Why Swiss Family Offices Are Relocating to Dubai — A Corporate Tax Perspective
Over the past 18 months, a notable shift has emerged among Swiss-based family offices: a quiet but steady migration of structure, substance, and personnel to Dubai. While lifestyle and legacy planning may be factors, the core drivers are unmistakably tax and regulation-related.
From a corporate tax specialist’s standpoint, this trend is the logical consequence of tightening Swiss oversight and the erosion of key fiscal advantages that once made Switzerland the natural base for ultra-high-net-worth families.
The first and most immediate trigger is regulatory. Swiss authorities have adopted a broader interpretation of what constitutes a financial intermediary. As a result, many multi-generational or multi-family office structures now fall under FINMA oversight. This introduces new requirements: registration, licensing, enhanced disclosures, and a degree of public visibility that is fundamentally at odds with the confidentiality these families have long valued.
Secondly, Switzerland is facing a potential inheritance tax overhaul. A federal initiative—expected to go to referendum later this year—proposes a 50% tax on estates over CHF 50 million. Even though the political outcome is uncertain, the mere existence of the proposal has triggered estate restructuring and jurisdictional diversification.
Tax is not only about rates—it’s about predictability. And Switzerland, for the first time in decades, is being viewed as unpredictable.
Dubai, by contrast, has positioned itself as a stable and responsive jurisdiction. The UAE does not levy personal income, capital gains, or inheritance tax. More importantly, the DIFC has created a dedicated framework for family offices through its Family Wealth Centre, providing a supportive infrastructure for governance, succession, and compliance without sacrificing privacy or flexibility.
DIFC’s legal and tax environment is aligned with international best practices but maintains a light touch. For example, while the UAE introduced a federal corporate tax regime in 2023, family investment vehicles and passive holding companies remain eligible for exemption under certain conditions.
Furthermore, Dubai’s broad legal definition of “family” means that multi-family offices can operate without falling foul of intermediary laws, making it ideal for complex family structures with branches across Europe, Asia, and the Middle East.
Data supports the movement: over 200 new family offices have registered in Dubai over the past 12 months, and family-related structures now make up a significant share of new entities in DIFC. Global banks and wealth managers are following suit—scaling local operations to support the needs of mobile UHNW families.
From a structuring perspective, we are seeing a growing preference for hybrid solutions: maintain a lightweight presence in Switzerland for legacy reasons, but shift core operational control, investment holding, or private office management to Dubai. This not only protects the family from future tax shocks, but also ensures continuity in a region with long-term political and fiscal certainty.
For families thinking about legacy, control, and cross-border optimization, the message is clear: Dubai offers certainty and flexibility where Switzerland increasingly offers oversight and volatility.
At Bolster Group, we specialize in designing and implementing bespoke corporate and private wealth structures that reflect this new reality. Whether you’re considering relocation, holding company migration, or family office setup in the UAE, our team of corporate tax specialists, legal experts, and compliance advisors can help you plan and execute a seamless transition.
Get in touch with us to explore how we can protect your legacy while optimizing your structure for the future.