UAE Foundation
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ABSA Bank has Barclays' SWIFT codes in Seychelles, as they took over operations (BARSC is how it starts). All in all, if they grant you access, it is a reasonable enough bank (one of the largest in the south of Africa), so you should be covered with them.
NVO
NVO
@Martin Everson I thought Jersey was for trusts, not foundations? Would you mind giving some CSPs experts in foundations there, if you know any? Thanks.
I'd like to add a point regarding UAE foundations, because the CIT some say it is imposed on them is not completely accurate. But instead of me ranting about it, I'll leave you a link of a good firm that works there and who are going to give you good legacy planning advice in the UAE: https://knightsbridge.ae/changes-to-the-tax-treatment-of-foundations-in-the-uae/
In my case, for example, I've got a transparent entity, because I do not carry any commercial/business transactions with it, and that has been confirmed after last year's regulatory changes. So unless you want your foundation to incur in business activities (why would you want that instead of︀ a free zone entity?), you'll be tax transparent, the distributions and proceeds passed onto the︁ beneficiaries becoming a taxable event, but then again, there's no income tax (yet) at the︂ personal level in the UAE so...
Hope this helps.
NVO
In my case, for example, I've got a transparent entity, because I do not carry any commercial/business transactions with it, and that has been confirmed after last year's regulatory changes. So unless you want your foundation to incur in business activities (why would you want that instead of︀ a free zone entity?), you'll be tax transparent, the distributions and proceeds passed onto the︁ beneficiaries becoming a taxable event, but then again, there's no income tax (yet) at the︂ personal level in the UAE so...
Hope this helps.
NVO
It all comes down to where you/your family live and where the assets are located.
If you live in an EU country, there's a good chance they won't recognize your offshore structure and treat any assets as owned under your own name.
If you live in an EU country, there's a good chance they won't recognize your offshore structure and treat any assets as owned under your own name.
What has Seychelles banks got to do with where you bank the assets of Seychelles Foundation?
Do you think there are many Seychelles, BVI or Cayman trust or even offshore company that bank locally....lol? The majority bank outside the jurisdiction and same principle applies for Foundations.
Do you think there are many Seychelles, BVI or Cayman trust or even offshore company that bank locally....lol? The majority bank outside the jurisdiction and same principle applies for Foundations.
Locally I have talked about Al Salaam Bank in Seychelles over the years.
Your best bet is to︃ speak to a one stop shop with their own in-house bank and ask them about︄ a Seychelles Foundation if thats what your after.
https://www.amicorpbank.com/services/trusteeservices
https://www.uibt.com
Your best bet is to︃ speak to a one stop shop with their own in-house bank and ask them about︄ a Seychelles Foundation if thats what your after.
https://www.amicorpbank.com/services/trusteeservices
https://www.uibt.com
If you want a bank account UAE may be the better choice otherwise Seychelles or Vanuatu as they won't throw you in jail or issue an INTERPOL red notice over a misunderstanding.
I’ve worked with all︁ three, ADGM, DIFC, and RAK ICC depending on the client’s goals, and I can confirm︂ that UAE foundations can be a solid option for asset protection, succession, and even holding︃ crypto.
A few thoughts based on experience:
All in all, they’re a nice middle ground between a︍ trust and a holding company, especially in the UAE where the legal environment supports it.︎
Curious to hear if anyone’s used one for multi-jurisdiction planning or crypto custody?
A few thoughts based on experience:
- ADGM and DIFC are great if you want︄ something more internationally recognized with a strong legal framework (both use English common law). They're︅ more formal and have higher ongoing costs, but they're well respected, especially for more complex︆ or cross-border setups.
- RAK ICC is simpler and cheaper to run. It's less well known︇ globally but still perfectly valid, and for holding assets like real estate, IP, or crypto,︈ it does the job well.
All in all, they’re a nice middle ground between a︍ trust and a holding company, especially in the UAE where the legal environment supports it.︎
Curious to hear if anyone’s used one for multi-jurisdiction planning or crypto custody?
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