Luxury Life with Zero Income Tax, Wealthy Flock to Dubai

 Luxury Life with Zero Income Tax, Wealthy Flock to Dubai

 Dubai's zero income tax policy and luxurious lifestyle has been attracted by many wealthy individuals from around the world and are flocking to their desert city in huge numbers.

The UAE, mostly Dubai, have been long welcoming wealthy people from neighboring countries and around world  to invest also to reside locally. People who help wealthy individuals can  relocate to Dubai told AFP that an increasing number of affluent Westerners are choice to come to the UAE.

Immigration consultancy Henley & Partners data reflect that the UAE is expected to attract more than 9,800 millionaires this year, more than any other state or region globally. In contrast, the UK is set to lose a record 16,500 millionaires this year.

The UAE's economic and political stability, extremely low crime rate, business-friendly environment, and convenient luxury lifestyle make it very attractive to the wealthy. Its Golden Visa program, designed to attract wealthy or highly skilled foreigners, offers individuals up to 10 years of residency.

Cody, head of Skybound Wealth Management, a high-net-worth advisory firm, said some of his clients feel that success has become a burden in their own countries. "They are taxed more heavily, face stricter scrutiny, and get less in return."

wealth is not hidden in Dubai; it is normalized. Cody said, "In London, my clients only talk about their net worth in private. But in Dubai, they can live freely."

He said that most of his coming members are professionals in their 30s and 40s, which include tech company founders, second-generation entrepreneurs, consultants, and fund managers.

By the  Henley & Partners, Dubai has become one of the top 20 cities globally with the most millionaires, also hosting 81,200 millionaires and 20 billionaires.

Amarante, head of Henley & Partners' Middle East operations, said wealthy people want to protect their wealth and lifestyle and conduct business in an environment with minimal bureaucratic interference. The UAE's positioning is very clear: to create a business-friendly environment.

However, the influx of wealthy individuals into the UAE has also brought some issues. Due to allegations of non-transparent financial transactions and a large influx of Russian funds following the Russia-Ukraine war, the UAE was placed on the grey list by the Paris-based Financial Action Task Force in 2022. Since then, UAE authorities have cracked down on money laundering activities and extradited some wanted criminals, including drug lords, leading to its removal from the grey list.