The Double Taxation Agreement (DTA) signed between Jersey and
the United Arab Emirates earlier this year is just one of a number
of deals signifying the growing collaboration between the two
Jersey Finance established a regional office in the UAE five
years ago and has been very proactive ever since in raising
awareness of Jersey in the Emirates. UAE-based investors and high
net worth individuals look to Jersey to assist with the structuring
of their wealth and investments through the use of Jersey-based
trusts, foundations and companies.
Client teams at TMF Jersey frequently assist clients from the
UAE and elsewhere in the Middle East with investments in, and the
development of, real estate; often located in the United Kingdom.
Sharia-compliant investments such as Murabaha financing is quite
often used to partly or wholly fund the acquisition or development
of property. The DTA falls in line with the UAE Ministry's
emphasis on strengthening international relations, particularly
with regard to the avoidance of double taxation on income.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs,
emphasised the significance of the agreement in enhancing economic
and financial cooperation between Jersey and the UAE. He noted that
the UAE is committed to adopting the highest economic standards of
transparency and the exchange of information for tax purposes
– as per G20 decisions – as well as the terms and
conditions of agreements on the avoidance of double taxation with
other countries, which now total 96 agreements with key economic
and trading partners.
There are many agreements in place between Jersey and the UAE,
particularly in relation to financial services, with the DTA being
the most recent. Earlier this year, the Jersey Financial Services
Commission, JFSC, the island's financial regulator, signed a
Memorandum of Understanding with the Financial Services Regulatory
Authority of the Abu Dhabi Global Market, to exchange confidential
regulatory information and cooperate with each other regarding the
supervision and regulation of financial systems under their
respective authority. Other MoUs between the Commission and UAE
bodies include agreements with the Dubai Financial Services
Authority in 2006, the UAE Central Bank in 2011, and the Emirates
Securities and Commodities Authority in 2014.
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guide to the subject matter. Specialist advice should be sought
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Maltese tax law provides for rules which grant beneficiaries referred to as ‘Highly Qualified Persons' to be taxed at a reduced rate of tax of 15% on their employment income, provided certain conditions are satisfied.
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