October 4, 2024
Samuel Aziz Boubaous
The Growing Trend: French HNWIs Choose Dubai to Relocate
Dubai is increasingly attracting wealthy French individuals seeking new investment opportunities and a luxurious lifestyle. The city offers significant tax benefits, including no capital gains tax, alongside a high quality of living that can be more affordable than in France. Its strategic location provides easy access to global markets, while the cosmopolitan community fosters networking opportunities for expatriates. With various residency options available, such as the UAE Golden Visa and Investor Visa, Dubai presents a secure environment for managing wealth. As more French millionaires make the move, it's clear that Dubai is not just a passing trend but a promising destination for the affluent. For more information, consider booking a consultation with Wealth Consulting.
Dubai is a world apart from France in terms of geography, mentality, lifestyle, and even weather. The city also contrasts sharply with the familiar settings where Europeans traditionally prefer to reside and operate. Yet, recent dynamics prove that many wealthy French citizens are choosing Dubai as an investment location and a new home.
This raises the question: Are these millionaires seeking something “exotic,” or does Dubai’s allure and reputation genuinely make it worth trading the comforts of the French Riviera for the luxury of Palm Jumeirah? Let’s dive into the facts and count why French HNWIs make this bold move.
Reasons Behind the Relocation
No Capital Gains Tax and Other Tax Benefits
The UAE, particularly Dubai, offers a remarkably tax-friendly environment. Unlike European countries, where income taxes and inheritance tax can take a big portion of wealth, the UAE imposes the opposite.
This is a significant advantage for French HNWIs looking to reduce their tax liability and secure their wealth in a more stable jurisdiction.
High Quality of Living and Cost of Living
Dubai boasts top-class standards, world-class infrastructure, luxury real estate, and diverse leisure and entertainment options. Despite its luxury appeal, the cost of living in Dubai can be more favorable compared to major European countries like France. This makes Dubai a sweet pie for people striving for luxury and capital gains.
Strategic Global Location
Dubai is located between Europe, Africa, and Asia, making it visible from all directions. The city is well-connected through its international airports, providing easy access to key global markets. This geographic advantage is a significant draw for investors and entrepreneurs looking to expand globally and grow a strong portfolio.
Cosmopolitan Culture and Community
Dubai is very generous and welcoming to the expat community, which includes over 200 nationalities. The city’s cosmopolitan culture creates a flexible and welcoming environment for international residents.
For French HNWIs, Dubai offers a sense of familiarity with a sizable French population and over 600 French companies operating in the city. This community presence and the opportunity to network with other global elites add to Dubai’s appeal.
Business-Friendly Policies
The UAE has implemented various business-friendly policies and regulations. These include 100% foreign ownership of companies in certain sectors and digestible business setup processes.
The Dubai International Financial Centre (DIFC), in particular, offers a secure and regulated environment for financial institutions, further enhancing Dubai’s appeal as a business hub.
Family-Friendly Environment
Dubai is a destination for individual investors and families. The city offers inclusive health insurance, highly-ranked education, and many family-friendly activities. Family offices relocating to Dubai can benefit from exclusive programs and initiatives.
Dubai’s Residency Options:
Making the Move Easier
Many high-net-worth individuals (HNWIs) actively pursue securing residency in the UAE. The benefits are undeniable: the UAE offers near-zero taxation for non-residents, access to a massive and growing market, and countless other advantages that make it a highly desirable place to live and work.
The residency options are diverse, and the choice largely depends on your business activities, investment goals, and personal preferences. Here’s a breakdown of the key residency pathways that can help make your move to Dubai smoother and more strategic.
UAE Golden Visa
The UAE Golden Visa is a prestigious option that provides long-term residency for investors, entrepreneurs, and highly skilled professionals. Requiring an investment starting from AED 2 million, this visa offers 5 or 10-year residency options, ensuring stability and security for those making Dubai their new home.
Dubai Investor Visa
This option is ideal for starting or investing in a business. The minimum investment requirement is at least AED 70,000 in share capital. The approved applicants can get a 3-year visa, with an option to renew it after. For entrepreneurs, it's very handy as they can relocate and deal with their business ventures in place.
Real Estate Visa
For those interested in Dubai’s luxury real estate market, the Real Estate Visa offers a practical solution. Purchasing property worth AED 1 million or more opens doors to a renewable 2-year visa. The process of including family members is very straightforward as well. So, you can freely enjoy Dubau's luxurious lifestyle while securing a long-term residency.
Retirement Visa
The visa is for expats over 55 who wish to enjoy retirement in a flourishing, tax-free environment. It is available to those with a monthly income of at least AED 20,000, AED 1 million in savings, or ownership of property worth AED 2 million. The residency is renewable after 5 years.
Each option provides a unique pathway to residency, so you can choose the one that best aligns with your personal and professional objectives.
The Growing Trend of Millionaire Migration to Dubai
The migration of French HNWIs to Dubai is not a short-term trend. As the city continues to grow, the numbers will follow. The Dubai Financial Services Authority (DFSA) ensures a secure and well-regulated environment for foreigners, and French people trust it. The great health insurance options, family-friendly amenities, and reliable legal framework further promote permanent residency here.
Moreover, the French population in Dubai continues to grow, with over 600 French companies already established in the city. This creates a familiar yet exciting environment for French expatriates.
Conclusion
Dubai consistently proves itself as more than just an “exotic” destination for French HNWIs. As more French millionaires move here, it’s clear that Dubai’s allure is not just a fleeting trend but a solid reality in global wealth management.
For any inquiries or further information, feel free to reach out to the Wealth Consulting team:
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