Dubai is frequently discussed in media commentary in relation to the tax advantages it can provide to those wanting to relocate; it is positioned as a strategic haven for investors, entrepreneurs and HNWIs. Less discussed, however, is the appeal of Dubai beyond tax, and how the city is being deliberately engineered by policy makers to create a frictionless sense of belonging for those who make the move.
For many, it is the attractiveness of a much lower tax burden that initially pulls people from the UK to the UAE, as well as the incentivisation of investment opportunities through their Golden Visa policy. The factor that determines whether people stay long-term, however, is often how easily they are able to lay a personal foundation that truly settles.
The UAE is intrinsically and profoundly diverse. 90% of the population are non-nationals, meaning that for policy makers, encouraging a sense of welcoming, belonging, and identity fostering among expats is non-negotiable. “Unity through Diversity” is one of their slogans, after all.
Professionals hear of a high standard of living, a low crime rate, a stable political environment, and a commitment to sustainable policy. When they arrive, they are greeted with community living complexes near major business districts and schools, strategically placed by urban planners to create an easy transition for newcomers, and to encourage integration through social activities. In doing this, policy makers in Dubai have recognised a reality that might not appear obvious. We often stereotype those who move to Dubai as ambitious, mobile professionals, who want to take advantage of the thriving start up scene, and may not prioritise stability or ‘ease’. While this may be a reality among younger people, relocation consultants who work with senior leaders and HNWIs relocating to Dubai notice a different reality. Senior leaders want to retain a sense of continuity, control and certainty in their lives when moving abroad. Importantly, they want to de-risk their relocation wherever they can; they want clarity on housing, schools, safety and discretion.
It can be extremely damaging for senior leaders and their existing companies back home when a move is full of friction and unexpected complexities. Family and lifestyle stability is not an optional extra. Poorly managed relocations often shorten the stay, despite the financial benefits of the move.
The UAE is designing policies, national narrative, business districts and free zones to minimise friction for incoming HNWIs and encourage them to stay long term.
The stability and continuity of staying put has long been one of the UK’s most powerful retention mechanisms for professionals with a stable, settled family life. As the UAE continues to deliberately dismantle that advantage, the UK’s loss of leaders and millionaires is unlikely to slow down.
Sources
https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2024