British Businesses in Dubai Have Tripled, Should Yours Be Next?
July 8, 2025
The Millionaire Magnet of the Middle East
In 2024, the UAE welcomed an estimated 6,700 new millionaires, according to real estate and wealth intelligence sources. These figures are expected to climb even higher in 2025.
But this isn’t just a headline; it reflects a deep shift in how high-net-worth individuals (HNWIs) think about residency, taxation, and security in a changing world.
Who’s Moving to the UAE?
The UAE is attracting an increasingly diverse profile of HNWIs:
- Tech founders from Europe and Asia
- Crypto investors and digital asset managers
- Family businesses from India, Pakistan, and Africa
- Wealthy retirees from the UK and Europe
What unites them is a desire for tax-efficient living, political stability, and lifestyle quality.
Why Are They Choosing the UAE?
- Zero income, inheritance, and capital gains tax
- High-end real estate ownership with 100% foreign ownership rights
- Fast-tracked long-term residency via the Golden Visa programme
- World-class schools, hospitals, shopping and safety
- Connectivity: 8-hour reach to over two-thirds of the world’s population
- Compared to tightening tax rules in Europe or instability in other regions, the UAE offers a compelling base.
Real Estate: The Preferred Asset
Dubai and Abu Dhabi’s property markets have responded accordingly:
- Surge in prime property sales in Palm Jumeirah, Downtown, Emirates Hills
- Growth in luxury rentals and branded residences
- Family offices acquiring real estate portfolios as wealth anchors
- UAE real estate is increasingly viewed not just as a lifestyle purchase, but a strategic asset.
Visa and Tax Planning Benefits
For global citizens, the UAE offers more than sunshine. It's become a core residency strategy in global tax plans. Families are using:
- UAE as a non-resident base while limiting exposure to UK or EU tax systems
- Structures like offshore holding companies, DIFC foundations, and trusts
- Second passport or dual-residency applications alongside UAE residence
Conclusion: UAE as a Global Wealth Safe Harbour
The relocation
of 6,700 millionaires is no anomaly. It’s part of a global rebalancing, and the UAE is positioning itself as the clear beneficiary.
For wealth advisers, lawyers and investors, the trend is clear: more clients are asking how to make the UAE part of their long-term plan.
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Introduction After years of deferrals, HMRC has confirmed over the weekend that Making Tax Digital for Income Tax Self Assessment (MTD‑ITSA) mandation dates will not be delayed further. From April 2026, qualifying taxpayers will be required to comply, marking the first genuinely irreversible phase of the reform. Background and context MTD‑ITSA has been repeatedly postponed due to software readiness, agent capacity, and political sensitivity. However, HMRC’s latest update – reported across professional tax press and echoed by senior HMRC officials on LinkedIn – signals that operational tolerance has ended. The UK government now views MTD as compliance infrastructure, not an optional digital upgrade. Technical analysis MTD‑ITSA applies to individuals with: Trading income, and/or UK property income exceeding the £10,000 gross threshold. Requirements include: Quarterly digital updates End of Period Statements (EOPS) Final Declarations Crucially, quarterly updates are informational, not tax‑calculating. However, errors now surface within‑year, fundamentally changing enquiry dynamics. Practical and commercial implications Accountants face workflow compression, while unrepresented taxpayers face steep learning curves. Businesses relying on spreadsheets without bridging solutions are now exposed. Risks and common mistakes Assuming MTD replaces Self Assessment entirely Believing quarterly updates determine tax due Leaving software onboarding too late Conclusion MTD‑ITSA is no longer theoretical. It is imminent, mandatory, and operationally unforgiving. Final thoughts This is not a tax change, but it will change tax behaviour. Call to action If you have trading or property income, confirm your MTD status now and migrate systems before April 2026. If you have any queries over MTD, or any UK or UAE tax matters, then please get in touch.
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