The Dubai State of Mind

Dubai is on Your Mind

Over the last couple of weeks I caught myself advising my clients that they needed to go and enjoy Dubai first before they decide to commit to relocating to the UK.

The people I met and the events I attended were continuously suggesting that Dubai was the place to be and especially now.

There were a number of different comparisons drawn between the UK and Dubai. In particular, the family values and safety considerations.

Relocation to Dubai: Tax Reasons and Reporting Requirements

The major reason why some Europeans choose Dubai over the UK or other European and non-European countries, is the absence of tax.

Some of my friends established successful businesses and family lives in Dubai. They are very happy.

The absence of a tax framework is the major reason why Dubai was the place to be. 

It is now well known that a number of Europeans chose to take their investments over to Dubai than well established banking institutions in Europe because of the absence of reporting requirements.

As Russian billionaires escape personal sanctions directed at them in Europe and the USA, Dubai offers a refuge and major opportunities to invest. Including opportunities in Europe and elsewhere in the world using legal structures in Dubai.

The UK non-dom regime is a suitable solution if you are able to sustain your worldwide lifestyle on the capital you already accumulated prior to relocating to the UK.

However, if this is not the case, yet. Perhaps, the first stop ought to be Dubai to prepare you for the relocation to the UK. As you do so, be mindful of the tax anti-avoidance legislation applicable in your home country. You can send your enquiry here.

Relocation to Dubai: Protecting Your Assets in Europe

As you become resident in Dubai, your next step will be focused on protecting your assets and investments in Europe that you leave behind.

Depending on your home country’s tax legislation, most likely you will be considered no longer resident for tax purposes in your home country and you will be able to utilise the necessary legal structures to secure and protect your investments in Europe.

It is likely that your European structures will be more acceptable than the legal structures utilised from Dubai.

You will need to secure your independent professional advice to make sure that you take the best next step.

Are There Any Drawbacks with the Dubai State of Mind?

As I speak with my Dubai based friends and clients, there are a lot of attractive lifestyle solutions in Dubai.

However, the major drawback appears to be the temporary nature of it. Middle East countries by default only encourage temporary arrangements that require to be renewed from time to time.

The citizens are favoured over non-citizens and have more rights. Long-term residence does not guarantee for more rights to be awarded to non-citizens.                                                                        

Perhaps, the major shock to the Europeans based in Dubai is the realisation that their children may be born stateless in UAE as over several generations living overseas may cause them to lose their home citizenship without the opportunity to acquire Middle East citizenship.

These realisations cause them to strengthen their ties with the UK and other European countries of their origin.

Book a call with me to discuss your Global Wealth Strategy and necessary onshore and offshore arrangements to protect your global wealth. You can send your enquiry here.

You will be first guided to a payment page when you choose “book a call” option. After making the payment, you will be able to choose the most convenient date and time for our Zoom meeting. You can report a payment issue here.

Saule Voluckyte, M.A.E.S, LL.B, FAIA

I have been working exclusively with UHNWI in Mayfair, London since January 2008. I built specialist knowledge and expertise required to serve ultra high net worth individuals investing, operating and relocating to the UK or Switzerland.

Within the industry, I am the single adviser who is able to traverse the different areas of expertise and bring a comprehensive approach across: global structuring, UK immigration, international taxation and FOREX to develop their global wealth strategy, while they build, grow and expand their wealth worldwide.

Previous experience as one of the senior advisors for the government, made me a go-to person when delicate and uncomfortable scenarios involving heads of state need to be handled with care and preserve privacy.

Contact a family office specialist to discuss your needs.

As somebody who specializes in tax, wealth management of ultra high net worth individuals’ assets and legal requirements for high net worth families, my sole purpose is to help you protect your family’s legacy.

Should you have a specific enquiry on how to start your own family office, please book a call below.

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