Abu Dhabi becomes new haven for the world's richest people
By the end of 2023, more than 5,000 special purpose vehicles (SPVs) have been established in Abu Dhabi. Compared to the period of 2016, earlier the number reached just 46.
SPVs are separate legal entities that have become a popular tool for wealthy individuals intended to isolate their financial risks. Such holding companies can own or operate real estate and shares.
As a business hub, Abu Dhabi offers asset protection, privacy, low taxes and the opportunity to avoid double taxation. Investors can also obtain long-term residency permits in the UAE.
In 2023, among the wealthy individuals who opened an SPV in Abu Dhabi’s international financial centre are ex-Binance CEO Changpeng «CZ» Zhao, billionaire and hedge fund founder Ray Dalio, and Russian metals magnate Vladimir Lisin.
Source: Bloomberg
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