The Dubai International Financial Centre (DIFC) yesterday announced new regulations to encourage ultra-wealthy families to establish Single Family Offices (SFOs) at the DIFC.
Created in consultation with the DFSA, the new regulations specifically address the needs of family run institutions and create a platform for wealthy families to set up holding companies at the DIFC to manage private family wealth and family structures anywhere in the world, said a statement from DIFC.
Central to the new regulations, the DIFC has introduced changes to the DIFC Single Family Offices platform and has made consequential amendments to other DIFC and DFSA regulations such as the DFSA's General Module and Glossary Module.
The new regulations offer distinct benefits to family offices as they exclude Single Family Offices from many of the regulatory constraints placed on conventional organisations located at the DIFC.
The regulations follow the establishment of the DIFC Family Office initiative, which provides comprehensive infrastructure solutions for families and family businesses operating in the region.
The DIFC Family Office was created to promote DIFC as an ideal domicile for family offices.