The UAE is often hailed as a millionaires playground with plenty of sun, sea, sand and supercars. But aside from the leisurely aspects, the UAE is attracting millionaires from around the world to secure residence in the country.
According to a new Henley & Partners report the UAE is projected to welcome the largest inflow of high-net-worth individuals (HNWIs) globally in 2022. It is expected that over 4,000 HNWI will flow into the UAE, most of which will come from Russia, Africa, India, and the Middle East.
The UAE already has 92,600 US-dollar millionaires; 4,000 multi-millionaires worth more than $10 million; 251 centi-millionaires (over $100 million), and 14 US-dollar billionaires. According to the report, this number of HNWI is set to increase by another 40 percent in the coming decade.
What’s behind the surge?
The UAE leadership’s notable handling of the pandemic has thrust the country further into HNWI radar and a UAE base is now becoming a sought-after location globally. The Henley & Partner- Investment Migration Insights states
‘The UAE has spearheaded this surge with its competitive, agile approach to adapting regulations and remains a powerful magnet for capital and talent.’
Recent reforms for long-term visas have also helped to entice HNWI to the country, with investors now being able to receive 10-year, renewable Golden Visas and Property Investment visas.
Security is another important factor in the decision for millionaires to invest and live in the UAE. According to the Global Financial Index, the UAE is the second safest country in the world to live in, with 98 percent of UAE residents reporting to feel secure.
Tax rates are also still some of the lowest in the world along with Monaco and Bermuda, the UAE has no income, inheritance or capital gains tax.
If you are considering moving to the UAE and would like to receive a complimentary consultation regarding company formation, visas or general advice, please contact us.