It is too early to speak of an exodus. But the signs are mounting: wealthy residents of Dubai and the wider Gulf are showing a growing interest in Switzerland—as a safe haven for their wealth and, potentially, to live.
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“The money transfers are under way,” says Patrick Akiki of PWC Switzerland, speaking to RTS. Opening an account, however, takes time. Regulatory requirements are far tighter than they once were, and Swiss banks scrutinise incoming funds closely. Other advisers report a similar trend, though few are willing to speak on the record. Banks, too, are keeping quiet.
Switzerland’s appeal extends beyond its financial system. Prospective clients want to know where to settle, how private schools operate, what rules govern property purchases and rentals, and how Switzerland’s lump-sum tax regime works—tax arrangements where foreigners, who do not work in Switzerland, agree a fixed lump-sum tax payment.
While there is no panic, this is clearly a period of observation for many wealthy UAE residents, said another wealth manager.
Swiss stability as a selling point
Switzerland is already a major hub for Gulf wealth. According to Deloitte, nearly a quarter of the assets managed in the country originate from the region. The Gulf’s model—built on security, strong public services and a high quality of life—is being tested. Mr Akiki argues that confidence in these foundations has weakened. By contrast, the strength of the Swiss franc suggests that investors still trust Switzerland and see it as a calm safe place to live.
Much will depend on how long regional tensions persist. The longer they drag on, the harder it will be for Gulf financial centres to maintain their appeal—and the more rivals such as Switzerland stand to gain.
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RTS article (in French) – Take a 5 minute French test now
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