Federal Decree-Law No. 31/2023 Concerning Trust

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Abrogates

Federal Decree-Law No. 19/2020 dated 30/09/2020.

We, Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates,

After perusal of the Constitution;

Federal Law No. 1/1972 on the Competencies of Ministries and Powers of Ministers, and its amendments;

And Federal Decree-Law No. 19/2020 Concerning Trust;

And based on the proposal of the Minister of Finance, and the approval of the Council of Ministers;

Have issued the following Decree-Law:

Chapter 1 - General Provisions

Article 1 - Definitions

In application of the provisions of this Decree-Law, the following terms and expressions shall have the meanings assigned against each, unless the context requires otherwise:

  • UAE: The United Arab Emirates.

  • Minister: The Minister of Finance.

  • Competent Authority: The local authority in the concerned Emirate with competence to verify the validity of the Trust Deed created in that Emirate and to register it, in accordance with the provisions of Articles (42) and (44) of this Decree-Law respectively.

  • Person: The natural or legal person.

  • Trust: The legal person established pursuant to the Trust Deed in accordance with the provisions of this Decree-Law to achieve the Purpose of the Trust.