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Dubai is fast becoming a preferred destination for Swiss family offices increasingly disillusioned with tightening regulations and looming tax proposals in their home country. A combination of transparency obligations, regulatory burdens, and political uncertainty, including a proposed 50% inheritance tax, is prompting a quiet exodus of private wealth managers from the Alpine nation.
Ronald Graham, managing partner at Taylor Wessing’s Dubai office, confirmed that at least two large family offices; one managing billions in assets, have begun relocation to the United Arab Emirates. “Dubai family offices are not subject to the same standards,” he said. “They can be more private, that’s more attractive to the world’s wealthy.”
According to the Dubai International Financial Centre (DIFC), approximately 200 new family offices joined its offshore jurisdiction in 2024, bringing the total to around 800.
Switzerland Losing Its Competitive Edge?
While Switzerland has long been regarded as the gold standard for private wealth management, recent legislative moves may be reshaping that perception. The country is set to hold a referendum later this year on imposing a 50% tax on large inheritances and gifts; a proposal widely expected to be defeated but which has already rattled investor confidence.
“We’ve seen an erosion in trust and regulatory clarity,” said a beneficiary of a Swiss family office. “Even if the referendum fails, the insecurity has already driven some to move assets or explore alternatives like Dubai.”
Under Swiss law, any family office managing more than 20 clients – even if all are relatives- or surpassing specific thresholds must register as a portfolio manager, triggering extensive regulatory oversight. In contrast, Dubai offers a broader and more flexible definition of “family,” reducing compliance requirements.
Dubai’s Competitive Proposition
Dubai’s appeal goes beyond regulation. Its tax neutrality, modern infrastructure, and lifestyle advantages are also drawing ultra-high-net-worth individuals. The standard of living is enormous, and the economic system is designed for entrepreneurs.
Governments in the Gulf have been aggressive in courting global wealth, offering subsidies and incentives not available in European jurisdictions. Deloitte’s 2024 ranking still places Switzerland as the global leader for wealth management, but warns that “recent developments threaten to weaken Swiss competitiveness.”
Broader Global Trends
The trend is not limited to Swiss wealth. Changes such as the abolition of the UK’s non-dom regime, tightening tax regimes in continental Europe, and lingering geopolitical concerns, including U.S. sanctions and Russian asset freezes, have reinforced the UAE’s position as a safe haven.
While Dubai rises, Switzerland continues to attract Americans seeking stability amid rising uncertainty under the Trump administration. Luxury enclaves like Andermatt are seeing increased interest due to relatively lenient property rules for foreigners.
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