Ensuring assets pass smoothly from one generation to the next requires careful planning, especially for overseas assets. Asset protection experts agree that a trust in a properly selected jurisdiction provides the strongest worldwide asset protection vehicle, however, to ensure full and proper protection, expert advice is vital.
A trust protects assets and secures your family’s future benefits. A trust is created when someone (often referred to as the settlor) transfers legal title to someone else (the trustee) to hold for the benefit of the original owner or third party (the beneficiary). The property itself is often referred to as the “trust fund.” The “trust” is the relationship between the trustee and the beneficiaries.
Trinity Group specialises in designing and implementing trust arrangements and can advise on how to correctly draft trust arrangements that provide continuity of ownership and a seamless transfer of assets to chosen beneficiaries without the inconvenience of probate, forced heirship, or inheritance taxes.
Trusts and generation planning are not limited to a certain income bracket. Any individual or family who feel that they can benefit from wealth protection now and wants to protect their assets for the next generation can benefit from a trust or generation planning. Trinity Group provides expert advice regarding the variety of trust and generation planning vehicles available and guides clients to make an informed decision to best protection their interests.
When investing overseas, the tax implications of buying, owning and selling properties are of primary importance, but they can also be confusing due to inheritance tax, capital gains tax, or the vagaries of forced heirship. In the UAE, the Freehold Property Ownership Law allowing non-UAE nationals to own properties, has led to a continued boom in the real estate market. Overseas buyers account for a large proportion of properties transactions in Dubai as well as in the other Emirates.
By owning real estate through a company, real estate investors better protect their asset than if the property is owned individually. Trinity Group strongly advises that serious consideration be given to purchasing property via a corporate structure.
Trinity assists with the incorporation of offshore companies in various jurisdictions around the world, including UAE, to own property on behalf of individuals, investors, and companies.
Structuring the right type of ownership vehicle can protect your interests now and for inheritance. The UAE applies Islamic Sharia Laws for inheritance of personal effects and real estate. Islamic Sharia is very different to common law and civil law in many countries as it enforces a set inheritance scheme. However, with the correct advice, you can avoid complicated inheritance procedures through the use of an offshore company because passing on shares in a company is often more controllable than controlling individual properties.
Company ownership of a property provides an easy method for joint investment, confidentiality, and organising assets under a manageable structure. When an offshore company holds a property, the company’s owners or partners own the shares of the company and the company’s name appears on the title deed rather than the individual.
Business setup in Dubai, as well as any other part of the world, requires a quality working relationship with a bank that understands your needs. As one of the top three largest sectors in the Gulf Region, the UAE’s financial sector has an impeccable reputation thanks to the policies of the Central Bank of the United Arab Emirates, which sets high standards, making the banks of Dubai and other Emirates of the UAE among the most reliable in the world. Most banks in the UAE offer low tariffs on banking services, a simplified reporting system, and high customer service quality with very competitive fees. Practically all banks in the UAE have effective service with access through Internet and telephone banking systems, which makes opening a bank account in Dubai and the UAE a very attractive and cost-efficient option.
Due to our long-term relationships with banks in the UAE, as well as with highly reputable and reliable offshore banks, Trinity ensures the most suitable banking solution for our clients to satisfy their requirements. To assist in that process, we advise clients in developing comprehensive business plans, clearly setting out geographical areas of business activity, trading experience, and revenue projections.
In our celebrity-obsessed world, businesses increasingly engage famous personalities to endorse their products. Exploitation of “image rights” is therefore a massive revenue generator. In a world of visual media saturation, these rights have a huge financial value to certain individuals in the media spotlight, such as sports persons, singers, actors, and celebrities.
An image right is a person’s right to their own persona, including the right to prevent or restrict others from using their name, likeness, or other unique characteristics associated with their personality (such as their signature, logos, slogans, etc. The individual has the right to control the commercial use of his or her name, image, likeness, or other unequivocal aspects of one’s identity. It is generally considered a property right as opposed to a personal right, and as such, it can survive the death of the individual (to varying degrees depending on the jurisdiction).
The material on our website is intended to provide only general information and comment to our clients and the public. Although we make our best efforts to ensure that the information found on our website is accurate and timely, we cannot, and do not, guarantee that the information is either.
Trinity Group Office 1008, 10th Floor, International Business Tower, Business Bay P.O. Box 58562, Dubai, UAE