If you’ve been hearing more about private banks, investment advisers, and wealth managers setting up shop in Dubai, you're not imagining it. Dubai has become one of the fastest-growing wealth hubs in the world, especially for British and European advisers. In the last year alone, over 60 new wealth management firms have opened offices in Dubai’s International Financial Centre (DIFC). But why is this happening, and what does it mean if you're a high net worth individual , entrepreneur, or investor living in the UAE? Why Dubai? Dubai offers something many wealth managers are now struggling to find elsewhere: a stable, tax-efficient , and business-friendly environment. While the UK has tightened its tax rules , especially for non-doms and those using trusts or complex structures, the UAE has continued to attract wealth with: 0% personal income tax No capital gains tax A strong legal framework under English common law (via DIFC) High quality of life and global connectivity For clients, this makes Dubai an appealing base. For wealth managers, it’s an opportunity they can’t ignore. What Wealth Managers Are Offering in Dubai With this surge in presence comes increased service availability for clients. If you're living in the UAE or spending part of the year here, you can now access: Discretionary investment management Estate and succession planning Family office services Tax-efficient structures and cross-border advice Advice on UK IHT (Inheritance Tax) and pensions These services used to be hard to find locally, but not anymore. Who's Coming to Dubai? The influx includes private banks and traditional discretionary fund managers, but also: Boutique investment firms Wealth tech platforms (offering digital tools for investing) Global tax advisers The DIFC now hosts more than 410 wealth and asset management firms, up from 350 the previous year. New entrants include British firms reacting to UK tax changes and seeking to serve their clients abroad. Why It Matters to UAE Residents If you’re based in the UAE, especially as a British expat or someone with international assets, this is a golden opportunity to get high-quality wealth advice locally. Key reasons to take action now: UK tax changes are affecting British expats Inheritance planning is more important than ever The local market now has more competition, which often leads to better client service You no longer need to fly to London or rely on Zoom calls to manage your finances; top-tier advice is available here in Dubai. Questions You Should Be Asking Is my current investment portfolio set up for UAE tax rules? How will UK inheritance tax apply to my estate? Should I structure assets through an offshore trust or foundation? Is my UK pension protected and efficient? Could I benefit from working with a local adviser who understands both the UAE and UK systems? Final Thoughts Dubai is no longer just a luxury destination or business stopover; it’s now a full-fledged global wealth centre. With top international firms setting up operations here, clients in the UAE now have access to world-class advice right on their doorstep. Whether you’re planning for retirement, protecting family wealth, or exploring new investment opportunities, this is a perfect time to act. At Mosaic Chambers Group, we specialise in helping UAE-based clients structure, grow, and protect their wealth. From inheritance planning to UK tax exposure, our team of dual-qualified advisers can offer practical advice with no jargon. Contact us today to book a confidential conversation with one of our experienced UAE wealth advisers.

We all think about the future, but how many of us feel confident about our retirement savings? In the UAE, that question is becoming more urgent. A new report shows that more people in the UAE, especially experienced employees and professionals, are asking for better, more personalised retirement planning. They don’t just want end-of-service benefits. They want flexibility, investment choices, and long-term financial security. This shift is important. It’s not just about pensions . It’s about how people feel about their jobs, their financial freedom, and their lives after work. What the Report Found The research, carried out by recruitment experts in the UAE, found that: Many mid-to-senior-level professionals now want a tailored approach to retirement savings. People are asking employers for more investment options, not just a lump sum at the end. There is a growing interest in structured retirement accounts, including schemes where employers contribute monthly, like pensions in the UK or US. It’s a signal that the typical end-of-service benefit (gratuity) may no longer be enough for the modern workforce. The Current Retirement Model in the UAE Right now, most private sector workers in the UAE receive an End-of-Service Benefit (EOSB). This is a lump sum based on how long you've worked for your employer and your final salary. But: It’s not invested, so the value doesn’t grow with time. You only receive it when you leave the company. If a company closes down or faces financial trouble, you may lose out. While the UAE has made improvements, such as introducing savings-style EOSB schemes, many companies still use the traditional model. Why Employees Are Asking for More Here are just a few reasons UAE professionals want better retirement planning: 1. Job Security Is Less Certain People change jobs more often than they used to. Relying on a lump sum after years of service isn’t practical for mobile careers. 2. Higher Earnings = Higher Expectations Professionals in sectors like tech, finance, and consulting are earning more, and they want retirement planning to match their income and ambitions. 3. Inflation and Cost of Living Even in a tax-free environment, the long-term cost of living matters. A static lump sum at the end of your career doesn’t keep up with real-world inflation. 4. More Global Workers Many people in the UAE have worked in multiple countries. They’re familiar with international pension schemes, and they want similar options here. What Are the Alternatives? Several companies and free zones in the UAE are already offering new models for retirement planning: Monthly savings schemes with employer contributions Access to regulated investment funds tailored to retirement Portable savings accounts that follow you between jobs Dubai International Financial Centre (DIFC) launched the DIFC Employee Workplace Savings (DEWS) Plan, which has been a model for reform. Other areas may follow suit. What You Can Do Whether your employer offers advanced schemes or not, you can still take control of your retirement plan: Start a private pension or regular investment plan with expert advice Set up a monthly savings goal, even if it’s small to start Ask your employer if they’re willing to make monthly contributions Consider tax and currency implications if you plan to retire abroad Final Thoughts The way people think about retirement in the UAE is changing, and fast. It’s no longer about waiting for a lump sum and hoping it’s enough. UAE residents want to invest, plan ahead, and build financial independence while they’re still working. If you're living and working in the UAE, the best time to plan for retirement isn't when you're 60. It’s now! We help people across the UAE, UK and other jurisdictions set up private pension plans, understand retirement investments, and structure savings that work whether you retire in Dubai, UK or move abroad. Speak to one of our advisers today for clear, practical help with your long-term planning.

Financial reporting might not be the most glamorous topic, but in the world of tax, it’s the backbone of everything. If your accounts aren’t accurate, your tax filings won’t be either. That means penalties, audits, and missed opportunities. This May, the UAE Ministry of Finance issued Ministerial Decision No. 84 of 2025, replacing the earlier Decision No. 114 of 2023. It raises the bar for businesses under the UAE Corporate Tax regime when it comes to how they prepare and submit their financial statements. Whether you’re a UAE-based entrepreneur, part of a family business, or advising HNW clients, here's what you need to know—and what to do next. Why Financial Reporting Is Critical in the UAE Since the launch of the UAE’s Corporate Tax regime in 2023 (at a standard 9% rate on profits above AED 375,000), accurate financial records have gone from "nice to have" to "non-negotiable." Ministerial Decision No. 84 of 2025 makes it even clearer: proper financial statements aren’t just paperwork. They’re essential for: Corporate tax returns Maintaining Qualifying Free Zone Person (QFZP) status Group structuring or business exits Investor confidence and bank funding What’s New in Ministerial Decision No. 84? 1. IFRS Is Now the Standard—No Excuses All financial statements must be prepared using International Financial Reporting Standards (IFRS). The days of using simplified or local formats are over. This may impact free zone companies and smaller entities used to minimal compliance. 2. Audited Financials Now Required for More Entities More businesses will now need audited accounts. This includes: Large businesses (by revenue or assets) Qualifying Free Zone Persons (QFZPs) Holding companies and entities within group structures Even if you weren’t previously required to undergo a statutory audit, corporate tax obligations now bring that expectation to your door. 3. Record Retention Obligations All financial records—statements, ledgers, invoices, and backup data—must be retained for at least 7 years and be ready for inspection by the Federal Tax Authority (FTA) at any time. Who Needs to Pay Attention? You’re affected if: You own or operate a mainland or free zone company. You’re a high-net-worth individual with a holding company or family office in the UAE. You’re part of a group structure, either local or cross-border. You want to maintain 0% tax status as a QFZP. You're planning to sell, restructure, or raise capital and need a clean financial trail. What You Should Do Next Here are your action steps: Audit check – Confirm if your business now falls under mandatory audit requirements. Align with IFRS – Ensure your accounts are being prepared to full IFRS standards (not partial or simplified versions). Update systems – Store records digitally and back them up securely for a minimum of 7 years. Speak to your adviser – If you’re unsure, now’s the time to get professional input before issues arise. Final Thoughts Ministerial Decision No. 84 of 2025 is part of the UAE’s wider move towards high-quality, internationally respected tax standards. It's a strong reminder that clear, reliable financial records are more than admin—they’re your strongest protection in a tax environment that’s getting sharper. Need help understanding what this means for your business? Contact us today to book a confidential call with one of our tax experts. If you’re a legal, accounting, or investment professional looking to refer clients, then enquire about becoming an Introducer with us. More information here.

