United Arab Emirates Tax Agency Issues Clarification on Family Wealth Management Structures, in English, Arabic

The Emirati Federal Tax Authority Sept. 19 issued Public Clarification No. CTP008, in English and Arabic, clarifying the corporate income tax treatment of family wealth management structures. The clarification provides that: 1) family foundations without a separate legal personality are automatically considered tax transparent, but those with a separate legal personality must apply for tax transparent treatment; 2) qualified holding companies or special purpose vehicles (SPVs) directly or indirectly owned and controlled by a tax transparent family foundation can apply for tax transparent treatment; 3) single family offices (SFOs) or multi-family offices (MFOs) that are juridical persons and don’t meet ...