehensive framework that will allow our clients to operate with confidence, knowing that their interests are protected by the highest level of legal and regulatory oversight. DIFC is proud to be at the forefront of driving positive change and helping family businesses maximise their contribution to our economy.”
The Family Arrangements Regulations provide guidelines for family businesses holding assets and operating in or from DIFC to support succession and legacy planning for the future.
The regulations also establish certification and accreditation programmes for these businesses and their advisors to support benefits and incentives planned under the UAE Family Business Law.
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