The UAE continues to evolve as a global wealth management hub, with its latest reform offering a significant step forward for family foundations and holding structures. The Ministry of Finance has introduced a mechanism allowing holding companies owned by qualifying family foundations to elect tax transparency, aligning local rules more closely with international wealth structuring norms. This change is not just administrative—it’s strategic. It gives ultra-high-net-worth individuals, family offices, and private clients a new tool for succession planning, tax optimisation, and cross-border compliance. What Is Tax Transparency for Holding Companies? Under the UAE’s corporate tax regime, most entities are taxed at a headline rate of 9% on profits exceeding AED 375,000. However, this new development allows holding companies owned by approved family foundations to opt for “tax-transparent” status, meaning: Profits are not taxed at the company level Income is attributed directly to the foundation’s beneficiaries No corporate tax is payable by the holding company In effect, the entity becomes a "flow-through" for tax purposes, much like similar vehicles in the UK or US trust and partnership models. This aligns with the UAE’s broader commitment to tax neutrality for legitimate private wealth structures. Why This Matters for Family Offices and Wealth Managers At Mosaic Chambers Group, we work with clients who require flexibility, confidentiality, and robust compliance across multiple jurisdictions. This update achieves all three. 1. Enhanced Control and Oversight By allowing direct income attribution, families retain a clear line of sight over their holdings without triggering difficult corporate tax liabilities or double taxation. This supports long-term family governance and oversight. 2. Streamlined Succession Planning Transparent holding companies integrate smoothly into wills, trusts, and multi-generational planning tools. It becomes easier to pass on ownership and control while remaining compliant with local laws and international tax expectations. 3. Simplified Tax Filings Rather than preparing corporate tax returns for each entity, income is reported by the beneficiaries, making annual compliance more manageable and, in some cases, reducing overall administration costs. What Are the Conditions? Not every family foundation will automatically qualify for this election. To take advantage of the new rule, the following key conditions must be met: The family foundation must be registered and recognised under UAE law Transparent status must be elected formally with the UAE Ministry of Finance Detailed ownership and income allocation documentation must be maintained The structure must be managed from within the UAE Importantly, these requirements are designed to prevent misuse and ensure that legitimate private wealth structures benefit, while still aligning with OECD transparency standards. Potential Cross-Border Tax Implications Families with beneficiaries based outside the UAE must tread carefully. While the UAE may no longer impose corporate tax on the holding company, beneficiaries in other jurisdictions may face tax liabilities based on their share of income, even if distributions haven’t been made. This makes international tax advice essential. Strategic Planning Opportunity This reform offers a unique opportunity to: Revisit legacy structures that may be inefficient or outdated Consolidate ownership across multiple holding entities Prepare for future generational transitions with confidence Whether you're managing a Gulf-based family enterprise or overseeing international assets across Europe, Asia, and the US, this election mechanism gives you a new layer of flexibility, without sacrificing legal clarity or compliance. Final Thoughts The UAE’s tax transparency election is more than a technical rule change—it’s a powerful tool for wealth preservation, efficient tax planning, and multi-jurisdictional control. Families and their advisers should review existing structures now to see if this opportunity aligns with their long-term goals. If you’re advising a UAE-based family foundation—or managing one—now is the time to act. Contact Mosaic Chambers Group to explore how this change could enhance your structure and secure your legacy.

The United Arab Emirates (UAE) is one of the most attractive destinations in the world for entrepreneurs, investors, and multinational businesses. With its business-friendly environment, strong legal framework, and strategic location, the UAE offers the ideal conditions for companies looking to launch or grow their operations in the Middle East and beyond. Why Set Up a Business in the UAE? Strategic Global Access Located between Europe, Asia, and Africa, the UAE offers excellent connectivity to over 2 billion consumers and access to fast-growing global markets. Favourable Tax Policies The UAE has no personal income tax and a low 9% corporate tax (only applicable to profits over AED 375,000), making it a highly tax-efficient base for international businesses. Robust Infrastructure From modern airports and ports to advanced telecommunications and transport systems, the UAE offers everything needed for smooth business operations. Flexible Company Structures Choose between Mainland, Free Zone, or Offshore setups, depending on your business model, ownership preferences, and target market. Key Steps to Start a Business in the UAE 1. Define Your Business Activity Your chosen activity determines which licences and approvals are needed. Some sectors, such as financial services or education, require additional authorisation from regulatory bodies. 2. Choose the Right Business Structure Choosing the right business structure in the UAE is essential because it sets the foundation for how your company operates, grows, and complies with local laws. The structure you select affects everything from ownership rights and liability to tax efficiency and the ability to trade or raise capital. With the UAE offering various options tailored to different business needs, getting it right from the start can save time, reduce risk, and support long-term success. 3. Mainland vs Free Zone Mainland companies can trade directly within the UAE and with government entities. Free zone companies enjoy tax benefits and 100% repatriation of profits, but if a freezone company is seeking market entry into mainland UAE, you would need to consider a restructuring. Business Setup Process: Step-by-Step Select Your Activity – Choose from a list of permitted activities that align with your goals. Reserve a Business Name – Must follow UAE naming rules and avoid restricted terms. Get Initial Approvals – From the Department of Economic Development (DED) or your chosen free zone authority. Draft the MoA (Memorandum of Association) – Required for LLCs; outlines ownership, structure, and responsibilities. Secure Office Space – This is mandatory for most businesses. Free zones may offer co-working or virtual office options. Apply for a Trade Licence – Based on your activity: Commercial, Industrial, or Professional. Register the Company – Submit final documents to the relevant authority. Open a Corporate Bank Account – Required to legally operate and receive payments. Apply for Visas – For owners, employees, and dependents. Compliance and Legal Requirements VAT Registration – Required for businesses earning over AED 375,000 per year. Economic Substance Regulations (ESR) – Applies to specific sectors and requires companies to show they have substantial operations in the UAE. Ultimate Beneficial Ownership (UBO) and AML Compliance – Businesses must maintain transparent ownership records and follow anti-money laundering regulations. Beyond Setup: What Else to Consider Hiring & Workforce Planning Mainland companies must comply with Emiratisation quotas in certain industries. All employers must issue legal contracts, offer medical insurance, and follow UAE labour laws. Cultural Awareness Strong personal relationships and respect for Islamic values are key to doing business in the UAE. Observing local customs will help build trust and long-term partnerships. Intellectual Property (IP) Protection Registering your brand, trademarks, and IP rights with the Ministry of Economy is essential for protecting your business assets. Access to Funding The UAE offers a wide range of funding solutions, from government grants and incubators to VC firms and SME loan schemes. Regional and Global Expansion Once you’re established in the UAE, expansion into GCC countries and global markets is seamless thanks to the UAE’s extensive trade networks and logistics infrastructure. Why Choose Mosaic Chambers Group? At Mosaic Chambers Group, we do more than set up companies — we provide end-to-end support for entrepreneurs, investors, and established businesses. Whether you’re setting up in Dubai, Abu Dhabi, or across borders, we’re by your side every step of the way. What Makes Us Different? Global Reach With operational hubs in Dubai and the UK, we offer relocation and corporate services that extend well beyond the UAE, supporting clients in global markets. More Than a Setup Company Company formation is only one part of our work. We deliver aftercare, compliance monitoring, visa processing, strategic advisory, and personalised relocation support. Trusted Long-Term Partners Our clients enjoy a dedicated advisor and single point of contact — someone invested in their long-term success, not just their initial launch. Unmatched Quality of Advice Others may advertise the lowest setup costs. But low prices often mean low-quality support. Our advice is thorough, strategic, and built to save you from costly mistakes and delays. DOWNLOAD OUR FREE RELOCATION GUIDE At Mosaic Chambers Group, we support clients across borders—not only in the UAE, but around the world. With hubs in both Dubai and the UK, our relocation and corporate services extend globally, making us the trusted partner for businesses serious about long-term growth. Get in touch below to find out more.

