In recent years, Dubai has become a popular destination for wealthy Russians looking to relocate and park their assets, and grab up a Golden Visa while doing so. Despite calls from Russian President Vladimir Putin to "Be with your Motherland," many Russian elites are choosing to make Dubai their new home.
One reason for the Russian influx is the welcoming environment they find in Dubai. Unlike in Europe, where there is often anti-Russian sentiment from obvious recent conflicts, Russians simply feel at ease in Dubai. The climate is generally apolitical, and the country has no hostility toward Russians.
Furthermore, Russians are looking for a place to do business where they are wanted. They are attracted to Dubai's pro-business environment and favorable tax laws, making it an ideal location for wealthy individuals looking to park their assets.
As a result, there has been a surge in Russian-owned businesses in Dubai. Many Russian bars, restaurants, and cafes have opened in various areas across the city, catering to the growing Russian population. Palm Jumeirah in particular has many new Russian establishments popping up every week.
Despite Putin's calls for Russians to stay in their homeland, the lure of Dubai's favorable business climate and welcoming environment has proven too strong for many wealthy Russians. They see Dubai as a safe haven to park their assets and establish new business ventures.
As Dubai grows and attracts more foreign investment, the trend of Russians moving to the city will likely continue. The Russian population in Dubai is expected to increase even more in the coming years, making the city a new home away from home for many wealthy Russians.
Are you considering making the move? Contact fäm Properties today to speak with one of our Dubai area experts. We will help you every step of the way.