5 things to know before you make the move to Dubai

Unlocking the Dubai lifestyle

A significant number of high-net-worth individuals are either moving or considering a move to Dubai, with many choosing to leave the UK for its atmosphere, lifestyle, and business opportunities.

Dubai, with its year-round sunshine, luxurious lifestyle, low crime rate, (making it a great place for both families or individuals), and strategic location, has become a hub for wealthy individuals, especially those from the UK who are seeking stability amid global uncertainties. With no personal income tax or capital gains tax, and limited wealth taxes, Dubai is a popular destination for high-net-worth individuals looking to safeguard their assets while enjoying a tax-efficient lifestyle.

If you’re considering moving to Dubai for work, family, or personal reasons, it’s important to plan ahead. We regularly advise clients on the logistics and considerations that come with such a move, both in non terms of the financial relocation to Dubai, and the practicalities of living there. Our key advice: Plan carefully, as this will save you time and money in the long run.

Here are some key considerations to keep in mind before relocating to Dubai:

1. Have the right visa

Before making the move, research Dubai’s residency and visa regulations. Depending on your purpose for relocating—whether for business, retirement, or family—you’ll need the appropriate visa. Dubai offers various visa options for high-net-worth individuals, including long-term residency for investors and retirees. Make sure to secure your visa in advance to avoid delays.

2. Get your finances in order

Notify your UK bank of your relocation plans, as some banks may restrict services for overseas residents. Consider setting up a local bank account in Dubai to efficiently manage your daily financial activities. A private banker can help you manage your wealth and advise you on how to protect your assets in your new tax-efficient environment.

3. Find your dream home

Dubai’s real estate market can vary significantly depending on location, property type, and proximity to essential and local amenities. Whether you plan to rent or purchase, it’s important to conduct thorough research and understand the best areas to suit your lifestyle and budget. Work with a local real estate expert to navigate the market and find the perfect home. Some expats also choose to finance their Dubai home by remortgaging property in the UK , so it’s important to understand the rules around that too.

4. Plan for the future

Dubai doesn’t have a national pension system, so it’s important to plan for your future. If you’re currently part of a UK pension scheme, explore alternative retirement planning options. A financial advisor or private banker can guide you through investment strategies that suit your new life in Dubai, ensuring your wealth continues to grow.

5. Be tax savvy

While Dubai offers a tax-free income, it’s essential to consult a tax expert to understand your obligations in both the UK and UAE. Dual taxation agreements between the two countries can affect your overall tax situation. By working with a tax professional before you relocate, you’ll have a clear understanding of any potential tax liabilities and can plan accordingly.

Relocating to Dubai can offer a fresh start and a luxurious new lifestyle. However, careful planning is key to ensuring the transition is efficient and financially beneficial. By following these top 5 tips, you’ll be well on your way to enjoying everything Dubai has to offer while protecting your wealth and securing your future. A private banker can be an invaluable resource throughout the process, offering personalised advice on everything from banking and investments to tax considerations.