In a recent development aimed at supporting private wealth structures and simplifying compliance, the UAE Ministry of Finance has introduced new tax relief provisions. These updates include changes for unincorporated partnerships and family foundations, marking a more flexible and business-friendly approach to taxation in the Emirates. Key Highlights of the Announcement Unincorporated Partnerships Previously, unincorporated partnerships in the UAE could face ambiguity regarding tax registration and reporting. Under the new guidance, certain partnerships will now be considered transparent for tax purposes. This means the income is taxed at the partner level rather than the entity level—making compliance simpler and aligning with international norms. Family Foundations Granted Transparency Family foundations that meet specific criteria can now elect to be treated as tax transparent. This allows the foundation to be excluded from corporate tax, with underlying individuals or beneficiaries responsible for tax on their share of the income. Ease of Doing Business These changes are in line with the UAE’s ongoing effort to modernise its tax system without discouraging investment or adding unnecessary administrative burdens. What This Means for Private Wealth The changes are especially relevant for high-net-worth families and their advisers: Succession Planning: Foundations often form a core part of estate planning. Tax transparency means fewer layers of tax and more direct control. Asset Protection: Structuring assets within tax-transparent foundations helps maintain privacy while complying with legal frameworks. Simplified Reporting: Families benefit from clearer reporting obligations and reduced risk of double taxation. Adviser Considerations Ensure your clients' foundations meet eligibility requirements for the new transparent status. Update tax and legal documentation to reflect the election. Review cross-border implications if beneficiaries or assets are located outside the UAE. Conclusion This development confirms the UAE's commitment to being a competitive, compliant, and family-friendly wealth jurisdiction. Families and their advisers should review existing structures to take full advantage of the updated regime. Final Thoughts If you’re working with or part of a family office or private wealth structure in the UAE, we can help you understand the implications of these updates. Our team specialises in international tax and succession planning.

Moving across borders opens the door to exciting new opportunities. From tax-free salaries to a booming business environment, it’s no surprise that so many people choose to live and work in places such as the UAE. But whether you're coming for a job, to start a company, or to grow your wealth, relocating involves more than just booking a flight and opening a bank account. Wealth Planning Is Just One Piece of the Puzzle Let’s start with financial planning . When you move abroad, the way you manage your money will likely change. Places such as Dubai are tax-efficient, but they also have their own rules, especially around inheritance, property ownership, and company profits. We help expats and international families: Create valid wills to protect their assets Plan for retirement without relying on state pensions Understand home-country tax responsibilities Set up trusts and foundations for future security Build strong legal structures around their wealth But while this is important, it’s just one part of the bigger picture. That’s where our full support model comes in. Company Formation Without the Headaches Thinking of starting your own business in Dubai, Abu Dhabi or elsewhere in the UAE? We make it simple. There are many free zones and onshore options, each with different rules, benefits, and costs. Choosing the right one can save you time and money—not to mention avoid legal or visa issues later. Our team will: Advise on the best licence and structure for your goals Handle all paperwork and approvals Arrange corporate bank accounts and legal documents Help you stay compliant with local regulations We also offer ongoing support once your company is set up , so you never feel stuck or unsure of what’s next. Tax Planning for Global Citizens Just because the UAE has no personal income tax doesn’t mean you’re free from tax altogether. Many expats still have links to their home countries—such as property, savings, or pensions—that create tax obligations. Our team works alongside international tax experts to help you: Understand your tax status Avoid double taxation Manage overseas assets safely Stay informed about any legal changes that affect your situation This kind of planning gives you peace of mind, knowing your finances are protected in every country involved. A Relocation Partner You Can Trust What sets Mosaic Chambers Group apart is how we bring everything together. Instead of dealing with multiple firms for tax, wealth, company formation, and immigration support, we manage the full process under one roof. We’ve helped families, individuals, and businesses move across borders with confidence by offering: Tax & financial advice Visa and residency guidance Company and foundation setup Ongoing support after relocation Clear, honest answers without confusing language And most importantly, we take the time to understand your personal goals—so the plan we build is right for you, not just a one-size-fits-all service. Ready to Make Your Move? If you’re planning to relocate or expand your business overseas—or if you’ve already made the move and need expert support—Mosaic Chambers Group is here to help. With global hubs in both the UK and Dubai, our team of seasoned advisors brings over 25 years of experience in cross-border matters to guide you with clarity and confidence. At Mosaic Chambers Group, we offer more than just financial planning. We are your trusted partner for every part of your move. From wealth advice and wills to tax planning, company set-up, and immigration support, we’re your single point of contact—so everything is taken care of in one place. Contact us today to book a consultation and let us take care of everything, so you can focus on enjoying your new life! If you’re not quite ready to make the move but want to explore your options, download our Relocating to the UAE Guide. It covers everything from visas and tax to lifestyle and logistics, so you can feel informed, prepared, and one step closer to making the right decision.

Although there were no immediate major tax changes announced, Chancellor Rachel Reeves hinted at tougher measures later this year. So, what exactly does this mean for your savings, investments, and overall financial well-being? No Immediate Surprises, But Stay Alert! While the Chancellor didn’t announce any immediate tax hikes, the message was clear: changes are coming, and they might not be pleasant for everyone. With the economy under pressure, the government is looking for ways to balance the books, meaning taxes may rise for higher earners and businesses. Potential Tax Increases on the Horizon Capital Gains Tax Currently, capital gains tax (CGT) rates are relatively favourable, with many investors benefiting from lower tax rates compared to income tax. However, the government is reviewing this and could increase CGT, especially targeting second-home owners and investors holding stocks or shares outside tax-efficient wrappers like ISAs. Inheritance Tax (IHT) Inheritance tax has long been a hot topic, and recent indications suggest potential tightening. Presently, you pay 40% on estates valued above £325,000, although couples can combine their allowances. Future changes could see this threshold lowered or allowances restructured, significantly affecting estate planning. Value Added Tax (VAT) VAT currently stands at 20% on most goods and services. Though not confirmed, an increase to VAT rates or broadening its application to more products and services is possible as the government seeks additional revenue. Self-Employment Taxes Self-employed workers may face tighter rules and increased National Insurance contributions. The Chancellor indicated a review of tax relief and allowances currently benefiting freelancers and small businesses. How Can You Prepare? Review Your Investment Strategy If capital gains taxes rise, investments outside ISAs and pensions may become less attractive. Now is a good time to review and possibly shift investments into tax-efficient accounts. Reassess Your Estate Plans With possible inheritance tax changes ahead, consider strategies like gifting assets, using trusts, or increasing contributions to pensions which are currently outside of your taxable estate. Self-Employed? Plan Ahead! If you are self-employed, speak with your financial adviser about potential changes in tax allowances and prepare your business finances accordingly. Staying proactive can help mitigate unpleasant surprises. The Bigger Economic Picture Inflation and interest rates continue to affect personal finances significantly. Higher interest rates benefit savers but create challenges for borrowers, especially those with mortgages or loans. As the cost of living remains high, careful budgeting and disciplined saving will become even more important in the coming months. Households should aim to reduce debt, build an emergency fund, and maintain flexibility in their financial plans. Conclusion While the Spring Statement provided some temporary relief by avoiding immediate tax rises, it's evident that significant financial adjustments could be announced later this year. Being prepared, informed, and flexible with your financial strategies is crucial to managing whatever comes next. Do you feel uncertain about how upcoming changes might impact your financial situation? Our team of international wealth advisers are here to assist.

