#AbuDhabi Seizes Opportunity to Woo Britain’s Tax-Wary Rich - Bloomberg

Abu Dhabi Seizes Opportunity to Woo Britain’s Tax-Wary Rich - Bloomberg

Abu Dhabi has emerged as a magnet for the world’s wealthiest people over the past few years. Their numbers may soon be boosted by Britain’s high net worth individuals seeking to shelter their assets.

The emirate’s financial center is fielding a rush of inquiries from the UK, where the ruling Conservatives have rolled back preferential tax treatment for non-domiciled residents, people familiar with the matter said. The opposition Labour Party has pledged to go even further if they win as expected in elections scheduled for July 4.

The free-zone — Abu Dhabi Global Market — has already been working on a package of incentives, including lifestyle support and visas, to lure finance professionals, Bloomberg News has reported.

In recent weeks, representatives have held meetings in London with some of these individuals, according to the people, who declined to be named as the information is private. Abu Dhabi isn’t solely seeking to lure non-doms, and the goal has been to explain the benefits of a move to a wider swathe of Britain’s wealthy individuals, one of the people said.

“Abu Dhabi continues to attract high net worth individuals from around the globe,” a spokesperson for the free-zone said. “ADGM has developed a robust regulatory framework and ecosystem with progressive regulations based on the direct application of English Common Law, which further enhances the appeal of the UAE capital.”