Over the past two years, a new trend has emerged among wealthy Chinese citizens - they are abandoning Singapore and moving their funds and businesses to the United Arab Emirates. The Financial Times reported this.
As the publication writes, Singapore was previously the most popular destination for Asian investors. But recently, Dubai and Abu Dhabi have become new "economic shelters." Today, Chinese businessmen are aiming not only to live here, but also to obtain permanent citizenship.
According to the UAE government, about 80,000 "golden visas" were issued to foreigners in 2022 alone. This visa allows citizens to live and work for a long time.
According to M/HQ manager Jan Mrazek, "many families sold their properties in Singapore to launch new investment projects in the UAE." He noted that during the pandemic, strict quarantine restrictions in China and Singapore redirected many investors to the UAE.
Experts believe that the Chinese, choosing the UAE, are making this decision not only because of tax incentives, but also because of a safe environment, high-quality infrastructure, and global business connections. Thus, Dubai and Abu Dhabi have recently become a new "economic haven" for the wealthy of Asia.
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