Following our last article introducing the UAE’s 15% Domestic Minimum Top-Up Tax (DMTT) for large multinational groups, this follow-up provides further information on which businesses fall within scope—and more importantly, which are exempt. What Is the DMTT? To recap briefly, the Domestic Minimum Top-Up Tax is part of the UAE’s alignment with the OECD’s Pillar Two framework, ensuring that multinational groups pay a minimum effective tax rate of 15% in each jurisdiction where they operate. Rather than replacing existing UAE corporate tax, the DMTT works alongside it—applying only in cases where the effective rate falls below the global threshold. What Has Been Clarified? Exclusions for Smaller Entities The DMTT only applies to MNE groups with global revenue exceeding €750 million. Standalone companies and smaller business groups remain unaffected. No Retroactive Application The tax will only apply from the 2025 financial year onwards, and assessments will not cover previous periods. Treatment of Free Zone Income While income from qualifying free zone activities may continue to enjoy a 0% rate, any income outside the scope of free zone benefits could still be subject to the DMTT. Interaction With Existing UAE Corporate Tax The standard 9% corporate tax introduced in June 2023 will continue to apply. The DMTT is designed to work alongside, not replace, the existing tax framework. Implications for Business Planning Global Coordination: Multinational finance teams must now coordinate with UAE subsidiaries to ensure group-level compliance. Data Readiness: Companies need to gather and structure financial data across jurisdictions to meet reporting standards. Technology Upgrades: Tax reporting systems may need to be upgraded to handle the complexity of DMTT calculations and filings. Practical Steps for UAE Businesses in Scope For large international groups operating in the UAE, the DMTT introduces a new layer of tax planning and compliance obligations. Here’s what to focus on in the months ahead: Evaluate Group Revenue: Confirm whether your group exceeds the €750 million global threshold. Map UAE Operations: Identify all UAE-based entities and review their tax profiles, Free Zone status, and qualifying activities. Calculate Effective Tax Rate: Assess if your UAE operations will fall below the 15% threshold in 2025. Prepare for Reporting: Begin updating systems and processes to meet upcoming reporting and compliance requirements aligned with the OECD's global standards. Should You Be Concerned if You’re Not an MNE? For most UAE-based SMEs and family-owned firms, this tax will not apply. However, if you are advising large groups or anticipate future growth to that level, it is worth understanding the new rules. Conclusion The additional guidance from the Ministry of Finance provides welcome clarity. While many UAE-based businesses are outside the scope, those within should use the remainder of 2024 to prepare. Our team can help you assess how the new rules apply and support your planning. Get in touch today if your business or your clients operate as part of a global group.

The UAE Ministry of Finance has announced a major policy shift that will affect large multinational corporations operating in the country. Starting from January 1, 2025, the UAE will implement a 15% Domestic Minimum Top-Up Tax (DMTT) for multinational enterprise (MNE) groups with global revenues exceeding €750 million. This move brings the UAE into alignment with the OECD's global minimum tax framework and signals a clear intent to strengthen its standing as a responsible international tax jurisdiction. What Is the 15% DMTT? The Domestic Minimum Top-Up Tax is a new concept introduced under the OECD's Pillar Two rules. It ensures that large multinationals pay at least a 15% effective tax rate on their profits, regardless of where those profits are booked. The goal is to reduce tax base erosion and profit shifting to low- or no-tax jurisdictions. Who Will Be Affected? The DMTT will apply to MNE groups that meet the following criteria: Have consolidated global revenues of €750 million or more in at least two of the four preceding financial years. Operate entities within the UAE. These businesses will be required to calculate their effective tax rate in the UAE and, if it falls below 15%, pay the difference. Why Is the UAE Implementing This? The UAE has traditionally been seen as a low-tax environment, which has contributed to its appeal as a regional headquarters hub. However, as international pressure grows for tax transparency and fairness, the UAE is aligning with global standards to: Maintain its reputation among international investors Avoid the risk of other countries imposing their own top-up taxes on UAE-based profits Prepare the economy for long-term resilience beyond oil revenues What Should Affected Businesses Do? Review Global Structures: Companies should analyse how profits are currently reported and whether their effective tax rates fall below the 15% threshold. Evaluate Substance and Transfer Pricing: Entities must demonstrate economic substance in the UAE, with accurate documentation to support intercompany transactions. Update Forecasts and Budgets: Financial models and tax projections for 2025 and beyond should incorporate the impact of DMTT. What about Freezones? While some activities in free zones can enjoy preferential tax rates, the new DMTT will still apply to MNE groups even if their UAE entities are in free zones, depending on group size and financial structure. Conclusion This new tax regime is a significant development in the UAE's fiscal policy. While it only targets the largest multinational groups, it reflects the broader shift towards responsible taxation and transparency. Final Thoughts If your business is part of a multinational group operating in the UAE, now is the time to prepare for the DMTT. We provide practical guidance on corporate tax structuring, economic substance, and global tax alignment. Whether you’re a group CFO or a professional adviser supporting one, we welcome the opportunity to work with you.

Moving to the UAE as an expat offers exciting opportunities, but it also comes with important legal considerations, especially when it comes to family law. Understanding how local laws apply to personal matters such as marriage, divorce, child custody, and inheritance is crucial for protecting yourself and your loved ones. Here are some key legal aspects every expat should consider when relocating to or living in the UAE. 1. The Importance of a UAE Will One of the most critical steps for expats in the UAE is drafting a will. Unlike many home countries where assets may automatically pass to a spouse or children, the UAE applies local laws in the absence of a registered will. This means that inheritance may be distributed differently from what you intend. By registering a will with the DIFC Wills Service Centre or the Abu Dhabi Judicial Department, expats can ensure their assets are distributed according to their wishes, providing peace of mind for themselves and their families. 2. Marriage & Divorce for Expats The UAE recognises marriages conducted both locally and abroad, but expats should understand how their home country’s laws interact with UAE regulations. With recent family law reforms, non-Muslim expats now have the option to follow civil law for marriage, divorce, and custody matters. However, if no clear choice of law is made, then a person may not get the choices they want in terms of assets and guardianship for their children which can affect financial settlements, custody arrangements, and even the validity of prenuptial agreements. Seeking legal advice before marriage or divorce proceedings is essential to ensure your rights are protected. 3. Financial & Property Rights Expats who purchase property in the UAE should understand how ownership laws work in designated expat-friendly areas. Joint property ownership, business assets, and even bank accounts can be subject to local inheritance laws if proper legal planning is not in place. Additionally, couples should be aware of financial rights in divorce cases, as UAE courts may handle asset division differently than their home country. Having legal agreements, such as a prenuptial or postnuptial agreement, can help clarify financial matters and prevent future disputes. 4. Legal Protection for Expats Recent legislative reforms have introduced civil family laws for both Muslims and non-Muslims expats, simplifying legal procedures for marriage, divorce, wills, and inheritance. These changes provide greater autonomy for expats who wish to follow legal frameworks more aligned with their home country’s laws. However, it remains essential to seek expert legal guidance to navigate the process effectively. Final Thoughts Relocating to the UAE is an exciting step, but ensuring legal protection for yourself and your family is just as important as settling into a new home. From registering a will to understanding marriage, divorce, and custody laws, taking proactive steps can prevent legal complications down the line. For expats planning a move to the UAE, consulting a specialist family and expat lawyer can provide clarity and peace of mind, ensuring a smooth transition to life in the Emirates. Author: Samara Iqbal TEP Director and Founder of Aramas Law/Aramas International Lawyers Ltd International Family Lawyer/Sharia Law Scholar & Expert

