For wealthy individuals, geopolitical uncertainty can create a demand to relocate. Many of the world’s high-networth individuals have chosen the United Arab Emirates (UAE) as a private wealth hub due to its favourable tax system. Do tax considerations therefore apply to UAE residents? Tax considerations in the UAE have indeed become a game changer for high-net-worth individuals (“HNWIs”); not only a tax-friendly environment but also the implementation of targeted measures, namely through tailored residency visas, facilitating long-term stays and providing a range of benefits. The choice of residence is a strategic decision, influenced by multiple factors in the “relocation equation”, including: - Geographical location, - Infrastructure development, - Security and political stability, - Reliable legal and judicial systems, - Standard of living, and - Favorable tax environment. A key attraction is the absence of personal income and wealth taxes, setting the UAE apart and making it appealing for those seeking to minimize tax liabilities. To provide additional clarity to 48 LAWYER MONTHLY MARCH 2024 A Matter of Tax: Private Client and International Wealth Planning in the United Arab Emirates As geopolitical shifts and economic uncertainties continue to influence global wealth management strategies, the United Arab Emirates (UAE) stands out as a beacon for high-networth individuals (HNWIs) seeking stability, security, and favourable tax considerations. Lawyer Monthly’s upcoming interview with Kim Lacombe and Frédéric Cuguen from CW Partners shines a light on the evolving landscape of private client and international wealth planning in the UAE, revealing how the region’s tax policies are shaping decisions around relocation and investment. An Interview with Kim Lacombe and Frédéric Cuguen CW Partners, United Arab Emirates (UAE) Kim Lacombe Chief Operating Officer Frédéric Cuguen General Counsel
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