High net worth Swiss family offices are increasingly shifting operations to Dubai as tightening regulation and debates over potential new taxes weaken Switzerland’s usual appeal. Recent changes in Swiss law have expanded the licensing requirements for family offices managing substantial assets or multiple clients, prompting concerns over greater disclosure and reduced privacy.

Approximately 200 family offices joined Dubai’s offshore financial centre in 2024, bringing the total to 800.

The move to the UAE has been prompted by Dubai offering a broader definition of ‘family’ in regulatory terms, alongside lower compliance burdens and greater confidentiality. The emirate’s tax advantages and business-friendly environment are also factors in attracting both single and multi-family offices. The shift is also driven by high European taxes, the UK’s abolition of its non-dom regime, and competitive investment incentives in the Middle East.