An increasing number of wealthy Chinese people are trying to set up family offices and secure residency in the Gulf, a reflection of growing frustration with the increased difficulty of establishing themselves in Singapore, long a popular destination for rich Asians.
In the past year, there has been a rise in enquiries from Chinese nationals eager to relocate to Dubai and Abu Dhabi, according to private bankers and advisers to the ultra rich. Setting up family offices can ease the process of securing citizenship or residency.
“They are attracted [to the Gulf] by the ability to get residency status and live and enjoy stability,” said Mike Tan, Standard Chartered’s Singapore-based global head of wealth planning and family advisory, of those enquiring about setting up family offices in the Gulf.