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Individuals and companies based in the MENA region did not escape investment losses during the global financial crisis. As a result of recent turmoil, many families in the Middle East that have traditionally maintained proprietary wealth are turning to structures that include trusts to address succession planning and asset protection concerns.
Already widely used for corporate purposes, Cayman is emerging as a popular choice for MENA families and corporate groups looking to establish a trust. In addition to being familiar, Cayman offers a politically stable and tax neutral jurisdiction with a well‐established common law system and sophisticated, modern trust legislation. Cayman trusts are also widely used in the MENA region for Islamic finance transactions and employee benefit schemes.
This article examines how Cayman’s trust regime may assist families and corporate groups to address certain issues that frequently arise in the MENA region.
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The Growing Popularity of Cayman Islands Trusts in the Middle East