If you’ve missed your Corporate Tax registration deadline or already paid the AED 10,000 fine, there’s now a golden opportunity to waive or reclaim that penalty — but only if you act quickly. In a recent move to support businesses during the first year of the UAE’s Corporate Tax rollout, the Federal Tax Authority (FTA) has announced a limited-time grace period. The initiative allows eligible businesses to apply for a full penalty waiver if they file their Corporate Tax return early. This is a major relief for thousands of companies who have either: Missed their Corporate Tax registration deadline, or Registered late and were hit with the AED 10,000 fine Why is this happening? This initiative is part of a broader effort by the Ministry of Finance and the FTA to ease the transition into the new Corporate Tax system and promote long-term compliance. What You Need to Know: Deadline for the waiver: July 31, 2025 BUT: You must file your return well ahead of your official tax deadline to qualify. Don’t wait – gathering your financial records and preparing your tax return can take time. For most businesses operating on a calendar year basis (Jan–Dec), that means filing within the next couple of months. Who qualifies for the penalty waiver? If you’re asking: “Can I get a refund on my Corporate Tax late registration fine in the UAE?” “Is it possible to waive the AED 10,000 Corporate Tax penalty?” “How do I apply for the UAE Corporate Tax penalty relief?” Then the answer is – yes, you may be eligible. But there’s a catch: you must file your tax return early, ahead of your normal deadline. This is not automatic, and if you miss the window, the fine will not be waived or refunded. Why early filing matters: The FTA has made it clear: early compliance is the only route to relief. This means: Completing your Corporate Tax registration (if not already done) Preparing your financials for your first tax year Submitting your Corporate Tax return well before the deadline This one-time waiver won’t be repeated – so don’t leave it until the last minute. How Mosaic Chambers Group can help: At Mosaic Chambers Group, our FTA-certified tax advisors and consultants are ready to guide you through the entire process. Whether you need advice on: Understanding your eligibility Filing your Corporate Tax return early Claiming your AED 10,000 fine refund Or ensuring future tax compliance We’re here to take the stress out of Corporate Tax. Book a free consultation today and get expert support from our team. Click here to get in touch or below to book your call.

April 6th, 2025 marks the beginning of a major shift in UK taxation. Labour’s new tax reforms have officially scrapped the long-standing non-domiciled (non-dom) tax status — a move that targets wealthy individuals who live in the UK but, under the new non dom regime, have been able to mitigate UK tax on their overseas income and gains. This change spells the end of a tax break that attracted many high-net-worth individuals (HNWIs) to the UK and is already causing ripples across the country’s elite financial circles. The message is clear: if you live here, you pay here. Let's break down what has changed. What Was the Non-Dom Tax Regime? The non-dom tax regime allowed individuals residing in the UK, who claimed their primary home (domicile) to be outside the UK, to avoid UK income and capital gains taxes by not bringing any foreign earnings or gains back into the UK. This system made the UK an attractive location for individuals with international earnings. We covered this in more detail here. What Has Changed? Since 2025-26 tax year, the government has implemented several significant reforms. These reforms include: 1. End of Non-Dom Status All UK tax residents will now owe UK income tax on all global income and gains, regardless of whether these were brought into the country or not. 2. Inheritance Tax (IHT) on Foreign Assets Non-doms could previously avoid UK Inheritance Tax on assets they held outside the UK; now individuals who have lived here for more than four years will be liable for IHT on all their global estate assets. 3. Temporary Reliefs To assist the transition, temporary measures include the following: Tax Year 2025-26 will see a 50% reduction on foreign income tax. Capital Gains Tax (CGT) laws allow us to rebase overseas assets based on their value as of April 2019 for CGT purposes. Temporarily, bringing money from abroad may not incur full tax charges upon entering the UK. Why Has the Government Made These Changes? According to Labour, eliminating non-dom status will provide many advantages: Enhance tax fairness Raise extra funds to support public services Close longstanding loopholes used by the wealthy Rising Tax Bills HNWIs with overseas assets and income will now face significantly increased tax obligations that may have an effect on personal finances, family planning and wealth transference. Making Decisions About Moving Abroad Some individuals are already leaving the UK in order to settle in countries with more advantageous tax regimes. Some common destinations for relocation include: United Arab Emirates (UAE) does not levy income or capital gains tax Switzerland provides fixed annual tax arrangements for its most wealthy citizens Italy - flat tax of EUR100,000.000 on foreign income for new residents Monaco does not levy personal income tax for residents Concerns Raised About Impact Within Industry Concerns are being expressed that this could lead to a decrease in: Investment into UK businesses Jobs funded by private wealth Donations to UK Charities What About Entrepreneurs? Many entrepreneurs utilise non-dom status to reduce tax on international business earnings, however, these changes could require: Establishing headquarters or structures outside the UK Reconsider ownership of intellectual property or company shares An investigation of how profits and dividends are managed is important to ensure long-term growth. What Should Be Done Now? If you or those you work with have been affected, taking immediate steps is key to their safety. Here are a few things you can do. 1. Consult With A Specialist Tax Advisor Every situation varies. Seek tailored guidance from someone familiar with both UK and international tax regulations. 2. Evaluate Your Financial Structures Evaluate how you hold assets - for instance through offshore companies or trusts. Any necessary changes must be implemented for optimal efficiency and compliance purposes. 3. Consider Relocating If the UK's new tax rules no longer suit, you might wish to explore living elsewhere where tax liabilities would be lower. Be sure to carefully consider all legal, financial, and family aspects prior to making any decisions. Summary The changes to the non-dom tax regime mark a profound transformation for those who rely on global income and wealth for tax payments, especially those living abroad. Although intended to increase fairness, these reforms also pose challenges to those accustomed to using it. Now is the time to review your plans, secure your assets, and seek professional guidance. How Can We Assist? At our offices in both the UK and UAE, we assist individuals, entrepreneurs and professional advisors in making well-informed decisions. If you have any queries about this article or need advice then get in touch.

As soon as billionaires start moving out, something strange is afoot. Lakshmi Mittal, the super-rich steel magnate behind ArcelorMittal--the world's largest steel company--is reported to be considering leaving Britain due to a potential end of non-domiciled (non-dom) tax status benefits in Britain. Who Is Lakshmi Mittal Anyway? Mittal stands out as being something special among his fellow billionaires; for years, he's lived comfortably in Britain while taking advantage of non-dom tax arrangements that enable individuals (like himself) to avoid UK taxes on foreign income as long as it was spent within British borders. But these cosy days are over! What Has Changed? Starting April 2025, the UK will transition away from its non-dom system and toward something much less generous. Key changes will include: End of Non-Dom Era: The remittance basis of taxation will be replaced by a new four-year exemption applicable to foreign income and gains from 6 April 2025. Global Assets Affected by UK Inheritance Tax: Transition to residence-based system for inheritance tax means that after being resident 10 out of 20 years, worldwide assets will be liable for IHT. Remittance Basis—Gone: Previously, non doms only paid tax on foreign earnings if remitted to the UK. Though there are transitionary rules to ease the impact, basically now, wherever you earn income, the UK taxman wants a share. Simply put, the party is officially over now folk like Mittal are wondering whether staying put makes any sense. Where Might the Wealthy Go? When your fortune is at stake, you don't make decisions at random; that is why HNWIs such as Mittal are keenly scrutinising places that might allow them to keep more of their cash safely: UAE: No income tax, inheritance tax or wealth tax applies in this region. Portugal: Thanks to its Non-Habitual Residency scheme, sunny Portugal has become an appealing location for individuals who seek tax benefits without compromising on lifestyle. Switzerland and Monaco: Monaco has long been considered a tax haven because of its favorable personal and corporate tax rules. The country does not tax individuals on their income, and corporations within the country have favourable tax treatment. Italy: allows for long-term residence and access to Schengen countries. Under certain circumstances, a flat rate of tax of 7% on all foreign-sourced income is available to new residents of Italy. Why Should the UK Worry? Britain's Reputation at Risk Packing their bags publicly doesn't exactly send out the message that Britain is ready for business; Mittal leaving could prompt other wealthy individuals to consider whether this country remains attractive. Money Matters Every time a billionaire leaves the UK economy, their absence leads to reduced investments, lower donations to charity and less lavish spending - not just with regards to taxes but also economically. Politics The government could run into trouble if new policies are seen to push away wealthy donors with money - not exactly an ideal recipe for voter appeal! What should HNW people be Doing Now? Verify Your Status: Evaluate whether your current tax status remains advantageous under these new circumstances. Clarifying Your Tax Exposure Globally: Fully understand the tax repercussions associated with maintaining or cutting ties to the UK. Consider Alternatives: Assess potential jurisdictions such as the UAE or certain European nations that offer clearer tax regimes without inheritance or wealth taxes. Final Thoughts Mittal's potential exit encapsulates more than simply his tax bill; it spotlights a wider anxiety amongst wealthy individuals Decisions like these require careful thought, proactive planning, and expert advice. Are You Worried About Tax Reform in the UK? Mosaic Chambers Group can provide independent, practical advice tailored to your circumstances.

