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Offshore Corporate Structure Set-up
Another option that we consider the most practical way and what we usually advise our Muslim clients to consider, is to create an offshore corporate structure which provides our clients with the certainty they require. Unfortunately, this is a considerably more expensive option and should be considered in light of the certainty it provides and the size of the estate.
The offshore corporate structure set-up is typically as follows:
1. Set up of a Jebel Ali Free Zone (JAFZA) offshore entity to own property/assets in the UAE by transferring ownership of such assets from your personal name (including your spouse) into the name of JAFZA offshore entity;
2. Set up of a BVI offshore entity to own the entire used share capital of the JAFZA offshore entity;
3. Liaising with the UAE government, land and free zone authorities to effect the legal transfer of the current UAE estate into the name of the JAFZA offshore entity as part of the overall corporate structuring exercise; and
4. Drafting and settling a Will falling under the laws of BVI in connection with the ownership of the shareholding of the BVI offshore entity and as part of the overall corporate structuring exercise.
There will be registration costs and disbursements to JAFZA and relevant authorities. Please note that the Wills Department’s professional fees do not include any disbursements.
Please consider the above options before completing your Wills questionnaire
Requirements for this Type of Will:
- We would need more information from you to see if this is relevant and appropriate for your circumstances so we can advise you accordingly.
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