Wealthy Chinese shift to Dubai over Singapore’s tougher residency rules

Dubai: An increasing number of wealthy Chinese are turning away from Singapore and looking to the Gulf, particularly Dubai and Abu Dhabi, to establish family offices and secure residency, according to a Financial Times report.

The shift that reflects growing frustration with Singapore’s tightening rules and slower immigration approvals, noted the article attributed to bankers and financial experts.

Private bankers and advisers say they have seen a marked rise in enquiries over the past year from Chinese nationals interested in relocating to the UAE. Establishing a family office, they say, remains one of the most effective routes to residency or long-term presence.

“They are attracted to the GCC by the ability to gain residency status and enjoy stability,” said Mike Tan, Standard Chartered’s Singapore-based global head of wealth planning and family advisory. He added that enquiries from East Asian clients about Dubai had “surged significantly”, although the bank would not disclose figures.

The UAE’s 10-year golden visa, available to investors, highly skilled professionals and some family members, has become a major draw.

Nearly 80,000 golden visas were issued in 2022, up from 47,000 the year before, according to official data. The tax environment — regarded by many as predictable and light-touch — adds to the appeal.

The number of family-related entities registered in the Dubai International Financial Centre rose to 1,000 by mid-2025, compared with 800 at the end of last year and just 600 in 2023. While authorities do not reveal nationalities, advisers say a large proportion of new entrants are Chinese.

“The influx has been so rapid that there are not enough wealth professionals in the Gulf who speak Mandarin or Cantonese,” said Prashant Tandon, managing director of Lighthouse Canton’s UAE business.

He said most interest came from Chinese individuals with assets between $50 million and $200 million — what he called the “mid-segment” of high-net-worth families — often entrepreneurial, and increasingly uneasy about business conditions in mainland China or Hong Kong.

“Many families are selling property in Singapore to reinvest in the UAE,” said Yann Mrazek, managing partner at M/HQ, a firm that helps set up family offices in Dubai and Abu Dhabi. He said Covid-era lockdowns introduced in China and Singapore were what first drove families to explore Gulf alternatives.

Another adviser based in Singapore said immigration had become notably harder. “It’s still easy to set up a family office and obtain employment passes, but permanent residency or citizenship is a different matter. Singapore wants the right profile of people, not just capital.”

Dubai’s family office ecosystem is growing fast, but analysts note it is still years behind Singapore in depth, regulation and infrastructure.

Government incentives saw a surge in family office applications in Singapore in recent years, as wealthy foreigners saw it as a path toward permanent residency. The number of family offices rose by 43 per cent last year, surpassing 2,000.

“For a time, it became almost a status symbol in Singapore — if your friend set one up, you should too,” said Kevin Teng, CEO of Wrise Private Singapore. “But it meant some were barely operational.”

Singapore grants an average of 33,000 permanent residencies and 21,300 citizenships annually, but approval rates can be as low as 8.25 per cent, according to immigration consultants.

After a record-breaking money-laundering case involving individuals linked to China’s Fujian province, scrutiny of applicants — particularly from China — has intensified.

Chinese cryptocurrency entrepreneurs are also increasingly heading to the Gulf. Dubai’s regulator, the Virtual Assets Regulatory Authority (VARA), has already granted full licences to 39 crypto firms. By comparison, the Monetary Authority of Singapore has issued 36 digital payment licences, while cracking down on unlicensed platforms.

“In crypto and digital assets, clients are looking at regulatory openness,” Teng said. “Singapore has become more risk-averse, especially compared with Dubai. Clients are increasingly going to the Middle East — that’s now a growing business for us.”