For over two centuries, the UK’s non-domiciled tax regime and its remittance basis has been a cornerstone of tax planning for wealthy expats and international families. It was introduced, along with income tax, by Willian Pitt the Younger at the very end of the 18th century. It was part of the fiscal firepower necessary to battle Napoleon Bonaparte. And, like income tax, it had pretty much been a constant feature of the UK’s system ever since. But in March 2024, the then Chancellor, Jeremy Hunt, rang the death knell for the remittance basis, with Labour’s Rachel Reeves – who would succeed Hunt a few months later - declaring she would have abolished it anyway. The end is therefore very much nigh for the UK’s non-dom tax regime. More specifically, the end is 6 April 2025. However, out with the old and in with the new’ goes the saying. As such, the ‘what comes next’ will reshape the tax landscape for non-doms, expats, and international investors with a UK footprint (or those considering creating one). What is Domicile (and Non-Domicile)? Domicile is not a straightforward concept like tax residence. The latter is largely about physical presence (or otherwise) in a particular. Instead, as well as physical presence, it also requires an understanding of your future intentions. Is a place somewhere that you intend to live permanently or indefinitely. There are two main types of domicile that I will discuss here: • Domicile of origin: This is inherited at birth, usually from your father (if you think that is misogynistic then I don’t make the rules, OK?). You do not lose your domicile of origin. However, think of it as the foundations of a building. You can a domicile of choice on top it. • Domicile of choice: You build a new domicile of choice by achieving two things. Firstly, by physically residing in place and, secondly, by forming the intention to stay in that same place permanently or indefinitely. Both must be present.

So you’ve left the UK for pastures new. The sun is shining. You're making more money. You’re enjoying a great quality of life in a new country. In fact, you’re totally de-mob happy. Even better, as a non-UK resident, UK taxes are a dim and distant unpleasant memory, right. Right? Wrong. I don’t necessarily see my role in life as chief balloon popper. However, there are some Uk tax things you should bear in mind before declaring yourself a tax exile. Am I really non-UK Resident (“NR”)? Up until 2013, the UK didn’t really have a statutory definition of residence for tax purposes. Yes, that’s as crazy as it sounds. Fortunately, the Statutory Residence Test (“SRT”) was introduced from 2013. The idea is that it provides a degree of objectivity through a series of tests. Although a statutory test, other than in straightforward cases, it can still remain complex.

The UAE has become an attractive financial hub, drawing in high-net-worth individuals and businesses looking for wealth management strategies. Offering tax-efficient structures, world-class financial institutions and access to various markets, the UAE presents opportunities for those wishing to protect or grow their wealth. Your Risk Across Borders One of the key principles of wealth management is diversification. By spreading assets across various jurisdictions, both individuals and businesses can reduce exposure to regional economic downturns, currency volatility, or regulatory shifts that might threaten their assets. International wealth management ensures financial stability and flexibility to protect from unforeseen challenges in your future financial endeavours. Access Global Investment Opportunities. Broadening one's investment options beyond local choices can drastically expand wealth potential. The UAE serves as a gateway to exclusive global markets, offering access to various asset classes such as stocks, real estate, private equity and alternative investments. By employing strategic plans investors can take full advantage of these opportunities to diversify portfolios and maximise returns. Currency Diversification for Financial Stability Holding assets in multiple currencies is an effective strategy for protecting wealth. Currency fluctuations can have serious ramifications on purchasing power and investment value; by diversifying into multiple currency portfolios, individuals can protect themselves against depreciation and inflationary pressures. The UAE financial ecosystem offers access to numerous multi-currency investments to boost financial resilience. Geopolitical Hedging and Regulatory Stability Global economic conditions are constantly shifting, and regulatory changes in any country can have significant ramifications on financial security. Diversifying holdings among multiple jurisdictions provides a safeguard against geopolitical uncertainty while keeping assets secure regardless of market fluctuations locally. UAE regulatory framework facilitates this strategy with investor-friendly policies and financial instruments designed to safeguard wealth. Summary Wealth and financial planning in the UAE provide unique opportunities for growth, security and long-term prosperity. By taking advantage of global investment access, currency diversification and geopolitical hedging tools available today - individuals and businesses alike can safeguard and expand their assets with confidence. With expert assistance from Mosaic Chambers Group's Wealth Planning services you can create a tailored wealth plan tailored towards achieving your goals while protecting the future.

THE NEW RULES IT & CGT - The new 4 year Foreign Income and Gains (“FIG”) regime With the remittance basis of tax soon to be sent packing, we might wonder what, if anything, stands in its place? Indeed, Jeremy Hunt suggested a replacement regime which has been largely adopted as was by the new Labour Government. So, is this new regime akin to the dog’s naughty bits?.... or simply a dog’s breakfast? Well, in truth, we are probably somewhere in the middle. Sadly, we didn’t get anything quite as attractive as the regime on offer in Italy. But we did get something. What is this fiscal Newfoundland? Firstly, in line with the decision to largely banish domicile as a connecting factor from the tax code, a residence-based regime will take effect from 6 April 2025. Individuals who elect for this regime will not pay UK tax on foreign income and gains (FIG) for the first 4 years of tax residence. It should be noted that this will only apply to those who are coming to the UK for the first time or, at least, have not been resident in the UK in any of the previous 10 tax years. For those who became resident for tax purposes in 2022/23, 2023/24 and 2024/25 tax years (ie less than 4 years) they will be allowed to benefit from the regime until they have been resident for the balance of their first four years. Illustration – current remittance basis user interrupted by new FIG regime

