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1291 Group CEO Mark Sora.
Wealthy families around the world are currently planning immigration in search of physical security, political stability, modern infrastructure, top-notch medical facilities and a tax-friendly environment. Yes, the UAE proves to be a great place for all important needs.
Marc Sola, chief executive of 1291 Group, said: “Transferring families, businesses and wealth is often a lengthy process, so many families first move their family offices to favourable jurisdictions.”
Sola has been advising clients from Europe, North and South America, Middle East, Asia and Africa. He is a sought-after speaker at international investment, asset protection and estate planning conferences worldwide.
Zurich-based 1291 Group, a Swiss private wealth solutions company operating globally, recently opened a regional office in the Dubai International Financial Centre (DIFC).
From a regulatory perspective, the UAE has taken a big step towards implementing anti-money laundering regulations that fully comply with international standards and strict regulation of financial services companies.
“I experienced it firsthand when I was applying for a license at DIFC. We were licensed in 35 countries, but no other institution worked so hard. This is very important for creating a strong and stable financial sector and earning trust and respect in an international environment important,” Sora said.
DIFC recently announced the launch of the first Global Family Business and Private Wealth Centre (Centre) in the region and globally. The DIFC was the first financial centre in the world to create a unique product, at the time it was estimated that AED 3.67 trillion ($1 trillion) in assets would be transferred to the next generation in the Middle East over the next decade.
The initiative is in line with the UAE government’s commitment to support family businesses, which continue to play an important role in accelerating the country’s economic growth. It is estimated that only 20% of family businesses in the Middle East are managed by the third generation. It is critical to educate those facing challenges related to governance, inheritance, ownership, wealth, family dynamics and strategies to ensure a solid family business and long-term success.
The initiative is in line with DIFC’s 2030 strategic goals, which will double the size of DIFC and its economic contribution to Dubai’s GDP. The strategy also supports continued economic growth and further positions Dubai as a global hub for leading financial institutions and businesses.
The center will bring together global family businesses, ultra-high net worth individuals (UHNWIs) and private wealth in one hub to help preserve and grow the industry, as well as provide a full range of support services for robust estate and succession planning. The hub It is also expected to attract family businesses and ultra-high net worth individuals from the region and the world to set up operations in Dubai.
“We are here to support wealthy families and their advisors. Most of these families live and operate in an international setting. Typical topics such as privacy and asset protection, international tax optimization and estate planning are key issues,” Sora Say.
“Currently, we are seeing strong interest from Asia (China, Taiwan, India) and Eastern Europe and Latin America (Mexico, Brazil).”
Sola noted that the UAE has proven to be a great place to move families and wealth. “This country is highly regarded for its excellent policies, infrastructure and education. The new Golden Visa program provides families with long-term stability,” Sola concluded.
— sandhya@khaleejtimes.com
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