Over the last decade Dubai has adopted a number of innovative legal and regulatory frameworks that has allowed it to rapidly ascend as a hub for investment. Dubai is now implementing new rules that deal with succession and inheritance for non-Muslims. There is a massive amount of competition between nations wishing to serve as a hub for the worlds wealthy to invest in. The previous legislative regime for inheritance that existed in Dubai created a lot of confusion and created an incentive for people to transfer their wealth out of the country. Dubai is home to many wealthy expats from diverse parts of the globe, the country hopes that the new registry will create an incentive for them to keep their wealth in Dubai.
See Sandy Shipton, Wills and Probate Registry to boost Dubai’s profile, Gulf News, July 5, 2015.
Special thanks to Jerry Cooper for bringing this article to my attention.
