The July 23rd 2019 report of the OECD Forum (Organisation for Economic Co-operation and Development) on Harmful Tax Practices (HTP) has concluded that 11 of the 12 countries on its list of low-tax jurisdictions are compliant with its standards for ‘substantial activity’ legislation. Their tax regimes are therefore not considered harmful anymore. Since November 2018 all the relevant nations embarked … Read More
DIFC Wills + Probate: An Important Amendment
Dubai International Financial Centre (DIFC) has recently amended the rules with respect to its Wills & Probate Registry. From June 30th 2019, any Will can now include assets located in not only all of the Emirates, but internationally too. Previously, it had just been restricted to assets in Dubai and Ras al Khaimah. This is a significant change, which will … Read More
DIFC Announces Prescribed Company Regulations
Dubai International Financial Centre (DIFC) has detailed it’s plans to combine the existing regulations for Special Purpose Companies (SPC’s) and Intermediate Special Purpose Vehicles (iSPV’s) under one new initiative. These types of entities will now be know as Prescribed Companies. “The new Prescribed Companies regime is a very positive regulatory development that is going to make the DIFC an even … Read More
UAE introduces “Golden Card” for permanent visa residents
Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai, has announced a new UAE Residency scheme called the “Golden Card”, which offers permanent residency to foreign investors and “exceptional workers in the fields of health, engineering, science and art”. It is hoped that the new scheme will generate foreign investment, encourage entrepreneurship, and attract top engineers, scientists and students … Read More