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Middle East Wealth Management Forum 2020 - Exclusive Insights - Vinod Krishnan - 2

Vinod Krishnan of Arch Corporation

Jan 31, 2020

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1. How is the UAE positioned competitively to attract FO/MFO family members to establish residency? What are the pros and cons and what are the competitive advantages of UAE over other jurisdictions?

Video transcript

1. How is the UAE positioned competitively to attract FO/MFO family members to establish residency? What are the pros and cons and what are the competitive advantages of UAE over other jurisdictions?

I think over the years there's been a shift in the financial centres in the Middle East, from Beirut to Bahrain to the UAE; over the past 15 years, UAE has grown to be one of the preferred locations because of its neutrality, but more importantly because of the choices they have between Abu Dhabi, even within the UAE, it's the DIFC and the DMCC. Now the ecosystem of professional service providers in the UAE has kind of developed over the number of years, so they're able to offer a much more in-depth analysis of what the families define and the outsourcing opportunities are there for the advisors to access these professional service providers. So obviously UAE is an ideally located centre because it's in the crossroads of the subcontinent, the CIS, Africa and the MENA region. So that's one. In terms of residency, I think the UAE authorities are trying to address those, but then much needs to be done. For example, there were talks of the permanent residency initially, but that's been scaled down to five years and 10 years. So, if there's more clarity on permanent residency, and I think the authorities are working towards it, this could be a potential strong point for UAE becoming a centre for the family office and multifamily offices across the region I spoke about.

 

 
 
 
 

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