Alok Saigal, President & Head of Nuvama Private, explains why Singapore and Dubai remain hot destinations for India's ultra-high-net-worth individuals. He says that both countries offer frameworks that are extremely friendly to family office entities and also provide gateways to other geographies.

Dubai

Indian families with significant wealth have a long history of holding assets and economic interests outside India. Recently, there has been a notable trend of these ultra-rich families establishing family offices in Singapore and Dubai, leveraging the friendly regulatory environments and tax structures available in both locations. Singapore offers specific family office regulations and structures that facilitate global asset allocation, while Dubai provides similar advantages through its International Financial Centre and foundation-linked structures.

Both cities are attractive due to their proximity to India, established Indian diaspora, and opportunities for real estate investment and global market access. The trend is also driven by factors such as children's foreign education and the desire to diversify wealth internationally. These moves allow Indian families to manage their global cash flow and investments more effectively.

Why India's ultra-rich are flocking to Singapore and Dubai

But the fact is that a lot of Indian families already historically have had wealth outside India and they also have economic interests outside India. They have exports to Southeast Asia, Middle East, Africa, Europe. Now, both these geographies become very, very useful jurisdictions to manage that cash flow and build that out. So Singapore specifically offers, I'll come to Singapore first. Singapore specifically offers two regulations under the family office structure, which is 13-0 and 13-U, which are very, very friendly, which allows the Indian families to set up specific family offices, entities. And then also there are the BCC structures. People find it very safe and people are looking to actually diversify at least 20 to 25 percent of their wealth. So once they're set up in Singapore, then they're looking at global asset allocation, which is as much as U.S. equities, global bonds, Singapore bonds or Asian bonds. And that is where the structure is putting that in place. Similarly for Dubai, Dubai offers actually a single family office structure in the IFC, which is extremely friendly and tax friendly from an India point of view. And then Dubai also has structures which are linked to a foundation, which people can set up to re-fence their assets. And again, in a single family office structure, once you're in a place like the IFC, you have access to the full global markets. So you have access to all the global products, global bonds, global private banks, and obviously the leverage that is available, including trading and structured bonds. So what we are trying to say that once you're outside India through Nuwama, you actually have access to the full global platform, whether it is Singapore or Dubai. We as Nuwama are actually agnostic in terms of which geography people are looking to participate in. But the fact is that we are seeing attraction from India in both these geographies, because both historically have been close to India, have significant diaspora. So what also happens is that a lot of Indian families have their friends, relatives already there. Children are looking at foreign education. So people are also looking at real estate and housing, which is also becoming a big lever for people to invest specifically in Dubai. It also becomes a gateway for Europe, for exports in Africa. So that's how the overall picture looks like for us.

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