First introduced in the UAE in 2017, foundations have grown to become an integral part of the UAE's wealth management offering and there are now more than 170 foundations registered in the UAE. They are present in three of the UAE's free zones (Dubai International Financial Centre, Abu Dhabi Global Market and Ras Al Khaimah International Corporate Centre).
A UAE foundation's appeal lies in its flexibility. It is a highly flexible vehicle that can be adapted for a variety of purposes. It provides both expats and UAE nationals with a local solution to manage their wealth, protect their assets and make succession planning arrangements. You may refer to our article seven benefits of UAE foundations for more details.
However, a common misconception is that UAE foundations are used solely for facilitating succession planning, normally entailing a sensitive, almost philosophical, discussion around death and legacy. Their utility actually extends well beyond this.