Asset Protection in Dubai How to Offshore & Protect Your Assets
This article focuses on asset protection in Dubai, and how you can leverage globalization to your advantage by off shoring assets out of Dubai to credible and safe jurisdictions.
Off shoring your assets to such jurisdictions mean more privacy, continued benefits of no taxation, no reporting and disclosure requirements, easy anytime access to your money through off shore banking, smooth transition of estate upon death, and much more.
A sound asset protection strategy can make your and your familys life more stress free, and ensure a smooth transition of assets to your beneficiaries some day. Off shoring has become a common tool used in estate planning in Dubai by expats living and working in Dubai today.
Many of them have accumulated significant wealth over the years, and the last thing they want is to have that wealth erode away in expensive attorney and court fees through the probate / wealth transition phases.
Why do expats look to protect assets in Dubai through off shoring?
Lets look at why folks consider off shoring a strong asset protection strategy:
What about ongoing requirements?
How long will it take to set up your off shore asset protection strategy while you are in Dubai?When all the requirements have been met, an company can usually be incorporated within three working days and courier posted back to you! We have done it in as less as 2 days!
How do you renew your off shore company license?Once a year, you are required to pay an annual maintenance fee (very small amount) in order to remain in good standing. This fee is due on the anniversary of the incorporation of the company.
#1 reason why most Dubai and Abu Dhabi expats off shore for asset protection?Because the UAE is a tax free jurisdiction, assets are moved off shore not so much for tax purposes as they are for asset protection purposes. By moving assets off shore to US and UK governed jurisdictions, you are gaining peace of mind as a result of stability and certainty.
In addition, your identity will not be disclosed, and you can enjoy full privacy and confidentiality of your activities and transactions. See, many expats want to avoid the exposure they face in places like Dubai and Abu Dhabi. Why deal with the local law when there is so much ambiguity? You will never be treated fairly like a local national.
How can we help?Because of my (Sunil) background as a CPA/CA in the financial services industry, I have worked with several high net worth clients in my career. As I write this article, I am in the process of setting up an off shore company for my businesses as well.
I can assist you in setting up your asset protection strategy by executing the necessary steps required to set-up a company. I can also arrange for a nominee director service with a general Power of Attorney if you are seeking a higher level of personal privacy. I will also assist in setting up various offshore banking and other additional (optional) services are also available if required.
Some of the specifics include the following:
First year government filing fees.
Certificate of Incorporation.
Memorandum and articles of Association.
Letter of appointment of first director.
Nominee shareholder (if required).
Declaration of Trust from the nominee shareholder (if a nominee shareholder is required).
Minutes of the first meeting of the founders.
Register of shareholders.
Register of directors.
Registered agent services, (first year).
Registered office, (first year).
Apostille set of the incorporation documents.
International express delivery (with the tracking number) by FedEx or DHL.
This will typically cost you around $1,975 USD.
Beginning the second year, I can assist with renewing your documents, specifically including the following:
Government fees. (Payable annually)
Registered Agent fee. (Payable annually)
Registered Office. (Payable annually)
Ongoing annual fees will run you $1,300
This is a very small price to pay for the benefits gained, most importantly your and your familys peace of mind. So let me know if you are interested in this kind of an asset protection strategy for yourself.
Contact me only if you are serious. There is a wealth of information available online. If you are simply seeking information, I suggest you browse the internet instead. If you are ready to take action, contact me so we can discuss your goals and objectives, and accordingly structure an approach that fits what you are looking to accomplish.
All the best,
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