The UAE Patriarch with Heirs Abroad
A pattern recurs in our UAE practice with sufficient frequency that it deserves a paper of its own. A successful principal — born in the Gulf, the Levant, South Asia or Egypt, resident in the UAE — has built substantial wealth in a jurisdiction with no income tax, no capital gains tax, no wealth tax and no inheritance tax. The principal's children, as adults, have settled elsewhere: London, Paris, Lisbon, Toronto, sometimes New York. The principal's wealth is on a 0% tax base; the children, when they receive it, will not be. This piece sets out the structures we use to bridge that mismatch.
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