What’s new?
Abu Dhabi has launched a groundbreaking Art Customs Duty Waiver Programme, significantly enhancing its appeal to global art collectors.
This initiative marks a pivotal advancement in the region’s regulatory framework for the arts, directly implementing one of the key reforms advocated by M/HQ – See white paper “Gulf Art Investment – Quo Vadis?”. The programme offers a full waiver of the standard 5% Customs Duty on eligible artworks, provided they remain in Abu Dhabi for a minimum of three years. It also extends the temporary import timeframe, mandating a three-year minimum stay with a six-month export window.
Key provisions for Art collectors:
- Customs Duty Waiver: Full exemption from the 5% Customs Duty on eligible artworks.
- VAT Applicability: The 5% Import VAT and other applicable taxes remain payable.
- Minimum Stay Requirement: Artworks must be retained in Abu Dhabi for a minimum of three years.
- Movement Restrictions: Movement to other emirates within the three-year period may violate terms, potentially triggering original duties and penalties, and typically requires special committee approval.
- Eligibility Criteria: Primarily for individual applicants, applying to artworks valued at a minimum of AED 10 million (approximately USD 2.72 million).
What we say
This programme reinforces Abu Dhabi’s position as a magnet for UHNWIs and Single-Family Office superhub, fostering economic growth and cultural enrichment by aligning its policies with the international art community’s evolving needs.
Who we are
M/HQ is a multi-services platform catering to successful individuals and entrepreneurial families. Our one-stop-shop offering is unique in the Middle East: a holistic and cross-disciplinary combination of a market- leading corporate services firm, a private client specialist team and a regulatory & compliance services practice, all through one single platform.
We have extensive experience advising on a broad range of wealth structuring and legacy planning issues. We particularly assist in establishing and servicing Family- and Group- Holdings, Single- and Multi- Family offices, Foundations, and other asset consolidation/protection and intergenerational wealth management structures.
Headquartered in the UAE, we are an entrepreneurial firm for entrepreneurial clients.
