Why Are so Many Family Offices Moving to Dubai and Singapore?
Short answer. Families may consider Dubai or Singapore because location can affect access to talent, advisers, and the broader family office network, along with tax and lifestyle factors. The reasons vary by family. Compare the local ecosystem, residence needs, property rules, professional services, and your family's operating requirements before choosing a base.
Families consider Dubai and Singapore because location can shape access to advisers, talent, and other family offices, as well as tax and lifestyle considerations. A move is a family-specific decision. The best location depends on where the family lives, where its wealth and businesses are managed, and which professional services it needs nearby.
Look at the Local Ecosystem
Family offices tend to cluster where lawyers, bankers, auditors, and other professional advisers are available. That ecosystem can make it easier to find experienced staff and coordinate complex work. A location may also appeal to a family because of its status or lifestyle features. These practical and personal factors can influence a decision as much as a tax environment.
In an interview included in The Single Family Office, a family office executive we interviewed described Singapore as appealing to some Asian families, while noting limits on its appeal to families from other regions. The executive also pointed to restrictions on buying landed property as a factor that may affect interest. This illustrates why a favorable tax environment or talent pool does not by itself settle the location question.
Compare the Family's Own Needs
Consider where the family members live, how often they expect to work with the office in person, and what services need local support. Families with businesses or investments across borders may also need to consider how location affects oversight and coordination. An office may be formally based in one place while the family and most day-to-day activity are elsewhere, so be precise about what "moving" means.
Tax and legal consequences depend on the family's circumstances and the relevant jurisdictions. Talk with your attorney and CPA before changing residence, entity arrangements, or the location of an office. Include operational costs, professional availability, property considerations, and the family's preferences in the same review.
Choose for Fit, Not Momentum
It is easy to treat a destination as a trend, but a location that works for one family may not work for another. Prepare a comparison based on the services the family needs, the people who must be nearby, the family's residence plans, and the practical requirements of running the office. Test whether the destination has the providers and staff the family expects to use.
For a wider view of this decision, read about where a family office should be located, which legal entity a single family office might use, and the first steps to set up a single family office. You can also review how service providers fit into a new family office and family office governance before settling on an operating model.
The FO industry has a strong tendency to cluster as we need a strong ecosystem around us: lawyers, bankers, auditors, etc.
Sources: The Single Family Office. Informational only, not financial, legal or tax advice.