THE PRE 6 APRIL 2025 RULES Individuals So, what are these favourable rules that are being scrapped? Firstly, various changes have taken place to the non-dom / remittance basis rules over the years. Each sortie by the legislator taking its toll on the attractiveness of these rules. As such, I will look at some of the history which, I aver, it might be useful to know. So, let’s see what we can Golden Retrieve from the memory banks. Income tax and Capital Gains Tax (”CGT”) The remittance basis simply provides the non-dom taxpayer with the privilege of leaving his or her foreign income and gains (“FIG”) overseas without any tax being paid. If he or she leaves it overseas then there is no tax to pay. However, if he or she brings, enjoys or uses the funds in the UK then they will suffer tax to the extent that they do so. If it is foreign income that is ‘remitted’ then it will suffer UK income tax. If it is a foreign gain that is remitted then it will suffer CGT. When the funds remitted were ‘mixed’ then special rules would apply. In order to use the remittance basis, one must make an election and potentially pay a fee to use it1. The amount payable depends on how many years one has been resident in the UK: less than 7/9 tax years: the remittance basis is ‘free of charge’; between 7/9 tax years and 12/14 tax years: the remittance basis charge is £30k if one has been resident in the UK for 12/14 or more tax years and 17/20 tax years then one must pay 60k. Prior to 2017, there was another tier of 17/20 tax years at which point the Remittance Basis Charge was £90k. However, this was scrapped when that years Finance Act created a long-stop date of being able to use the remittance basis of 15/20 tax years after which the ability to use the remittance basis was pulled (this was known as being deemed domiciled for income tax and CGT purposes). A taxpayer had flexibility to choose whether to pay the Remittance Basis Charge in one year and not another. It would simply be a ‘cost v benefit’ calculation for a particular tax year. Inheritance Tax (“IHT”) Under pre 6 April 2025 rules, IHT primarily looked one’s domicile position rather than residence. The position is that if one is domiciled in the UK then you pay UK IHT on worldwide assets. Whether that person is non-resident at the point of death is largely unimportant (unless also franked by valid claims to be non-UK domiciled). A non-domiciled (and non-deemed) individual is subject to IHT on UK assets only. Prior to 2017, a non-dom who had been resident in the UK for 17 out of 20 tax years would become ‘deemed domiciled’ for IHT purposes only. However, with the concept of ‘deemed domiciled’ being introduced for income tax and CGT as well, the threshold became 15/20 tax years across the board. The rules for trusts The concept of protected trusts was introduced in 2017. Let us first remind ourselves of the framework that preceded that one. The Pre-2017 position The basic position before 2017 was that a non-UK trust (other than in respect of UK residential property from April 2015) did not pay UK CGT regardless of where the asset was located. This is based on the fundamental jurisdictional basis of UK CGT. However, such a simple rule – which would be open to significant abuse if existed in isolation – was bolstered by a plethora of anti-avoidance rules2. Prior to 2017, those anti-avoidance rules: looked to attach the gains of the trust to a UK settlor under certain circumstances; or alternatively, looked to attach the gains of the trust to a UK beneficiary. Under those rules, where a settlor retained an interest (for ease, let’s say they may still benefit from the trust property) under a non-UK trust then the tax position depended on the settlor’s domicile position: a UK domiciled settlor: taxed on the trust gains as they arise (under TCGA1992, s86; a non-dom settlor was not Where the trust was not settlor interested then the anti-avoidance code switched its beady eyes to the beneficiaries of the trust. Specifically, it looked to see whether there was a link between the beneficiary and the UK: If the beneficiary was UK resident and domiciled then capital payments (or benefits) he or she received were matched with any trust gains and the beneficiary pays tax; If the beneficiary was non-dom then, he or she was only taxable (in respect of any capital payments or benefits matched with trust gains) on the remittance basis; If the beneficiary was non-dom and non-resident then the provisions (TCGA 1992, s87) were unlikely to impose a charge (subject to other anti-avoidance rules). IHT for trusts Under the pre-April 2025 rules, trusts established by non-domiciled individuals would benefit from the attractive excluded property regime to the extent that property in the trust was of a non-UK situs. Broadly, such property is outside of the scope of UK IHT status to the extent that the trustees hold non-UK assets. In addition, this includes trust property being outside of the Relevant Property Trust regime (eg 10 year / exit charge) for trusts. As to whether trust property was excluded property the domicile status of the settlor was tested only at the time the trust was established. So, if the settlor subsequently became deemed domiciled for IHT purposes, this did not matter. The trust property remained excluded property and outside of any person’s estate and was no relevant property. Finally, the Gift with Reservation of Benefit Rules (“GWROB”) were trumped by the excluded property rules. This meant that the settlor could retain an interest but the value of the assets would remain outside his or her estate. B.I.N.G.O. The position between April 2017 – 5 April 2025 & Protected trusts The basic position for trusts – whether considering income or capital gains - was no different to that which existed prior to 2017. However, again, the complications came when it comes to the anti-avoidance provisions at work. As we have seen above, under the previous rules, relief was given where non-doms were the settlors of such trusts and / or where such people received benefits from said trust. The rules between 2017-2025 had some additional problems to grapple. This was because it was in 2017 that the concept of ‘deemed domicile’ was introduced for income tax and CGT purposes. In other words, a long stop date to the benefits a non-dom can obtain. Of course, for those non-domiciled individuals who had set up trusts before they became deemed domiciled under the new rules , removing the reliefs described above from the trust anti-avoidance provisions would be a massive rug-pull. This ‘protected trust’ relief applied to those who set up trusts whilst non-dom but who became ‘deemed-dom’ in years from 2017/18 onwards. Under the CGT trust protections , s86 generally did not apply where a settlor became deemed domiciled under the new rules. This meant that whilst value is left within the trust there will be a gross roll up of gains. Instead, the tax position focused on capital payments or benefits actually paid out to beneficiaries. The tax treatment depended on which category of person the payment or benefit is made to: Close family members (spouses, co-habitees, minor children, not grandchildren): Other persons Where receipt is by a close family member then, if they were subject to tax on the receipt, then that was that. If not, for instance they were non-resident, then the Settlor was liable for tax. If the receipt was by an ‘other person’ then the tax position was dependent on the recipient’s status. Of course, if it is the settlor then he will pay tax based on his own position. Illustration – Protected trusts and CGT summary

Background – The British Bulldog v French Bulldog At the dying end of the 18th century, a little man with a big ego was throwing his weight around in Europe. His name was Napoleon. You might have heard of him. At the same time, William Pitt the Younger, at an impossibly young age of 24, was the UK’s prime minister. He wasn’t given a particularly easy ride as, at the same time, King George III was losing his marbles. In 1799, young Pitt introduced for the first time an income tax in order to pay for his fight with the angry little Frenchman. It was at this same time that he also introduced a remittance basis of taxation for overseas civil servants who, in today’s terminology, might be referred to as non-doms. The idea was to provide them with relief from these new taxes in relation to their overseas property. Little did young Pitt know that he was creating a political football and a fiscal tightrope for centuries to come. Something that would only be cast aside some 226 years later. So, it was a surprise when Jeremy Hunt the Beiger announced in Spring Budget 2024 the abolition of the remittance basis of taxation and, more generally, the removal of domicile as a main determining factor for UK taxation. It was perhaps less of a surprise when Chancellor Rachel Reeves, with a slightly less impressive CV (even the made up one) when compared to Pitt, flourished the pen to sign the non-dom demise. So, has the UK’s big tax dog finally had its day? A woof guide to domicile. So what is domicile and, by negative extension, non-domicile? Although, unusually, domicile has had an important impact on a person’s tax position in the UK it is not a pure tax construct. It is a concept of general law. It is therefore important to note that the proposed abolition of the non-dom tax changes are merely changes to the tax consequences of such a status. It does not change the position from a general law perspective. For example, they will apply to things like the law of succession and will even continue to be relevant for some double tax treaties. Dicey, in his tome Conflicts of Laws, provides the authoritative definition of domicile of origin: 'every person receives at birth a domicile of origin…A legitimate child born during the lifetime of his father has a domicile of origin in the country in which his father was domiciled at the time of his birth' In sum, one inherits a domicile of origin (“DO”) at birth. To use archaic terminology, where one is ‘legitimate’, then you inherit your DO from your father. Where your mother and father are not married, then a DO is inherited from one’s mother. A DO is rather sticky and tenacious. There must be strong evidence that a domicile of choice (“DC”) has been acquired elsewhere for it to be overtaken. Indeed, one does not completely shed a DO. Instead, think of the DO as the foundation of a building. It will remain as it is until someone takes the trouble to build something on top of it. A DC might be built on this foundation. Again, Dicey provides us with the commentary: ‘every independent person can acquire a domicile of choice by the combination of residence and intention of permanent and indefinite residence, but not otherwise’ As such, in order to build a DC, it is necessary to have: intention to reside permanently / indefinitely in a place; and physical residence in that place. Where this is the case, and can be backed up by evidence, the edifice will remain strong. However, where an element is missing then the walls will come tumbling down and you will be left with the foundations. In other words, your domicile of origin. But this is a double edged sword. What if little ‘ol me tried to assert I was domiciled in Spain? I have a domicile of origin in the UK (or should that be the People’s Republic of Yorkshire?) In order to develop a domicile of choice in Spain I would need to both be resident in Spain, but also show, and evidence, my intention to reside there indefinitely. Of course, if I came back, or even just hopped across the border to France, then I no longer reside there and would no longer have a DC in Spain. My DO in the UK would revert. And that simply wouldn’t Labra-doo. In part 2 of our series, we look at the pre-6 April 2025 rules, covering income tax, CGT, IHT, and trust regulations. Find out what’s changing, why it matters, and how it could impact your financial planning.

