While an exodus from Dubai among the wealthy has not yet occurred, many who chose the UAE as their residence are now contemplating their future and considering Switzerland, according to today’s report by radio RTS. The broadcaster notes that funds are beginning to move, although banks remain discreet on the matter, likely to avoid appearing opportunistic in a sensitive situation. ‘Funds are indeed being transferred,’ confirms Patrick Akiki, an expert from PwC Switzerland. ‘As you might expect, regulations have become stricter than before, which is appropriate: Swiss banks must do their due diligence before accepting money. Opening a bank account in Switzerland takes time.’
Beyond transferring funds, some individuals are also considering relocating themselves. ‘In Dubai—specifically as a financial hub—there’s no panic but rather a period of observation,’ explains Lorenzo Romano, an active Geneva-based financier in the EAU who was notably caught in Dubai at the start of the conflict. ‘Many affluent individuals, including entrepreneurs and families, are reassessing their future residences. Over the past ten days, I’ve received numerous inquiries about recommended places in Switzerland, private school operations, real estate purchasing or renting processes, as well as tax implications.’
Switzerland already enjoys a favorable position: Deloitte estimates that nearly a quarter of foreign assets managed within the country originate from the Middle East. ‘The UAE offers much in terms of diversity and culture,’ continues Romano. ‘Conversely, Switzerland is often seen as dull. However, many are now recognizing that this perhaps monotonous aspect may indeed be an advantage in a highly polarized world with current tensions in the Gulf.’ Akiki echoes these sentiments. The Gulf countries had previously emphasized security, education quality, medical support, and overall living standards. ‘Today, numerous prominent families question whether they can continue to trust these nations or if it would be wiser to return to neutral states like Switzerland, renowned for their high living standards and demonstrated resilience,’ he adds. ‘There is also attention on the franc’s strengthening, which reflects market confidence.’
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