Dubai Attracts Swiss Family Offices Tired Of Tax And Regulation

(MENAFN- Swissinfo) Swiss family offices that manage assets for the very wealthy are looking to move to Dubai as a confluence of factors from regulation to political debate over taxes erodes Switzerland's attractiveness. This content was published on May 3, 2025 - 11:25 4 minutes Josh Spero in London, Mercedes Ruehl in Zurich and Chloe Cornish in Dubai, FT

Ronald Graham, managing partner of law firm Taylor Wessing's Dubai office, said people at two large family offices, including one with billions of dollars of assets, had told him they were exploring moving to the United Arab Emirates and that regulation was the reason. One has already completed the move.

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He said:“In Switzerland there is more regulation, certainly more disclosure in terms of confidential information. Dubai family offices are not subject to the same standards, they can be more private - that's more attractive to the world's wealthy.”

There had been no single issue or“road to Damascus moment” that had persuaded these family offices to consider leaving Switzerland but rather a pile-up of obstacles, Graham said, including the definition of“family”.

A family office in Switzerland managing assets for more than 20 clients, including members of a single family, or with earnings or assets above specified limits must be licensed as a portfolio manager, attracting more onerous regulation, according to Swiss bank Julius Baer. By contrast, Graham said, Dubai had a wide definition of“family” which did not invite greater regulation.

Wealthy families have also been concerned by recent political debate in Switzerland, which will hold a referendum later this year on the introduction of a 50% tax on very large inheritances and gifts.

A beneficiary of one Swiss family office said the political debate and concerns about regulation had pushed some people to leave the country.

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