Written by: Dr. Alexander Kern, Head of Middle East
With insights from Sebastien Flak, Executive Client Relationships – Switzerland, TrustQore
In the world of private capital, trends rarely announce themselves loudly. But sometimes, a shift is too large to ignore.
Over the last 12 months, my colleague Sebastien Flak and I have seen something unprecedented: a marked exodus of family offices from Switzerland to the UAE, particularly to the Dubai International Financial Centre (DIFC). And this is not a trickle — it’s a well-organized, strategic wave.
“We used to advise families in Geneva and Zurich on how to navigate tightening compliance rules. Now, the conversation is about how to exit the system entirely,” Sebastien shared with me during one of our recent late-evening calls bridging our time zones.
The data confirms what we’re experiencing firsthand. According to the Financial Times, over 200 family offices joined the DIFC in the past year alone, bringing the total to 800 — a number unimaginable just five years ago.
What’s Driving This?
Sebastien has been closely monitoring what we at TrustQore call Switzerland’s “Regulatory Self-Destruction.” It’s a mix of:
- Overregulation: Family offices in Switzerland managing assets above certain thresholds are now subject to the same rules as institutional asset managers.
- Narrow Definitions: Swiss law defines “family” narrowly, limiting who can be involved without triggering full-scale regulation.
- Tax Anxiety: The recent referendum proposing a 50% inheritance tax, though not yet passed, has shaken confidence.
“Even the possibility of such a measure speaks volumes about how politically vulnerable large family structures feel today in Switzerland,” Sebastien told me.
Meanwhile, the UAE offers an entirely different approach — and one that speaks directly to the needs of international, multi-generational wealth.
Why the UAE? Why Now?
When Swiss-based family offices reach out to Sebastien, the most common question is no longer “How do we optimize within Switzerland?” but rather “How can we transition to a more future-proof jurisdiction?”
That’s where I step in from our UAE office.
We work together to:
- Assess the ideal UAE free zone for their structure (DIFC, ADGM, RAK ICC, etc.)
- Establish substance and residency pathways for family members and staff (often through the Golden Visa)
- Set up onshore companies for lifestyle, succession, or philanthropy
- And ensure regulatory, banking, and operational continuity
“The UAE doesn’t just offer tax neutrality,” I often explain to clients. “It offers predictability, access to capital markets, and a government actively courting family wealth with tailored visa schemes and financial ecosystems.”
Is This the New UK-Like ‘Non-Dom Wave’?
That’s a question we’re increasingly being asked. And the short answer is: yes, but deeper.
The UK non-dom exodus was largely reactive. What we’re seeing from Swiss families is strategic repositioning — often before crises hit. These are sophisticated players who want to be ahead of regulation, not caught off guard by it.
Sebastien and I recently supported a multi-generational Swiss-Asian family office that had been in Geneva since the 1980s. By combining their operational center in Dubai with a holding structure in ADGM, and Golden Visas for their key members, we gave them a clean slate — without sacrificing control, discretion, or compliance.
“The move to Dubai wasn’t just a way out of regulation,” the family’s patriarch told us. “It was a move into opportunity.”
A Historic Wealth Movement — And It’s Just Beginning
When we connect the dots — regulatory gridlock in Switzerland, rising political volatility in Europe, and the UAE’s global ambition — it becomes clear that this isn’t just a moment. It’s a movement.
And at TrustQore, we’re proud to be part of that journey — from Zurich boardrooms to Dubai Palm, helping families write the next chapter of their legacy with clarity and control.
“We’re not watching history,” Sebastien said to me recently.
“We’re helping shape it — one family at a time.”
👇 Want to explore how your family office could benefit from a UAE presence?
Reach out to Sebastien Flak in Switzerland or Dr. Alexander Kern in the UAE at [email protected] — we’ll help you evaluate the right path with discretion, speed, and insight.