The United Arab Emirates has felt the consequences of the war initiated by Israel and the United States against Iran. Indeed, the Gulf monarchies have been hit by the Islamic Republic, leading some expatriates to leave Dubai and Qatar. Surprisingly, many of them are seeking refuge in the neighboring country of France.
The impact was harsh for these influencers and their families who thought they were living in total security far from France. While the defense systems of the Gulf countries intercepted most drones and missiles, some buildings such as hotels, residential buildings, and even Dubai Airport were hit. Faced with the threat, many packed their bags, realizing that the place they lived in was not as safe as they had imagined.
Due to the war, many have fled Dubai Among those who decided to leave Dubai, a significant number have turned to Switzerland. In particular, the canton of Zug, located between Lucerne and Zurich, seems to attract the most wealthy expatriates, as reported by the American newspaper Financial Times. Zug is well known for its raw material traders and cryptocurrency companies, including Ether, the second-largest cryptocurrency in terms of market capitalization after Bitcoin.
The canton indirectly benefits from the consequences of the war in Dubai “We are seeing an increase in requests for information,” said Heinz Tännler. He continued, “Of course, we regret the situation, but it is clear that Zug is benefiting. Wealth managers and bankers are noticing a growing demand from their clients who were previously based in Dubai and the Gulf countries.
A specialist notes an increase in Europeans considering leaving Dubai The canton of Lugano, in the south of the country, is also facing an influx of newcomers. “Since the beginning of the war, we have seen an increased demand from foreigners residing in Dubai – Italians, French, Swiss, British,” said Simon Incir from Engel & Völkers. Unfortunately, those seeking to relocate face certain realities. Firstly, the real estate market is very complex, especially in Zug. Available accommodations are quickly taken and expensive. Administrative formalities also need to be considered. “You can’t just show up, even with a European passport. It takes time and requires a work contract or setting up a business,” said Anja Beck, managing partner of Engel & Völkers real estate agency in Zug.
