The Luxury Network International Magazine Issue 26

coronavirus crisis, has helped make
the UAE a “model country” for people
to live, work, and invest in.
Dubai is surrounded by emerging
markets, many of which have had a
massive public health crisis during
the pandemic. This golden city, on
the other hand, managed the crisis
brilliantly and outperformed many
developed nations. For instance,
in many European countries, one
could not get a ventilator if they
were above 60 years, Dubai did not
have such harsh limits, and medical
attention was given to all the same.
The global health crisis has also reshaped
what HNWIs from emerging
markets are looking for from a
second residency. They are looking
at the ability to relocate to a more
mature or more acceptable country.
So, people who have the power and
tools to migrate to a place where
they can provide their families with
a good quality of life, the best educational
and healthcare systems,
and still be able to do their business
remotely or travel anywhere very
quickly, why wouldn’t they do it?
Apart from the substantial economic
support that the government of
Dubai is providing to its entrepreneurial
and startup community,
initiatives such as the retirement
visa, remote working visa, and the
10-year golden visa could not have
come at a better stage because for
a long-time people were coming
and going from the Dubai only to
make money, but today, we are seeing
Gen 1 entrepreneurs come here
to go global, as there are a very few
jurisdictions that offer the platform,
support, and opportunities at par
with Dubai.
It is also an incredibly exciting time
for this new generation of Nomad
entrepreneurs, who operate remotely
but have the world at the
tip of their mouse click. For them,
Dubai has thought ahead by setting
up more efficient corporate
structures and districts that are hyperconnected,
support intelligent
infrastructure, and have receptive
markets. Dubai is a pioneer in smart
city adoption and has taken on the
post-pandemic world.
The UAE’s removal from the European
Union’s Code of Conduct Group
on Business Taxation’s blacklist, as
well as reforms on inheritance law
which entails that if a person dies
in the country without a will in
place, their estate will be divided as
per the applicable law according to
their citizenship, regardless of their
religion and bounced cheques are
no longer a crime. All these added
flexibilities and conveniences have
made Dubai a major draw for the
world’s ‘wealthy.’
By Lorenzo Jooris
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