The conflict in the Middle East in 2026 triggered a massive redistribution of capital among wealthy residents of the Persian Gulf. Singapore, Switzerland, Monaco, and a number of other jurisdictions are competing to attract mobile wealth from Dubai. Learn more about where wealthy individuals from the UAE are moving their assets and which countries offer the best conditions

The war between the U.S., Israel, and Iran in early 2026 forced Dubai’s wealthy residents to rethink their plans for the future. Iranian strikes on UAE territory called into question the city’s main advantage—its safety.

Where is mobile capital heading, which jurisdictions stand to gain from the situation, and why moving to another Gulf country changes nothing—we explain further in this article.

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How the war with Iran has undermined confidence in Dubai

On March 1, 2026, an Iranian strike caused smoke to billow over the port of Jebel Ali; on March 12, a drone struck the Address Creek Harbour 2 tower; and on March 16, Dubai International Airport was temporarily closed. New strikes on May 4–5 caused a fire at an oil refinery in Fujairah. The ceasefire that began on April 8 has been repeatedly violated by both sides, and as of the end of May, the situation remains unstable.

According to Reuters, in the week following the first strikes, private bankers in Singapore and Hong Kong received requests from clients in Dubai to withdraw funds. According to Olena Ruda of Immigrant Invest, the number of requests from clients in the UAE tripled between March and May 2026. According to Henley & Partners, nearly 10,000 millionaires with a combined net worth of approximately $63 billion moved to the UAE last year—and this mobility works both ways.

ImiDaily recently reported on this.

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Why doesn’t moving to another Gulf country solve the problem?

Iranian strikes have affected not only the UAE—Qatar, Saudi Arabia, Bahrain, Kuwait, and Oman have found themselves in the same risk zone. Abu Dhabi, Doha, and Riyadh face the same threat from the same direction. Moving within the region changes the address but does not eliminate the risk.

An additional vulnerability is the UAE’s “golden visa.” It grants only a five- or ten-year residency without a path to citizenship. In March 2026, media outlets reported the revocation of “golden visas” for Iranian citizens, demonstrating that a residence permit can be revoked by administrative decision.

The best countries for real estate investment in 2026 — listed here.

Where capital is flowing from Dubai: main destinations

Singapore has become the top destination for capital outflows. It offers a top-tier passport, no capital gains or inheritance tax, and a location far from the Strait of Hormuz. The Global Investor Programme (GIP) requires a minimum of 10 million Singapore dollars (≈7.4 million USD). Income tax is up to 20%. Citizenship is possible after two years, but Singapore does not allow dual citizenship.

Switzerland offers a forfait fiscal system—a flat tax based on living expenses rather than actual income. The annual tax bill ranges from 200,000 to over 500,000 Swiss francs. Residents are not permitted to work in Switzerland and must spend the majority of the year there. In return—decades of political and physical stability.

Monaco has maintained zero taxation on income, capital gains, and wealth since 1869. There is no investment program—a bank deposit of at least 500,000 euros is required. Real estate—approximately 52,000 euros per square meter. Naturalization—over ten years.

About the most attractive countries for investors in 2026 — read here.

Other jurisdictions attracting the attention of wealthy Dubai residents

Additional destinations include:

• Italy — flat tax on foreign income: €300,000 per year for new residents starting in 2026.
• Hong Kong — low territorial taxation, but political risk related to Beijing.
• Turkey — is considering exempting new residents from foreign income tax for 20 years in combination with a citizenship program for $400,000.
• Grenada, Malta, Portugal, Greece — leaders among residency and citizenship-by-investment programs.
• The Bahamas and Panama — according to Philip May of EC Holdings, these countries are projected to receive the largest inflow of new capital.

Are you planning an international business relocation or looking for the optimal jurisdiction to protect your capital?

The lawyers at Visit World specialize in assisting entrepreneurs with all aspects of doing business abroad, from choosing a jurisdiction to full legal setup.

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Reminder! In our previous article, we discussed tax jurisdictions for high-net-worth investors in 2026.

Photo: Magnific

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