The Beginning of Movement
China's wealthy are now choosing the UAE (Dubai and Abu Dhabi) over Singapore as their destination for investment immigration.
According to the Financial Times (FT) on November 9 (local time),
Singapore, which had long been the preferred destination for wealthy Chinese,
has recently lost its appeal due to stricter regulations.
Singapore's Door Closing
Singapore has tightened its immigration screening following a money laundering case.
In particular, after a large-scale money laundering case involving a criminal organization from Fujian Province in China,
the vetting process for immigrants and investors has become more stringent,
and the permanent residency approval rate has dropped to just over 8%.
The Desert's Door Opens, UAE
Meanwhile, the UAE, especially Dubai and Abu Dhabi,
is rapidly emerging as a new destination for investment immigration.
According to wealth management experts,
there has been a surge in inquiries from Chinese nationals over the past year about establishing 'family offices' in Dubai and Abu Dhabi
to transfer their assets.
A family office is a private investment company that manages the assets of ultra-high-net-worth individuals,
and establishing one makes it much easier to obtain residency or permanent residency status.
The Golden Visa Fuels Migration
The UAE operates a 'Golden Visa' program,
which allows investors and professionals to stay for up to 10 years.
The number of visas issued rose from 47,000 in 2021
to 80,000 in 2022, an increase of nearly 70%.
Prashant Tandon, Executive Director at Lighthouse Canton, a Singapore-based wealth management firm,
said, "With the increase in Chinese clients, it has become difficult to find staff who speak Chinese,"
noting that "the largest group moving are mid-tier wealthy individuals with assets ranging from 50 million to 200 million US dollars (approximately 72.7 billion to 290 billion KRW)."
The Direction of Wealth Shifts to the Desert
There is also a growing trend of moving assets from Singapore to the UAE.
According to immigration consultants,
while obtaining permanent residency in Singapore has become more difficult due to stricter screening and the aftermath of criminal incidents,
the UAE offers moderate taxes and a relatively easy path to citizenship.
This has become a decisive factor for Chinese asset holders.
Virtual Assets Accelerate the Flow
Cryptocurrency policies have also accelerated this movement.
While Singapore began cracking down on unlicensed exchanges this summer,
the UAE maintains looser regulations and greater market accessibility.
Kevin Tung, CEO of Singapore-based wealth management firm Rise Private,
said, "Chinese clients are looking for markets with fewer regulations,"
adding, "Their attention is increasingly turning toward the Middle East."
A New Map of Wealth Is Drawn
As Singapore's door narrows,
the desert of Dubai is opening wide.
Chinese capital is on the move again.
Hong Kong → Singapore → Dubai.
The map of wealth is being redrawn once again.
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Edit Maeng Jiae mjiae@asiae.co.kr
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Reporter Heo Midam damdam@asiae.co.kr
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