Among bankers, power brokers and global tycoons, the UAE has long been known as a receptive environment for investment that asks few questions. A residency permit and a bank account can be obtained in 30 days following the registration of a company. Permanent residency can be purchased for the price of a luxury villa – about $1.5m.
Employees of leading banks may soon be signing up.
Goldman Sachs was among the first US banks to announce the closure of its Russian business. It had about 80 employees in Moscow prior to the conflict, roughly half of whom are now moving to Dubai. A small number of JP Morgan’s 160-strong Moscow workforce are also relocating, although many employees are still in Russia, unwinding operations there. It is understood the easy availability of Dubai visas has played a role in the choice to relocate.
Private bank Rothschild, whose wealth management unit reportedly decided to stop accepting new Russian clients, is also said to be moving some of its Russia-based staff to the Emirates. The bank did not respond to a request for comment.
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