That’s according to a BanklessTimes analysis. The site reckons the UAE will attract up to 4,000 high net worth Russians fleeing their country. That figure is the highest that any country will attract this year.
According to BanklessTimes’ CEO Jonathan Merry, “Russian capital is fleeing the debilitating sanctions that Moscow continues to attract for attacking Ukraine. Some global capitals have also ramped up pressure on them by either seizing their property or making it untenable to continue their businesses there. But the UAE hasn’t imposed restrictions against Russia or its citizens. Besides, it offers a favorable business and social environment for the emigrating tycoons.”
Why Is the UAE So Popular Among Emigrants?
The UAE’s golden visa program has been a key motivator for the migrating Russians. Introduced in 2019, it offers 10-year-long residence visas to foreign investors and exceptional talent. Its adoption enabled the UAE to jump from sixty-fourth to fifteenth in the Henley Passport Index rankings.
It focuses on attracting tourism and investments through special visa waivers. In addition, the program has enabled the UAE to appeal to talent, wealth, and capital by adopting agile immigration policies. These include embracing an investment-friendly tax regime that has propped the region as a wealth hub.
Australia will also reap big from capital migration this year. Until 2019, it had been the preferred destination for migrating high net worth individuals (HNWI). It will gain about 2,500 HNWI this year due to the high standards of living it affords immigrants.
Why Should Nations Care About Migrating Millionaires?
Despite constituting a small percentage of a nation’s population, HNWIs are crucial to its development. This is because they own significant factors of production and play an active role in the thriving of local economies. Consequently, their exit indicates their lack of confidence in a particular economy. Read the full story here: UAE shelters 4,000 Russian millionaires fleeing biting sanctions
All Inclusive
Luksusowy kwartalnik turystyczno-podróżniczy. Od 2004 roku opisujemy miejsca, do których warto lecieć dłużej niż na weekend, i ludzi, którzy je prowadzą.
