UK millionaires flock to UAE – how to move yourself and business to the UAE
The UK has been shedding millionaires at a record rate since the Labour government since came to power. Much of this outflow has been to the the United Arab Emirates, as well as European countries such as Italy and Switzerland,.
Britain lost a net total of 10,800 millionaires to migration last year, a 157% increase on 2023. This exodus included some 78 centi-millionaires and 12 billionaires, according to figures compiled by global analytics firm New World Wealth.
It looked at high net-worth individuals with liquid assets of more than USD1 million (£821,500). The actual number will be even higher because the net figure accounts for millionaires who arrived in the UK over the same period.
Labour’s October 2024 Budget confirmed that non-dom status will be abolished from April 2025. It will be replaced it with a residence-based regime, which will also bring foreign assets into the UK inheritance tax system.
With no personal tax, low corporate tax, political stability and attractive long-term residency options, the United Arab Emirates is an excellent alternative to the UK. We are seeing a surge in interest, and as the UK tax changes take effect, we expect more will follow. So how to move from UK to Dubai or and Abu Dhabi?
Why the UAE is the top destination for UK HNWIs
Dubai and Abu Dhabi, in particular, have become magnets for HNWIs leaving the UK. As the UK tightens its tax regime, the UAE offers a contrasting model built around low taxes, investment incentives, business growth and personal wealth preservation.
Favourable tax environment
The absence of personal income tax is the most obvious draw. Those moving from the UK go from paying up to 45% on their earnings to paying nothing. There’s no capital gains tax, no inheritance tax, and no tax on dividends from foreign investments. The cost of living may be high, but for those in the right income bracket, the savings far outweigh the expenses.
Favourable business climate
The business climate is another factor. The UAE continues to attract entrepreneurs with incentives that make company formation simple and cost-effective. Free trade zones provide 100% foreign ownership, zero customs duties and streamlined regulations. The corporate tax rate remains at 9% –far below the UK’s 25% – and many businesses qualify for exemptions.
Favourable residency options
Residency is also straightforward. The Golden Visa programme allows investors, business owners, and high-earning professionals to secure long-term residency with minimal red tape. Unlike many countries that tie residency to minimum stays, the UAE allows flexibility, making it possible to pursue international interests while maintaining a foothold in the country.
Favourable lifestyle
Then there’s the lifestyle. The UAE’s cities offer modern infrastructure, luxury real estate, world class amenities and some of the best leisure and entertainment options in the world. Security is high, the economy is stable, and international connectivity is unmatched. For those used to London’s global reach, Dubai offers a seamless transition, with direct flights to major financial hubs and a growing network of business connections.
How to get a UAE residency visa
Getting UAE residency is straightforward. The easiest route for high-net-worth individuals is the Golden Visa. This is a 10-year residency visa with minimal bureaucracy. Investors can qualify by purchasing property worth at least AED2 million (c. USD 545,000) or by holding substantial assets in a UAE-based company. Business owners and senior executives in qualifying industries also meet the criteria.
Investor visas offer another path to residency by setting up a company in a UAE free zone or mainland entity. The process is fast, and the costs are manageable compared to similar programmes elsewhere.
For those employed in the UAE, a work visa is another option. These are tied to a sponsoring company, but recent reforms have made switching employers and securing long-term residency easier.
For retirees, a dedicated visa programme allows those over 55 to settle in the UAE if they meet financial requirements, including proof of stable income or property ownership.
Setting up a business in the UAE
Setting up a business in the UAE is efficient, tax-friendly and flexible, with options tailored to different industries and ownership preferences.
Mainland business set-up
The first step is choosing between a mainland or free zone company. Mainland businesses allow full access to the local market and the ability to trade freely across the UAE. These require a locally licensed structure but, in most sectors, no longer mandate an Emirati partner. This makes them ideal for service providers, consultancies and businesses that want to operate across multiple emirates.
Free zone business set-up
Free trade zones cater to international businesses looking for full foreign ownership, tax advantages, and simplified set-up processes. Each free zone has its own regulations, but they typically offer corporate tax exemptions, zero customs duties on imports and exports, and business-friendly licensing. Many specialise in specific industries, such as logistics, media, tech or finance.
Favourable tax rates
Corporate tax applies to mainland and free zone companies, but rates remain low compared to most jurisdictions. The UAE’s 9% corporate tax is one of the most competitive worldwide, and free zone businesses can continue to benefit from tax incentives if they meet specific criteria.
The set up process is straightforward. Business owners choose a structure, secure a trade licence, and open a corporate bank account. The paperwork is minimal, and approvals are fast. Many free zones offer bundled services, including office space, visas, and administrative support, making it easy to get started without unnecessary overhead.
For those relocating an existing company, the process is streamlined. Re-domiciliation allows businesses to move their legal base to the UAE while keeping their corporate identity intact. This is useful for firms looking to shift operations from high-tax countries without disrupting contracts, bank relationships or branding.
With a flexible regulatory framework, straightforward registration and tax-friendly policies, the UAE is one of the easiest places to establish a business. Whether launching a new venture or moving an existing one, the process is designed for efficiency.
How PRO Partner Group can help
Setting up a business in the UAE requires the right structure, approvals and local expertise. Sovereign PPG simplifies the process, handling everything from trade licensing to visas, labour approvals and company restructuring. With strong government connections and deep market knowledge, we can ensure a seamless set up in both mainland or free zone jurisdictions.
If you need assistance with company formation, restructuring or PRO support in the UAE, Oman, Qatar or KSA, please contact us below.
