Speaking on the second panel at the Hubbis Wealth Planning & Structuring Forum – Dubai 2026, Nirav Dinesh Kumar Shah, Founder and Managing Director of FAME Advisory DMCC, addressed the sequencing of establishing family offices and international wealth structures. Shah argued that families frequently begin investing and incorporating entities before evaluating how citizenship, tax residency, and succession plans fit into the arrangement.
Shah distinguished between an investment holding company and a fully developed family office. According to Shah, an investment holding company served by one or two individuals alongside external advisers can be an effective initial step, whereas a comprehensive family office extends beyond investment management to handle personal affairs, lifestyle demands, and family expenditure. The scope and staffing of an office should match the family's specific goals and budget.
Turning to the practical enforcement of UAE tax rules, Shah noted that authorities are using tax-return data to flag cases for review and are closely evaluating whether operational substance supports claimed free-zone tax benefits. He stated that clients and advisers must understand how statutory provisions are applied in practice, emphasising that claimed benefits must reflect operational facts and continued regulatory compliance rather than purely legal form.
Shah also connected wealth-planning choices to the increasing interest among Indian business families selling domestic enterprises and seeking to hold wealth internationally. He noted that evaluating overseas wealth structures—including options such as India's GIFT City alongside international platforms—requires first identifying the family's ultimate objectives and then assessing the structural options alongside their compliance and tax ramifications.
Sources
- Hubbis · 2026-10-19
