Law and Order Adds up – 3rd May 2023

Date published: May 10, 2023

Sophia Presents At the ELS club Dubai to the South African Business council (SABCO)

On Wednesday Sophia held a talk at the ELS club for the South African Business Council, alongside fellow panelists from James Berry and Associates, Romano Doleby. Throughout the evening the panelists from James Berry discussed the intricacies of both divorce law and the importance of estate planning when it comes to being an expat in the UAE – and the implications of passing on without a Will. The key takeaway being the Implementation of Shariah law on expats who die intestate, as well as the difficulties of applying foreign wills in the UAE, with some wills often being outright rejected and the cost of enforcing a will regularly exceeding the cost of having a will drawn up domestically.

Sophia provided a deep dive into Focusing on the tax benefits that South Africans can take advantage of now that they are in the UAE. Of particular note was the International Pension planning that can be done, allowing South Africans, and most other Expats in the UAE to minimize their eventual tax burden as they look to retire across the world.

“A trust is often not as expensive to set up as you may think, once the Initial Set up costs are complete the benefits of holding assets in trust become apparent very quickly”

Fielding questions from across the room, planning for trusts in the wills of expats was a primary area of concern, with bespoke solutions available, Sophia touched on the fact that more often than not, Trusts are some of the most cost-effective ways of passing wealth to family members, excluding them from your estate. Generally speaking, the cost of setting up a trust is less than you think, and in the long term the tax relief on the growth when drawing down in a higher tax jurisdiction can ensure individuals can keep more of the money they have earned.

For more detailed information on how Wimbledon Wealth can assist you with trust and Will planning, fill in our contact us et to arrange a Complimentary consultation.