Optimal Successions in Dubai & the UAE

Transcription

1 2nd annual conference Optimal Successions in Dubai & the UAE Muslim or Non-Muslim expatriate: how to protect your family and your assets in a compliant way? > Draft Dubai Law guiding succession for Non-Muslims - How will it solve legal uncertainty concerning succession of Dubai assets for Non-Muslims? > DIFC Wills & Probate Registry: a game changer for Non-Muslims with Dubai assets? > Registration of DIFC wills at the Dubai Land Department > Compliant succession planning solutions for Muslims > Transfering wealth and keeping control before and after death > WORKSHOP: International succession & applicable law WITH THE EXCEPTIONAL PARTICIPATION OF: Dr. Amjed Hamdan El Juhani Head of Legislation Directorate Government of Dubai Legal Affairs Department Noor Al Khafaji Legal Counsel, Legal Consultants Affairs Section, Advocates & Legal Consultants Directorate Government of Dubai Legal Affairs Department Mark Beer, OBE CEO & Registrar, DIFC Courts Dr. Ahmad Bin Hezeem Senior Partner, BSA Ahmad Bin Hezeem & Associates LLP Diana Hamade Lawyer & Legal Consultant, Samir Kanaan Managing Partner, Kanaan Advocates & Legal Consultants Philippe Mihail Honorary Lawyer, Geneva Stuart Walker Partner, Afridi & Angell Legal Consultants Shahram Safai Partner, Afridi & Angell Legal Consultants Mihaela C. Moldoveanu Senior Manager, DIFC Wills & Probate Registry Alastair Glover Principal Associate, Wragge Lawrence Graham & Co LLP Shaukat Murad Managing Director, Alpha Management Ltd. Gaya Vythes General Manager- International Desk, Private Client Services, Jardine Lloyd Thompson PCS SA, Geneva Andrew De La Rosa Barrister, International Chancery & Trusts Chambers, Grand Cayman Sonny Patel Senior Associate, Al Rowaad Advocates & Legal Consultants Sohail Zubairi CEO, Dar Al Sharia LLC Walid S. Chiniara Partner, Deloitte & Touche (M.E.), & Head of Deloitte Private, Family Enterprise Consulting Gary Watts Partner & Regional Head of Corporate Commercial, Al Tamimi & Co. Tim Cartwright Head of Dubai Office, Hawksford Group, Jersey Jean-Louis Tsimaratos Managing Partner, Transversal Advisors DMCC November 2015, The palace Downtown dubai

2 monday 23 November Walid S. Chiniara, Partner, Deloitte & Touche (M.E.), and Head of Deloitte Private, Family Enterprise Consulting Introduction by Conference Chairman 9.00 Dr. Amjed Hamdan El Juhani, Head of Legislation Directorate, Government of Dubai Legal Affairs Department Which courts have judicial competence over succession matters in Dubai and the UAE? Dubai courts & difc courts- A choice for Non-Muslims Draft Dubai Law guiding succession for Non-Muslims How will the draft law solve legal uncertainty concerning succession of Dubai assets for Non-Muslims? Which Dubai assets will be covered under the draft non-muslims? What are the main aspects of the draft law? law? How will the draft law reaffirm the existing legal Theoretical implications of the draft Dubai law system concerning succession of Dubai assets for Mark Beer, OBE, CEO & Registrar, DIFC Courts DIFC Courts: Judicial competence over DIFC Wills & Probate Registry (WPR) Which laws are applied? Overview of the functioning of DIFC WPR since its launch Dr. Ahmad Bin Hezeem, Senior Partner, BSA Ahmad Bin Hezeem & Associates LLP** Diana Hamade, Lawyer & Legal Consultant, Samir Kanaan, Managing Partner, Kanaan Advocates & Legal Consultants Which sources of law apply to succession matters and wills for Non-Muslims in the UAE? Understanding the UAE legal system and the implication of Shari a principles as the source of public policy and order on succession matters for non-muslims Lunch Philippe Mihail, Honorary lawyer, Brussels Bar, Former Head of Branch for Crédit Agricole Switzerland, where he was in charge of wealth planning for 14 years The competence of foreign judges in matters of succession involving UAE residents and assets: how issues of international private law are dealt with in the UAE? When could a foreign judge attract/accept or refuse Which law would the foreign judge apply: foreign competence? law, DIFC WPR rules, Shari a law? Foreign judge competence on DIFC wills and Dubai What will the new European rules change? assets: examples of France and Switzerland The issue of forced heirship rules Mihaela C. Moldoveanu, Senior Manager, DIFC Wills and Probate Registry DIFC Wills & Probate Registry: a game changer for Non-Muslims with Dubai assets? Freedom and legal certainty: What freedom does a Non-Muslim have in planning his succession via a DIFC Will? How does a DIFC registered will provide legal certainty? Distribution of the estate between beneficiaries Enforcement of foreign law via a DIFC will Guardianship of children (choice of guardian) Which will would prevail when there are multiple Guardianship of money for minor children wills: DIFC registered will and a non-registered will? How does a DIFC registered will offer testamentary To what extent does the registration of the DIFC freedom? will offer more security? **In 2005, Dr. Ahmad Bin Hezeem served at the Executive Office of H.H. Sheikh Mohammad Bin Rashid Al Maktoum as the Deputy Director General of the Ruler Court of Dubai Government. Dr. Ahmad worked as the Director General of the Dubai Courts where he engaged in the daily operations of the courts and judicial institutions at local and Federal level for over 8 years.

