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Regional Growth: Family Offices In The Middle East
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Key Takeaways
The UAE is the number one destination worldwide for migrating millionaires
Zero income tax, strategic location, favourable lifestyle and regulations attract the wealthy
Dedicated support resources and economic incentives are in place for family offices
Masttro has a dedicated team to support Middle East family offices at any stage
The Middle East is filled with opportunities - and the wealthy are taking notice.
Movement of wealth to the UAE was highlighted in last year’s Henley & Partners Private Wealth Migration Report, which projected 6,700 new millionaires to arrive from other regions.
That was nearly double its nearest rival, and entrenched the region as the top destination for migrating millionaires yet again.
“It’s easy to understand why wealth owners are attracted here,” says Masttro regional head René Raabe. “Zero personal income tax, an appealing lifestyle and business-friendly regulations are just a few of the drawcards.”
Its strategic location also plays a role, situated in between the United States and East Asia and just a short flight to most of Europe.
Family offices are part of the wealth flow, with Dubai leading the charge. Over half the region’s family offices are located there, many set up as a second location for investments and operations.
“We’ve seen significant growth in outreach from international family offices and their local custodian banks in Dubai in the last year, as the jurisdiction becomes increasingly hospitable,” says Raabe.
This includes a dedicated Family Wealth Centre, a resource within the Dubai International Financial Centre (DIFC) that provides tailored services, making it easier for the international family offices and businesses to relocate.
There are also regulatory benefits designed for family offices - including recent legislation updates that allow family offices to operate without registering with the local financial services authority.
As the regional ecosystem grows, so do the investment and network opportunities for family offices set up there.
But the inflow does have challenges: namely shortage of experienced talent, and challenges around technology and risk.
The recent HSBC MENA Family Office report stated 38% of family offices noted technology and cybersecurity as operational challenges.
Thankfully Masttro has an experienced team in place, dedicated to cover the needs of family offices across the entire MENA region, with the most comprehensive and secure wealth management platform on the market.
“We work with family offices and family holdings in the Middle East on a daily basis, and are familiar with the most common challenges,” says Raabe. “We know the region and can advise on a solution for a family office or family holding at any stage.”
Speak to René Raabe directly and find out how Masttro can solve your technology challenges.
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