Dubai expats relocate to Switzerland amid Middle East tensions

An increasing number of expatriates from Dubai and wealthy individuals from Gulf states are moving to the German-speaking Swiss canton of Zug in search of stability amid the ongoing conflict in the Middle East, according to Financial Times.

Asset managers and bankers told the newspaper that clients based in Dubai are seeking a stable European base, with many working in commodities and finance.

Zug’s finance director Heinz Tännler said interest in the canton has increased following the escalation of the US and Israel conflict with Iran, noting that incoming residents include wealthy private individuals, family offices, and companies.

The report added that Zug’s appeal lies in its favourable tax regime for high-net-worth foreigners.

However, due to limited housing supply, rising demand from Dubai-based expats has also been observed in the Italian-speaking canton of Lugano, the Financial Times said.

By Jeyhun Aghazada