3 15.00 Mihaela C. Moldoveanu, Senior Manager, DIFC Wills and Probate Registry Alastair Glover, Principal Associate, Wragge Lawrence Graham & Co LLP Scope and use of DIFC Wills: practical issues What is a Dubai asset? g) Bank accounts: cash What are the criteria to determine what is a Dubai h) Cars, jewellery, furniture, private jet, yacht asset and what is not? How to make a non-dubai asset a Dubai asset? Is it a) Property advisable? b) Shares of a UAE company Can you put your Dubai assets under different DIFC wills? c) Shares of a foreign company/offshore company How does a probate process work? What can be d) Life insurance policy done in case of urgent financial requirements by e) Securities testator s family? f) Loans and receivables Noor Al Khafaji, Legal Counsel, Legal Consultants Affairs Section, Advocates & Legal Consultants Directorate, Government of Dubai Legal Affairs Department Stuart Walker, Partner, Afridi & Angell Legal Consultants Samir Kanaan, Managing Partner, Kanaan Advocates & Legal Consultants What do practitioners think of DIFC wills? What are the main advantages provided by DIFC wills? What are the main uncertainties and possible challenges/risks of DIFC wills? Experience with DIFC wills since the inception: who is using DIFC wills? Who is not? The strategy of wills going forward after the DIFC WPR: should non-muslims write different wills for the Dubai assets, the non-dubai UAE assets, the assets located in other jurisdictions? Does the residence of the testator matter (UAE residents or residents of other countries)? Should non-uae residents with Dubai assets draft DIFC wills for their Dubai assets? How to choose between WPR (DIFC) and Arabic registry (Dubai Courts)? What is the difference? Why choose one instead of the other? What are alternative succession techniques to DIFC wills for Dubai assets for non-muslims? Who is allowed to draft a DIFC will and who is not? Who to choose for drafting a will: a specialised lawyer? A regulated certified will writer? A general service provider? What are the risks? What are the costs? What are the advantages? What is a lawyer s duty of care? Can duty of care extend to beneficiaries? Who can you sue if something goes wrong? Simple will or complex will: what is the optimal choice? What lessons can be learned from similar will registries offered by Malaysia and Singapore? Shahram Safai, Partner, Afridi & Angell Legal Consultants Managing the transition to DIFC wills: what is the impact on existing and common succession instruments/techniques? Should the non-muslim client keep the Dubai What are the costs involved? assets holding structures for his property and nonproperty Dubai assets? Should he keep the offshore wills in order to make them compliant/compatible Should non-muslim clients re-draft their existing JAFZA companies? Should he own the assets directly with the requirements of the DIFC WPR rules? or through a company? What are the conditions? Shaukat Murad, Managing Director, Alpha Management Limited What are the efficient, safe and compliant methods of succession/estate planning available for non-muslims regarding their UAE but non-dubai assets? Owning UAE assets through offshore companies Which authority has jurisdiction when: (BVI or Ras Al Khaimah/JAFZA offshore)? Are they a) a UAE asset is owned via a JAFZA or RAK structure effective for estate planning? b) a UAE asset is owned via a BVI company How best to hold shares in offshore companies c) a UAE asset is owned via a trust Is an offshore will effective? What happens upon death? Are trusts the answer for UAE assets? End of Day One

