UAE, Saudi Arabia: High Net-Worth Migration Surges with Visa Reforms
The UAE and Saudi Arabia are expected to witness a rise in the influx of affluent individuals relocating to the region, driven by initiatives aimed at attracting foreign investment and talent.
Policies such as the UAE's Golden Visa and Saudi's Premium Residency visas, along with ongoing reforms to facilitate business operations, are attracting millionaires and billionaires, positioning both countries as attractive destinations for wealth migration.
Faizal Bhana, Director at Jersey Finance, highlighted the UAE's success in attracting high-net-worth individuals (HNWIs), with approximately 4,500 individuals migrating to the country in recent years. Saudi Arabia is also experiencing a significant inflow of wealth as it diversifies its economy and introduces premium residency schemes. The expansion of the BRICS bloc further underscores the region's economic prowess, with Dubai and Abu Dhabi ranking among the wealthiest members.
Streamlining regulations and introducing policies that promote ease of doing business are driving the success of these initiatives. Investment migration programs offer opportunities for foreign investors to contribute to the region's economic growth while securing residence or citizenship. The UAE and Saudi Arabia's resilience in the face of global uncertainties, coupled with their strategic geographic location and stable business environment, make them attractive destinations for investment and residence.
Gulf sovereign wealth funds are increasingly focusing on regional investments, contributing to economic development and geopolitical stability. The simplified company setup processes in both countries further enhance their appeal to businesses and investors.
As Gulf economies continue to outpace global peers, the UAE and Saudi Arabia are set to remain top choices for high-net-worth individuals seeking stability, growth opportunities, and a supportive regulatory framework.
