Millionaire Migration: UAE Relocation for High-Net-Worth-Individuals Explained

More and more high-net-worth individuals are looking to move to the UAE than ever before. This unique destination offers a range of key benefits, especially for those looking for greater stability, wealth protection and some of the world’s best luxury real estate. Given the unprecedented levels of demand, we wanted to unpack what makes the UAE such an attractive destination and what are the important things to consider if you are interested in moving to the Emirates. To help guide individuals, families and those representing private clients, Daniel Dronsfield, our Client Services Director, joined Alastair Glover from Stephenson Harwood LLP and Jerry Parks from Taylor Wessing for a Millionaire Migration discussion with David Bell from PCD.

Here are some of the key takeaways:

Relocation is multi-faceted. For HNWIs looking for a more favourable jurisdiction, UAE relocation has many layers. In addition to moving their family, which requires a new home and possibly a new school, they also need to consider their assets and investments. Given the expanding potential of the local, regional and international market the UAE offers, many are also looking to move their businesses here. With so many aspects to take into account, getting the right advice is crucial. Expert guidance on essentials like tax residency, wealth structuring and corporate requirements can make a huge difference in any relocation experience and long-term growth.

The UAE has a very pro-business environment. In addition to its unrivalled stability, innovation and economic growth, the UAE is one of the most appealing locations for new and expanding businesses. It has one of the world’s lowest corporate tax rates at just 9% and enviable connectivity to key global markets. The UAE has also worked hard to remove barriers for incoming businesses, entrepreneurs and investors. New companies no longer require a local partner and allow for 100% foreign ownership. There are multiple options for business set up and licensing, as well as a variety of incentivising government initiatives and support. It is also now possible for companies to retain their sophisticated share classes, increasing the UAE’s attractiveness to global investors.

You can find a visa to suit your needs. The evolution of the UAE’s visa and immigration processes have provided ample opportunities for incoming expats to find the residency solution that works best for them. The Golden Visa programme has multiple categories for HNWIs, allowing them to access a long-term visa, sponsor their dependents and enjoy the flexibility of movement it offers. High-earning consultants can also use the Remote Work Visa to maintain their client roster, but work and live in the UAE, thereby avoiding costly tax bills in their home country.

The UAE real estate market could be a valuable part of your financial planning. There are so many favourable benefits to exploring your options in the UAE real estate market. Not only is it home to some of the world’s most impressive luxury properties, there are a diverse range of strategic options when it comes to property purchasing. Depending on your financial priorities and future goals, you can structure deals to suit your desired outcome. Properties can be bought personally, via a corporate entity or through a foundation, providing you with more options to fit best with your wealth management objectives.

The security and lifestyle is a big draw. There are few places in the world that offer the same level of safety and security as the UAE. This is a huge driver for those with families and young children. The quality of lifestyle available is also a strong motivating factor. Often ensuring that families can enjoy a more luxurious and exciting lifestyle than they may have had previously. In the UAE it is easier and more affordable to find a beautiful home and there is so much to do and see, from beautiful beaches to delicious restaurants, endless leisure and entertainment destinations to diverse activities and clubs.

Professional help with practical matters can make all the difference. Beyond the more ‘lofty’ decisions about how best to structure your assets, investments and businesses, relocation has many interconnected elements that fall under the more administrative and practical side. Everything from setting up a bank account to hiring household staff, school search to connecting utilities comes with its own range of processes and requirements. Working with an expert local team will help you navigate these steps swiftly and smoothly, so you can focus on making the most of your new home in the UAE.

If you would like to discuss UAE relocation with our expert team or you have any further questions regarding a move to the UAE, immigration, visas or corporate services, please get in touch on info@eerme.com or +971 (0)4 421 1819 today.