4 tuesday 24 November Andrew De La Rosa, Barrister, International Chancery & Trusts Chambers, Grand Cayman Introduction by Conference Chairman TRANSFER OF PROPERTY 9.00 Invited: Emad Farouq, Senior Legal Counsel, Dubai Land Department 9.30 Shahram Safai, Partner, Afridi & Angell Legal Consultants Registration of DIFC wills at the Dubai Land Department Dubai Land Department and succession issues/transfer of property Transfer fees, Trusts, Offshore companies Diana Hamade, Lawyer & Legal Consultant, Gaya Vythes, General Manager- International Desk, Private Client Services, Jardine Lloyd Thompson PCS SA, Geneva Transfering wealth and keeping control before and after death Gift techniques: to what extent can you use the flexibility of the gift/donation/heba/ other contractual arrangements to transfer assets and keep control until and after death Why: to protect minor children and family business a) Liquidity planning needs addressed through life empire from disintegration insurance contracts Giving and retaining income or use of the assets b) Case studies on succession planning Giving and retaining powers on wealth and wealth c) Will the insurance contract be considered as part management of the testator s estate? Gift/transfer at death subject to conditions after death Is there an equivalent of pacte successoral in Life insurance Shari a law? Andrew De La Rosa, Barrister, International Chancery & Trusts Chambers, Grand Cayman Trusts arrangements for Muslims and Non-Muslims in the UAE Summing up where we stand today the trust Shariah-compliant vs. conventional trusts what options for Emiratis and UAE expatriates. are they, who uses them and how do they work in Is there any special advantage in using trusts as practice? opposed to other (and perhaps more traditional) If a trust is suitable, who can and should take on the arrangements? role of trustee? Protecting CHILDREN & SPOUSES in the UAE Diana Hamade, Lawyer & Legal Consultant, How can Muslim and non-muslim women protect themselves in anticipation of spouse s death? How to protect children after one s death? Protecting Children Protecting Spouses Guardianship of money How to protect the Non-Muslim spouse with a Guardianship of persons DIFC will? Powers and control of the executor Dowry How to protect the children against the misbehaviour/mismanagement of the guardians? Hebas What can you include in the DIFC will to protect children and their interest? Sonny Patel, Senior Associate, Al Rowaad Advocates & Legal Consultants Lunch Pre-nuptial and post-nuptial agreements as a wealth protection tool For expatriates, the risk of a divorce taking place in parties in the event of divorce the home jurisdiction The status of pre-nuptial agreements in various How worldwide, non-uae assets can be vulnerable jurisdictions and typical requirements to ensure on divorce maximum enforceability Prenuptial agreements to provide certainty for both COMPLIANT Succession planning solutions for Muslims Sohail Zubairi, CEO, Dar Al Sharia LLC Walid S. Chiniara, Partner, Deloitte & Touche (M.E.), and Head of Deloitte Private, Family Enterprise Consulting Permissible structures under Shari a for Muslims What is Al Waqf Al Dhurri? assist Muslims in avoiding Shari a? Validity of wills and trusts under Shari a What are the duties of banks/financial intermediaries What is the accountability of professionals who in identifying Muslims behind offshore structures?

