A report by a Swiss media outlet highlighted the determination of Swiss entrepreneurs in Dubai to establish their long-term presence in the city. These businesspeople express confidence in Dubai’s economic diversity and resilience in overcoming crises, reflecting the city’s historical ability to adapt. Additionally, they remain unfazed by criticisms regarding the tax advantages they enjoy.
The report states that Dubai is a vibrant city known for its tax benefits for some, while also being a hub full of employment opportunities and rich cultural diversity for others. Regardless of the reasons, approximately 3,800 Swiss citizens residing in the UAE consider it their home, according to the latest figures from Switzerland’s Federal Statistical Office.
Growing Demand
Urs Sterniman, a partner at a law firm aiding foreign entrepreneurs in establishing businesses in Dubai, noted an increasing demand for advice from Switzerland regarding company formation in the city. He mentioned that some foreign businesses are contemplating relocating to Dubai. Sterniman, who hails from Graubünden and has lived in the UAE for over 20 years, is 72 years old.
Stephan Bedaux and his wife operate an investment and real estate consulting firm targeted at wealthy clients. The 45-year-old Swiss, originally from Zurich, pointed out the growing interest, indicating that many see this as an opportunity to purchase properties at lower prices.
The report highlighted that all Swiss entrepreneurs interviewed agreed it’s premature to assess the impact of current tensions even in the medium term. Nico Chanz stated that contemplating leaving Dubai is impractical, asserting that most people he knows did not move there for tax reasons—rather, it’s an added benefit. Chanz, a 36-year-old from Bern who has lived in Dubai since 2021, founded his wealth management consulting firm there a year and a half ago.
Fabian Mainviš, a representative from the Swiss State Secretariat for Economic Affairs, mentioned that there is currently no information regarding Swiss companies considering halting activities in the Gulf region. Chanz, who also serves as the regional representative for the Swiss Abroad organization, has no plans to return to Switzerland.
Dubai as Home
Bedaux expressed his intention to remain in the city, where he and his family now feel at home. He said, “We made a thoughtful decision to come to Dubai. It has become our home. We enjoy life here, surrounded by people of various nationalities living in harmony.”
Fabio Biloni, who runs a consulting firm assisting businesses looking to establish operations in the UAE, noted that there are two types of foreign residents in Dubai. The second group consists of entrepreneurs and their families who lead lives similar to those in Switzerland. Biloni, aged 54, also plans to stay in Dubai.
Biloni does not seem overly concerned about Dubai’s economy, citing the city’s past ability to navigate severe crises, such as in 2008 and during the COVID-19 pandemic.
Agreeing with this sentiment, Mainviš remarked that the region has shown resilience and renewed growth in response to past economic shocks. He stated that it is still too early to determine the effects of the current tensions on the Gulf Cooperation Council states in the medium term.
Chanz added that about 95% of Dubai’s GDP is not dependent on oil, which enhances its ability to withstand crises. He emphasized that Dubai’s economy is indeed more diversified than that of many neighboring countries, with robust growth in tourism, finance, and logistics sectors.