Negation, a linguistic construct conveying absence, denial, or contradiction, poses significant challenges for multilingual multimodal foundation models. These models excel in tasks like machine translation, text-guided generation, image captioning, audio interactions, and video processing but often struggle to accurately interpret negation across diverse languages and cultural contexts. In this perspective paper, we propose a comprehensive taxonomy of negation constructs, illustrating how structural, semantic, and cultural factors influence multimodal foundation models. We present open research questions and highlight key challenges, emphasizing the importance of addressing these issues to achieve robust negation handling. Finally, we advocate for specialized benchmarks, language-specific tokenization, fine-grained attention mechanisms, and advanced multimodal architectures. These strategies can foster more adaptable and semantically precise multimodal foundation models, better equipped to navigate and accurately interpret the complexities of negation in multilingual, multimodal environments.