5 tuesday 24 November Tim Cartwright, Head of Dubai Office, Hawksford Group, Jersey Gary Watts, Partner & Regional Head of Corporate Commercial, Al Tamimi & Co Tim Cartwright, Head of Dubai Office, Hawksford Group, Jersey Jean-Louis Tsimaratos, Managing Partner, Transveral Advisors DMCC What are the legitimate reasons for Muslims to use corporate structures, predominantly offshore, trusts and private trust companies to plan their succession? The dangers of transition without succession planning Generation skipping Asset protection purposes Confidentiality Tax optimisation purposes Trusts in the DIFC for local families- case studies Offshore companies, foreign bank accounts Offshore companies and succession: the practical challenges and how to avoid them? Wills Probate requirements in offshore centres Intestacy Swiss bank accounts and succession for Dubai residents Introduction a) Individual account Relationships between the bank and the account holder b) Joint account Difference between the account holder and the Tools to simplify the devolution of assets in favour beneficial owner of the heirs Death of the account holder (and beneficial owner) Trusts and foundations Consequences on the account Offshore company account Devolution of the assets to the heirs End of Day Two wednesday 25 November 2015 SPEAKER Philippe Mihail Philippe Mihail graduated in Law and Economic Law from the Free University of Brussels where he was Assistant Professor in Commercial law and taught Tax Law in post graduate programmes. He published several books in France and in Belgium in French on international tax and estate planning. After a career in Belgium at the Brussels Bar and at Bank Indosuez Belgium, Philippe Mihail headed the branch of Crédit Agricole Switzerland where he was in charge of wealth planning for 14 years. He is now honorary lawyer (Brussels Bar). Schedule 8.40 Welcome and registration 9.00 Beginning of workshop End of workshop WORKSHOP International successions & applicable law How to fall under the scope of a given succession law? How to avoid falling under the scope of a given succession law? 1. What are the consequences of the application of different legal systems? Private law internal law Comparison of the different systems in the world Civil law - Civil law - matrimonial property regime - Civil law - forced heirship - Civil law - agreement as to succession - Civil law - usufruct-bare ownership - Civil law «saisine» Common law Shari a Wills 2. How to determine which law will apply? Main principles of private international law Conflict-of-law rules - Principle - Succession law and inheritance tax - Succession law - possible criteria - Choice of the law - First difficulty: «renvoi» - Choice of the law - Second difficulty: evasion of law «fraude à la loi» - Choice of the law - Third difficulty: ordre public - public policy - Succession law and law governing the matrimonial property regime - Succession law and law governing the agreement as to succession Conflict of jurisdictions Recognition or enforcement Role of treaties 3. What will the new European Regulation change? Scope Habitual residence Choice of law Universal application Jurisdiction Subsidiary jurisdiction Renvoi Agreement as to succession 4. Planning ideas: avoiding the application of a given succession law How to fall under the scope of a given succession law? How to avoid falling under the scope of a given succession law?

6 Optimal Successions in Dubai & the UAE Venue- Conference Royale Ballroom The Palace Downtown Dubai Mohammed Bin Rashid Boulevard T Venue- Workshop Regent, Level 4 The Palace Downtown Dubai Registration form You can also register by telephone: I would like to register for the conference Optimal Successions in Dubai & the UAE and I select: Conference: 23 & 24 November November November 2015 Workshop: 25 November 2015 Organiser Academy & Finance Conference Organizing LLC Office 1609, International Business Tower, Business Bay, P.O. Box Dubai, UAE How to register by phone: by rsvp@academyfinance.ch or to: info@academyfinance.ch Fees 23 & 24 November: AED November: AED November: AED November: AED 1900 Discount If there are two or more attendees from the same institution, a 15% discount may be availed for the second and third registrations. Registration and payment Upon receipt of your registration form, Academy & Finance will issue your invoice. Payment can be made by credit card or bank transfer. Your registration will be binding on the organisers until payment has been received in full. Credit card payments will be debited immediately upon receipt of card details and will be subject to a surcharge of 3% to cover bank processing charges. Bank transfers should be made to Academy & Finance Conference Organizing LLC. Bank account details will be provided on the invoice. Substitution & cancellation policy Substitutions from the same organization are accepted at any time. Cancellation requests must be received in writing, by fax or up to the following dates by end of business day: 26th October 2015 refund of 80% 9th November 2015 refund of 30% After 9th November 2015, no refund will be applicable in case of cancellation. Full name Position Company Address Postcode/P.O. Box City Country Tel Fax Mobile Special dietary requirements (if any) payment I wish to pay by : Credit card Bank Transfer Credit card payments will be debited immediately upon receipt of card details. Mastercard VISA AMEX Company card Personal card Card No: / / / Expiry Date: / Name of card holder Address of AMEX card holder Date Signature AF 608 The organisers reserve the right to amend the programme if, despite their best efforts, circumstances oblige them to do so.