In 2025, the UAE is set to solidify its reputation as the ultimate destination for wealth, attracting an estimated 6,700 millionaires to its shores. This surge in high-net-worth individuals (HNWIs) is positioning the UAE as the premier global hub for the affluent, surpassing long-established wealth centres like the UK and the US. If you’re looking to relocate to Dubai or invest in the region, now is the perfect time to look at the opportunities it has to offer. What are the benefits of moving to the UAE? The UAE has become the go-to location for millionaires, and it’s not hard to see why: Tax Benefits: With no income tax and no inheritance tax, the UAE has a compelling financial advantage. If you are looking to maximise your wealth, these tax policies provide a rare opportunity to preserve and grow your assets. Lifestyle Excellence: Cities like Dubai and Abu Dhabi offer an exceptional lifestyle, from world-class healthcare and top-tier international schools to luxury living and fine dining. Whether you're interested in high-end real estate or enjoying a cosmopolitan lifestyle, the UAE delivers in every aspect. Stability and Security: In a world where economic and political volatility are increasingly common, the UAE’s robust political stability and thriving economy offer peace of mind. For those seeking a secure environment for both their wealth and family, the UAE stands as a beacon of certainty. The Impact on the Economy As more millionaires relocate to Dubai and other cities, the economic impact is clear: Real Estate Demand: Luxury property prices in Dubai have already seen a 10% rise in 2024, and with more HNWIs moving to the UAE, demand for high-end real estate will continue to grow. This makes the UAE an attractive location for both investment and personal residence. Sector Growth: Industries such as financial services, hospitality, and luxury retail are all expanding rapidly. With more wealth coming into the region, these sectors are being reinforced to meet the needs of the growing affluent population. Wealth Management Expansion: As millionaires settle in the UAE, the demand for sophisticated wealth management solutions is increasing. This provides unique opportunities for financial planners and wealth managers to help you optimise your portfolio in a tax-advantaged environment. The Challenges Ahead The rapid influx of wealth does come with its challenges: Infrastructure Strain: As more millionaires relocate, the pressure on the UAE’s infrastructure intensifies. From transportation to housing, ensuring that the region can accommodate this growing population is a key focus for local authorities. Environmental Impact: As urbanisation accelerates, sustainable growth practices will be critical to minimising the environmental footprint. The UAE is already taking steps to address this, but managing growth responsibly remains an ongoing challenge. Social Equity: With wealth flowing into the region, the potential for inequality exists. It’s essential for policies to address this disparity, ensuring that the economic benefits are shared broadly while maintaining the UAE’s global competitiveness. Conclusion The UAE is well on its way to becoming the world’s foremost destination for wealth in 2025. Whether you’re considering relocating to Dubai, diversifying your investments, or looking for tax-efficient wealth planning solutions, the UAE’s combination of stability, tax advantages, and high-quality lifestyle options makes it an unparalleled choice. For those serious about securing their financial future and enjoying a prosperous life in one of the world’s most dynamic economies, now is the time to act. The UAE’s rise as a wealth magnet underscores its strategic appeal. If you’re considering relocating or investing in the UAE, reach out for expert financial advice.

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The 2024 UK Budget delivered a series of tax increases that could weigh heavily on business owners. With higher corporate tax rates, reduced allowances, and more stringent compliance measures, running a business in the UK is becoming increasingly expensive. For those seeking growth-friendly environments, the UAE offers a compelling alternative, boasting a 9% corporate tax rate, zero personal income tax, and a growing global reputation as a business hub. This shift highlights the need for business owners to assess how tax policies align with their ambitions. In the UAE, businesses benefit from economic incentives, robust infrastructure, and a strategic global position, making it an attractive destination for international entrepreneurs. Key Budget Changes and Their Impact National Insurance Contributions Employers face rising NIC rates (from 13.8% to 15%) and lower thresholds for payments. Despite an increase in the Employment Allowance, the added costs will strain resources for small and medium enterprises (SMEs). The UAE has no income tax or NICs: The absence of income tax or NICs allows companies to reinvest in growth without the burden of rising employment costs. Capital Gains Tax Reform CGT rates have risen to 18% for the basic rate and 24% for the higher rate, impacting disposals after October 2024. Additionally, Business Asset Disposal Relief (BADR) will climb to 14% by 2025. For entrepreneurs selling assets, these changes substantially reduce net returns, limiting funds for reinvestment. The UAE has no CGT: With no CGT, business owners retain more of their profits, fuelling growth and wealth preservation. Changes to Non-Domicile Taxation and Inheritance Rules From April 2025, the non-domicile regime will shift to a residence-based system, narrowing exemptions for offshore income. Additionally, inheritance tax (IHT) reliefs for agricultural and business assets will be capped at £1 million. The UAE does not impose an inheritance tax: Free from inheritance taxes, the UAE offers business owners the freedom to secure their wealth for future generations without complex compliance hurdles. A Strategic Relocation? For UK business owners, the Autumn Budget underscores the urgency of reassessing long-term plans. The UAE, with its favourable tax environment and vibrant business ecosystem, offers a unique opportunity to secure growth and preserve wealth in an increasingly complex fiscal climate. Whether you’re planning to expand or relocate, expert advice is crucial. Our team is here to help you every step of the way. Book a call with one of our advisors below.

The UAE Golden Visa is a long-term residency programme offering 5 or 10-year renewable permits depending on eligibility criteria. Unlike standard residency visas, however, this one allows foreign nationals to live, work, and study without needing an UAE national sponsor. For innovators, investors and skilled professionals looking to take advantage of the UAE's dynamic economy, tax-free income stream and luxurious lifestyle - this visa provides individuals the chance to move in permanently while taking full advantage of all its advantages. Key Features of the Golden Visa Experience Long-Term Residency Take advantage of long-term residency to make life simpler, without the hassle of frequent renewals and build the foundation to advance your career, business or personal life. A five or 10-year renewable visa provides the security needed for growth in all aspects of your life: career advancement, business expansion or personal relationships. Sponsor Freedom Unlike many UAE visas, the Golden Visa gives you more control and independence in managing your residency status in this country. Multiple Entry Privileges Enjoy travel into and out of the UAE freely without incurring entry permits or visa restrictions - making this privilege ideal for business travellers as well as global citizens. Family Sponsorship Make the most of your Golden Visa by including spouse, children and any dependents as beneficiaries so they can live, work and study alongside you in the UAE. Eligibility Criteria of UAE Golden Visa • Individuals across all categories are eligible for these loans, with each grouping having its own eligibility requirements. • Investors investing at least AED 2 Million in an approved UAE business or fund. • Real Estate Investors who own properties worth AED 2 Million can secure a five year renewable visa. • Entrepreneurs: Start-up owners who possess at least AED 500,000 of capital with the approval from an UAE government entity can apply. • Talented Professionals: Individuals skilled in fields like science, medicine, engineering arts & culture who meet specific educational/professional benchmarks. • Outstanding Students: Emirati universities enrolling top performing students Who Should Consider an UAE Golden Visa? • Investors: Individuals seeking a secure and profitable environment to launch or expand business ventures. • Entrepreneurs: Creative thinkers with innovative ideas seeking success in an ever-evolving market. • Talented Professionals: Highly skilled professionals seeking to make an impactful contribution in UAE industries. • Outstanding Students: Top students aspiring towards global educational systems. How Can Mosaic Chambers Help? Navigating the UAE Golden Visa application process may seem complicated and overwhelming, but with Mosaic Chambers will make the process straightforward and worry-free! From eligibility evaluation and paper processing through to helping secure a Golden Visa! For more information, contact one of our advisors.