Why Dubai is an excellent destination for High Net Worth Individuals

Georges El Hachem - January 28, 2022

With its stunning high rise architecture and its famous and enviable lifestyle, Dubai, a region leading professional business hub and world-class tourism hotspot, is often seen as the ultimate destination for high net worth individuals. The UAE is the wealthiest nation in the MENA region, with Dubai topping the list as the richest city; according to a report by New World Health, Dubai boasts over 165,000 millionaires, 2,480 multi-millionaires and 12 billionaires.

Dubai has flourished in the past two decades due to its tax-efficient environment, high-income economy, first-class healthcare system, status as a premier regional business destination, its world-class lifestyle amenities, and stellar international schools. Combining these factors with the city’s progressive and forward-thinking leadership, the Emirate has established itself as one of the most popular cities in the world.

From its strategic location to its innovative technological and cultural advances and its access to such a luxurious and opulent lifestyle, Dubai appeals to high net worth individuals in many ways – both personally and professionally. Due to its booming property market, there has never been a better time to consider relocating to or investing in the city.

Favourable tax status: With zero income tax, corporation tax, capital gains or wealth tax, Dubai is an exceedingly desirable location for those looking to maximise their earnings and income. This local tax regime makes the city an ideal destination for the super-rich who would otherwise be subject to high taxes. Entrepreneurs and qualified specialists seeking to gain maximum profit from their business are attracted by the tax-free private income available in Dubai. Although the country introduced a 5% VAT levy in 2018, the country is considerably more tax-friendly than the vast majority of the worlds comparable cities.

Advantageous geographical location: Dubai’s strategic geographical location and amicable time zone (GMT+4) serve as a significant incentive for attracting high net worth individuals to the city. Often seen as the gateway to the GCC and a bridge between Europe and Asia, Dubai provides a regional operations hub for those in the business sector wishing to easily access growth markets around the world. The city’s principal airport, Dubai International Airport, is the busiest airport globally for international passenger traffic. Two-thirds of the world can be reached within eight hours’ flying time of the city, making it easy to access anywhere in Europe, Asia or Africa.

Unparalleled investment opportunities: Considered to be the investment capital of the Middle East, Dubai has become a thriving entrepreneurial and investor-led ecosystem. HNWIs looking to invest are attracted to the Emirate by political and economic stability, fast and straightforward company registration processes, various emerging industries, exceptional living standards and impressive internal infrastructure. While the most developed avenues presenting investment opportunities continue to include the oil, gas, gold and finance sectors, the city’s booming real estate market remains highly attractive as a wise investment option. Due to Dubai’s comparatively high yielding residential property market and the city being a critical global tourism destination, there is significant investment potential for those purchasing properties to explore the long and short term letting markets.

Desirable location for second homes: A key attraction for HNWIs looking to relocate to Dubai is the Emirate’s simple approach towards making the country more accessible to foreign nationals. As a result, it has become easier than ever for ex-pats to make Dubai their second home thanks to many government initiatives, such as the ten-year golden visa and the six-month remote working visa for investors and professionals. The UAE’s warm weather climate makes it a highly desirable location eight months of the year for those with the flexibility to circumnavigate the globe at their ease. While summer temperatures can soar, weather conditions between October and May are extremely pleasant, marking the city out as an exceptional destination for ex-pats searching for year-round sun.

Unrivalled lifestyle: Dubai affords residents the unique proposition of being a burgeoning and bustling city, offering an endless array of 5-star experiences in the form of world-leading hotels, internationally renowned restaurants and the latest releases from luxury fashion brands, and an enviable coastal destination with unlimited access to miles of stunning sandy beaches and the glistening blue waters of the Arabian Gulf.

City of the Future: Dubai’s high ranking in the new ‘FDI Global Cities of the Future 2021/2022’ report corroborates the Emirate’s status as a global magnet for foreign direct investment. Dubai has aligned itself with the vision of becoming a smart city and aims to implement what other cities will not implement for another ten years. Its futuristic leadership facilitates the city’s digital transformation by applying the latest technological tools such as virtual reality, blockchain and artificial intelligence. The Dubai 2040 Urban Masterplan is an ambitious vision outlining the city’s planned evolution over the next 20 years. Dubai’s proven future readiness enhances its attractiveness to individuals seeking sustainable opportunities for high net wealth. A visionary entrepreneur would want to share in this dynamic ecosystem with an exciting future ahead.

The Author

Georges El Hachem - Director, Commercial

Georges joined Select Group as Commercial Director in 2020. He has over 18 years’ experience in destination management and expert knowledge across an array of industries including hospitality, tourism and MICE. He has a deep understanding of the GCC, and the buying behavior of the international visitors to the region.